Ethervista, a new decentralized exchange (DEX) on the Ethereum network, has quickly become one of the top gas burners. The DEX now holds the third spot regarding fees, trailing only behind Tether’s contract and the Uniswap DEX router.
Ethervista’s rapid rise is driven by its significant contribution to Ethereum gas usage. The DEX accounts for approximately 4% of all Ethereum gas burned on average. Within three hours, Ethervista’s fees nearly matched Uniswap’s router’s, lagging by a mere 0.8 ETH. During its first 24 hours of operation, Ethervista accumulated around 150 ETH in fees, showcasing its substantial early impact on the network.
The banana gun bot fuels Ethervista’s activity
The surge in activity on Ethervista may be largely attributed to the influence of the Banana Gun bot, a prominent automated trading application. The announcement of VISTA tokens being integrated into the Banana Gun bot coincided with a noticeable increase in user numbers and trade volume on the DEX. Despite a recent decline in traffic for Banana Gun, which is most active on Ethereum, followed by Solana and Base, its association with Ethervista has led to a spike in activity on the exchange.
Ethervista’s debut came at a time when Ethereum gas fees were at a historic low, making transactions on the network more cost-effective. The DEX launched its liquidity pairs on September 3, and within hours, it generated enough traffic to increase gas fees to about 2 ETH in three hours.
VISTA token’s role in Ethervista’s high activity levels
A significant factor contributing to Ethervista’s high activity is its unique token structure. The VISTA token is designed to be highly active, with ongoing buybacks and token burns. In its initial days, Ethervista announced the burn of 2.17% of the VISTA supply. However, the token is still far from rivaling Uniswap regarding liquidity, trading pairs, and reserves. The DEX’s smart contract initially held up to $30,000 worth of ETH, which was quickly redistributed within a few hours.
The VISTA/WETH trading pair on Ethervista is still growing, with only $2.6 million in available liquidity, a modest amount for a token of its profile. Despite its early success, some observers remain skeptical, viewing Ethervista’s rapid rise as a marketing strategy to generate traction.
Whale profits and the ongoing risk of VISTA
Shortly after its launch, a whale wallet realized significant profits from the VISTA token. Following a five-day lockup period, VISTA accrued enough liquidity to allow a $5,000 purchase to secure 5% of the token supply. After the initial burn, VISTA had 976,389 tokens remaining, suggesting potential for price appreciation due to its limited supply.
Arkham Intelligence tracked the initial buyer’s wallet, revealing a 130X gain after the sale. Following this transaction, more than 76 ETH was transferred to what is believed to be a crypto influencer’s wallet, raising questions about the nature of the trade and possible involvement of the project team.
Despite the early profit-taking, VISTA continues its price discovery, peaking above $25 before stabilizing around $20.24. The token remains highly speculative, relying on a single trading pair on Ethervista. Concerns about the organic nature of trading persist, especially as VISTA has attracted 5,651 holders and many known crypto influencers.
While VISTA has shown promise by rallying during a broader market downturn, its low liquidity and influencer-driven promotion make it a high-risk asset. Ethervista’s future as a competitor to platforms like Pump. The fun remains uncertain, with much depending on its ability to expand beyond its native token and build a sustainable user base.