EtherVista is a "Frankenstein" that integrates and iterates Uniswap, Pump.fun, and various lending protocols. Written by: Revc, Jinse Finance. Preface: According to the data tracked by Lookonchain, frenulum.eth earned 274 ETH (about $696,700) in 2 days through trading VISTA, with a return rate of 134 times. Frenulum.eth only spent 2.05 ETH (about $5,100) to buy 52,822 VISTA and sold them at a price of 276.5 ETH (about $701,800). At that time, VISTA's 24-hour increase was close to 1100%. EtherVista is a new type of decentralized exchange (DEX) protocol designed to address the shortcomings of the existing AMM model (short-term token price speculation and insufficient liquidity provider incentives). By introducing a custom fee structure and a new reward distribution mechanism, EtherVista seeks to promote the long-term growth and sustainability of blockchain projects. Mechanism features of EtherVista (brief version): Custom fees: EtherVista uses a custom fee structure that is paid only in native ETH, enabling more flexible fee allocation. Reward distribution: The protocol distributes fees between liquidity providers and token creators based on trading volume, incentivizing long-term utility rather than short-term price behavior. Protocol fees: Some fees are allocated to smart contracts designated by the protocol, supporting various DeFi applications and providing sustainable income for creators. Liquidity provider rewards: Liquidity providers receive rewards based on their contribution to the pool and total trading volume. Creator functions: Creators can configure pool settings, define metadata, and even restrict token transfers. VISTA token: The native token of EtherVista, with a supply cap and deflationary mechanism. Technical overview: Euler (reward calculation unit): Used to calculate rewards for liquidity providers based on their contribution and total trading volume. Fee allocation: Fees are allocated between liquidity providers and the protocol based on predefined variables. Protocol fee allocation: Protocol fees can be allocated to smart contracts for various DeFi applications. EtherVista design concept EtherVista uses a custom fee structure that is paid only in native ETH, enabling more flexible fee allocation. The current AMM standard charges a 0.3% token fee for each exchange. EtherVista Standard is the first to set a custom fee that is paid only in native ETH. This fee is allocated to all liquidity providers and token creators in a specific pool, using a new mechanism for each exchange, allowing EtherVista to distribute rewards to millions of users with minimal gas costs. Creator fees, as part of the protocol fees, can be allocated to smart contracts and treasuries. Various use cases include automatic purchases, staking rewards, and many other DeFi applications. A key feature of this model is that liquidity providers and creators benefit from trading volume rather than token price, incentivizing long-term utility rather than short-term price behavior. Investors benefit from a delayed liquidity removal mechanism, preventing developers from quickly "running away." This approach not only reduces the risk of sudden market turmoil but also increases the overall success rate of their investments. Ultimately, EtherVista will move towards building ETH-BTC-USDC pools to provide loans, futures, and feeless flash loans, aiming to become an integrated decentralized application. Protocol fee allocation As mentioned earlier, native ETH fees are charged for each exchange, and these fees are allocated between liquidity providers and the protocol. Each pool must initialize four uint8 fee variables corresponding to fee allocation for buy and sell trades. These variables correspond to the amount in USDC, and the corresponding ETH fee for each exchange is calculated using on-chain oracles. For example, a pool can be initialized with fees for buying $10 and selling $15. When a user decides to sell their tokens, they must now pay ETH worth $15 to the protocol and liquidity providers. Smart contracts allocated by the protocol can use these fees to increase permanently locked liquidity, establish a continuously rising floor price for the token, and provide sustainable income for creators. Liquidity providers can immediately claim their share of the rewards collected from exchanges. Calculation of protocol fees EtherVista maintains an ascending numerical sequence called Euler amount for smart contracts. These values are updated each time native ETH is transferred to the smart contract. Each Euler amount is determined by adding the fee to the ratio of the current liquidity provider token (LP) supply to the previous Euler amount. The initial Euler amount is set to zero. Mathematically, this update can be represented as: fee Eulern = Eulern-1 + LP supply formula (1) As shown in the figure, with the corresponding ascending sequence: Euler, Euler2, Euler3, Euler… Eulern} Each provider is represented by a struct that stores the LP holdings of each user and a variable named euler0, named after the Euler amount in the sequence. struct Provider { uint256 1p;uint256 eulero; }; In the figure, the uint256 number represents the latest Euler amount in the sequence when the user adds liquidity, assuming the user decides to claim rewards after 1000 exchanges. At that moment, the latest Euler amount is Eulern+1000. The exact amount of rewards accumulated by the