The Ethereum network recently celebrated its 8th birthday, with the crypto community coming together to commemorate the occasion. It has been eight years since the Ethereum Foundation launched the network, and it has grown to become the second-largest cryptocurrency in terms of market capitalization. On July 30, 2015, Stephan Tual, the former Ethereum Foundation CCO, announced the rollout of the network in a blog post, describing it as a “censorship-proof ‘world computer’ that anyone can program.”
Since its inception, Ethereum has made significant progress and achieved substantial growth. Currently, it boasts a market capitalization of $225 billion and has over 1,900 monthly active developers. To celebrate the network’s birthday, community members shared memories and reflected on its prices, development, and overall expansion over the past eight years. Ryan Sean Adams, Bankless co-host, highlighted the impressive figures, stating that Ethereum has $400 billion in secured value, $3.6 billion in annualized profits, and a total of 17.8 million blocks of uncensorable digital property.
Some notable figures in the crypto industry also joined in the celebration. Changpeng Zhao, the CEO of Binance, shared a tweet recounting the time when Ethereum co-founder Vitalik Buterin stayed with him in Tokyo before the launch of Ethereum. He joked about missing the opportunity to buy Ethereum at that time and speculated on how it could have changed his path. Udi Wertheimer, a reformed Bitcoiner, added a touch of humor to the occasion by referring to Ethereum as his “favorite Bitcoin sidechain.”
Ethereum was co-founded by prominent figures such as Vitalik Buterin, Charles Hoskinson, Gavin Wood, Joseph Lubin, and Anthony Di Iorio. The network revolutionized the crypto industry by enabling developers to create smart contracts and build blockchain-based applications. Ethereum played a crucial role in the initial coin offering (ICO) boom of late 2017 and the explosion of decentralized finance (DeFi) protocols and development in 2020, which was famously dubbed “DeFi summer.”
Just over a year after “DeFi summer,” Ether reached its all-time high of $4,878 on November 10, 2021. At present, its price is $1,869. The Ethereum network also underwent a significant upgrade known as the Merge, which transitioned it from a proof-of-work to a proof-of-stake consensus mechanism. This upgrade effectively reduced the network’s energy consumption and unlocked staking incentives for validators and investors.
The Ethereum community looks back on the network’s growth and accomplishments over the past eight years with excitement for what the future holds. As Ethereum continues to innovate and evolve, it remains a key player in the crypto ecosystem, paving the way for decentralized applications and the development of new possibilities in the industry.
Sources:
– Ethereum Foundation Blog: https://blog.ethereum.org/2015/07/30/ethereum-launches
– CoinMarketCap: https://coinmarketcap.com/currencies/ethereum/
– Developer Report: https://www.developerreport.com/
– Twitter – Ryan Sean Adams: https://twitter.com/RyanSAdams/status/1685672504616968192?ref_src=twsrc%5Etfw
– Twitter – CZ Binance: https://twitter.com/cz_binance/status/1685690844672557056?ref_src=twsrc%5Etfw
– Twitter – Udi Wertheimer: https://twitter.com/udiWertheimer/status/1685691463034642432?ref_src=twsrc%5Etfw
– Cointelegraph – Ethereum Crushed by Liquid Staking Tokens: https://cointelegraph.com/news/ethereum-crushed-liquid-staking-tokens
– Cointelegraph – Ethereum Co-Founder Quits Crypto: https://cointelegraph.com/news/high-profile-ethereum-co-founder-quits-crypto-over-safety-concerns
– Cointelegraph – DeFi May Not Be Like ICO Boom: https://cointelegraph.com/news/defi-may-not-be-like-the-ico-boom-but-is-that-a-good-thing
– Cointelegraph – How to Use DeFi the Right Way: https://cointelegraph.com/news/how-to-use-defi-the-right-way-this-latest-guide-can-help
– Twitter – Lefteris Karapetsas: https://twitter.com/LefterisJP/status/1685577856502382592?ref_src=twsrc%5Etfw
– Cointelegraph – Ethereum Merge Completed: https://cointelegraph.com/news/the-ethereum-merge-is-completed-here-s-what-s-next
– Cointelegraph – The Merge Brings Down Ethereum’s Network Power Consumption: https://cointelegraph.com/news/the-merge-brings-down-ethereum-s-network-power-consumption-by-over-99-9
– Cointelegraph – Demand for Liquid Ethereum Staking Options: https://cointelegraph.com/news/demand-for-liquid-ethereum-staking-options-continues-to-grow-post-merge
– CoinGecko – Ethereum Price Chart: https://cointelegraph.com/news/the-ethereum-merge-is-completed-here-s-what-s-next
– Cointelegraph Magazine – Ethereum ZK-rollups Interoperability: https://cointelegraph.com/magazine/ethereums-layer-2-zk-rollups-can-become-interoperable
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