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Marking its 10th anniversary this Wednesday, Ethereum has solidified its position as the backbone of decentralized finance with 【$85 billion】 in locked value. What began as Vitalik Buterin's 2013 whitepaper has evolved into the world's most active smart contract platform, weathering market storms and technological challenges alike.
Ethereum's first major crisis came in 2016 when The DAO hack drained 【$60 million】, forcing developers to make an unprecedented choice. ——The decision to reverse transactions through a hard fork created Ethereum Classic——, establishing a precedent for blockchain governance that still sparks debate today. This early test revealed both the strengths and vulnerabilities of decentralized systems.
The ERC-20 standard fueled an explosion of token projects, with ETH skyrocketing from 【$10】 to 【$1,450】. However, the CryptoKitties craze exposed scaling limitations as network fees soared. ——Regulatory crackdowns on unregistered securities offerings—— eventually cooled the frenzy, with ETH plunging to 【$85】 by year's end.
2019-2020 saw Ethereum reinvent itself as the foundation for decentralized finance. Protocols like Uniswap and Compound pioneered yield farming mechanisms, while ETH rebounded to 【$750】. The ecosystem demonstrated remarkable resilience, transforming from an "ICO wasteland" to a thriving financial laboratory.
2021's NFT boom brought Ethereum into mainstream consciousness, with Beeple's 【$69 million】 Christie's sale making headlines. However, success came at a cost — network congestion pushed gas fees to prohibitive levels just as ETH hit its 【$4,891】 peak.
Amid 2022's crypto winter, Ethereum executed its landmark transition to proof-of-stake. ——The energy-efficient upgrade reduced consumption by 99%——, though ETH still fell to 【$1,000】 amid broader market turmoil.
Recent years saw rollup technologies like Arbitrum handle scaling while spot ETH ETFs gained traction. As of July 2025, these funds have attracted 【$453 million】 in inflows, signaling growing mainstream acceptance. The ecosystem now faces new challenges balancing fragmentation with base-layer development.
From its chaotic beginnings to becoming institutional-grade infrastructure, Ethereum's first decade mirrors crypto's broader journey. ——The platform's ability to evolve through crises—— suggests its next 10 years may prove even more transformative for global finance.