provider during this period is Reward lp *(Euler_n+1000-euler0). The formula (2) in the figure assumes that the LP balance remains unchanged throughout the period. Therefore, whenever a provider takes any action, such as adding/removing liquidity, the euler0 variable will be refreshed to reflect the latest Euler amount in the sequence. This measure prevents liquidity providers from manipulating their reward shares. Therefore, it is recommended that liquidity providers always claim rewards before adjusting their LP balance. LP tokens are non-transferable unless destroyed or added/removed from liquidity. The essence of this mathematical approach is its ability to accurately determine the share obtained by each user in each exchange, regardless of the continuous changes in the total supply of LP tokens due to liquidity provider additions or removals. Liquidity pool configuration and incentive initiation The person providing liquidity becomes the creator, giving them write access to configure pool settings. This includes determining pool fees, protocol addresses, and metadata. The key parameter is the smart contract address for protocol fee allocation. Although this parameter is optional, it defaults to the creator's address. Subsequently, this address receives ETH from protocol fees and is managed through the custom logic of the smart contract, enabling various DeFi applications that were previously impossible under the current AMM standard. This new revenue generation method shifts the focus from primarily prioritizing short-term gains and price behavior to primarily prioritizing activity, long-term utility, and practicality. Creators can define on-chain metadata for their tokens, including website URLs, logos, project descriptions, social media handles, and chat URLs, among other details. Users can access this information through the resource manager window of the Ethervista DEX and other relevant details. This allows creators to effectively showcase their projects while ensuring that users can access verified secure information, thereby reducing the risk of phishing attacks. Developers can seamlessly launch their projects on Ethervista using the integrated launcher window. Ethervista also features the SuperChat function, a global real-time chat directly integrated into the DEX platform, allowing users to exchange information quickly. Access to Super Chat is based on levels, depending on the amount of VISTA tokens held by the user. Creators can also choose to relinquish their write access, effectively permanently locking all settings. Those who wish to limit their token trading to Ethervista can restrict the ERC20 transferFrom function to the Ethervista router address. In addition to pool and protocol fees, a fixed $1 fee is allocated for the continuous development of Ethervista DEX and SVISTA.

The fees will be used to implement feeless flash loans, futures, and lending functions, as well as to support potential CEX listings and marketing activities. The VISTA token economy model SVISTA is the native currency of the DEX, with a total supply of 1 million tokens. EtherVista is a value-composite deflationary token. The smart contracts of the EtherVista protocol implement an on-chain process where each burning event not only reduces the circulating supply but also gradually increases the token's floor price. This effect is maintained by continuously acquiring and burning tokens funded by fees generated by the protocol in each transaction. Therefore, the mechanism of VISTA acts as a hedge against inflation by combining activity with supply reduction and floor price growth, thereby strengthening the value of VISTA in each transaction, driving sustained growth and scarcity. According to the latest data disclosed by EtherVista, 2.17% of the total supply of VISTA has been permanently repurchased and burned. Future plans for EtherVista: Pool expansion: EtherVista plans to offer lending, futures, and feeless flash loans. Integration with CEX: EtherVista aims to be listed on centralized exchanges. Summary The design of EtherVista mainly revolves around repurchases and lockups, collecting transaction fees and distributing dividends to liquidity providers, reducing selling pressure. However, the premise of dividend distribution is based on the protocol having a large number of transactions. Such a design may trigger short-term FOMO sentiment, but it may not be sufficient to support the value of the protocol in the long term. Currently, DeFi protocols should not only focus on optimizing price curve formulas but also innovate at the scenario and asset levels. In addition, developers of EtherVista pools may reserve tokens, and investors should carefully discern when choosing. The risk of contracts not being open source should also be noted. Due to the inability to freely trade liquidity during the lock-up period, if holders sell large quantities after unlocking, it may lead to liquidity depletion and the risk of a significant price drop. According to the latest data from Dexscreener, EtherVista's circulating market cap has fallen to $17.4 million, with a 24-hour increase of 76% and a trading volume of over $53 million in 24 hours. The trading volume exceeds its market cap, indicating high project popularity and frequent turnover, but also requiring vigilance against market volatility risks.

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