Ethereum now has its own native platform — Ethervista — where people can create and launch memecoins in the same vein as Solana-based memecoin deployer Pump.fun.

Ethervista is a decentralized exchange (DEX) that introduces a novel approach to liquidity management and token launches on the Ethereum network. One of its key features is the 5-day liquidity lock for creators, which helps prevent rug pulls that often occur within the first four days of a project’s launch on platforms like Pump.fun.

Ethervista said it aims to promote a project’s long-term success by rewarding creators with liquidity and protocol fees that grow as trading volume increases. This model benefits both users and creators, making long-term commitments more profitable than quick sell-offs or liquidity withdrawals.

VISTA surge

Over the past 24 hours, Ethervista has gained significant traction within the community. The platform has consumed over 150 ETH in gas fees, and its first token, VISTA, has seen a rapid rise in value.

VISTA is a deflationary token with a capped supply of 1 million. Ethervista said the token features an automatic buyback and burning mechanism, which reduces the overall supply and potentially increases the token’s value. The project has already burned over 2.17% of its total supply.

Blockchain analytics platform Arkham Intelligence noted that one trader turned $5,000 into $670,000 within 48 hours by trading VISTA. The firm reported:

“Trader 0x430 bought into Ethervista’s launch, spending $5,000 to secure over 5% of the supply. He spread his VISTA holdings across seven wallets and, after two days, realized over $670,000 in profit in ETH. That’s more than a 130x return.”

Pump.fun milestone

The launch of the Ethereum-based platform coincides with Pump.fun’s revenue reaching $100 million in just over seven months, making it the fastest-growing protocol by revenue in the crypto ecosystem.

The success comes as the competitive landscape intensifies, with new rivals like SunPump on the TRON network attempting to capture market share.

Recently, traders have been drawn to the Justin Sun-backed SunPump, largely due to its aggressive promotional efforts. The TRON founder revealed on Sept. 3 that the project would implement a 100% on-chain buyback and burn process.

Mentioned in this article

Jarret Dunn, a former employee of Solana-based memecoin launchpad Pump.fun, is currently on bail in the United Kingdom following his recent arrest.

Dunn, also known by his online alias “STACCoverflow,” was apprehended shortly after a significant exploit on the crypto launchpad platform.

On May 16, Dunn, through the STACCoverflow social media account, admitted to an attack that resulted in approximately $1.9 million in losses for the Solana platform.

Pump.fun corroborated this, saying an ex-employee abused his position to withdraw funds and exploit the platform’s systems. It stated:

“At 15:21 UTC, a former employee, having illegitimately taken access of the withdraw authority using their privileged position at the company, used flash loans on a Solana lending protocol.”

Dunn’s arrest

On May 18, Dunn tweeted that he had spent the previous night in custody. He revealed that Pump.fun charged him with stealing $2 million and conspiring to steal an additional $80 million.

In his tweet, Dunn highlighted that the company considered the total value locked (TVL) as their money in the charges against him. He urged users to withdraw their funds from the platform and disclosed that Baton Corp is the corporate entity behind Pump.fun.

Reports indicate that law enforcement tracked Dunn using his social media activity. His recent Instagram post places him in London, and the timing of his posts on his STACCoverflow account coincided with his arrest.

Following his release on bail, Dunn mentioned that he is currently in a hospital addressing mental health issues, which may render him unfit for a police interview. Despite this, he is required to stay in the United Kingdom until August 16, when he must report back to the police station.

Pump.fun has yet to respond to CryptoSlate’s request for comment.

Editor Editor

Liam ‘Akiba’ Wright

Senior Editor at CryptoSlate

Also known as “Akiba,” Liam is a reporter, editor and podcast producer at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change.