Ethereum, founded by Vitalik Buterin in 2015, has marked its ten years in the blockchain technology sector. This article reviews the key events over the decade that have shaped Ethereum as a cornerstone for DeFi and Web3.
Birth of Ethereum
On July 30, 2015, Ethereum launched its network with the genesis block. Vitalik Buterin, along with co-founders, raised $18.3 million in an ICO, selling tokens at $0.31 per ETH. This funding established the foundation for launching the Ethereum Virtual Machine (EVM), enabling developers to create smart contracts.
The DAO Crisis and Its Consequences
On June 17, 2016, Ethereum faced a critical moment when the DAO, a decentralized venture fund, was hacked, leading to the loss of 3.6 million ETH. This triggered a price drop from $20 to $9 and resulted in a hard fork, giving rise to Ethereum (ETH) and Ethereum Classic (ETC), opening a discourse about smart contract risks.
Future Innovations of Ethereum
Ethereum continues to evolve with recent upgrades such as Dencun and Pectra which enhance scalability and functionality. These updates focus on improving the user experience and increasing blockchain accessibility for new users. In the upcoming years, Ethereum expects several innovations aimed at better transaction processing speeds and cost reductions.
Since its inception, Ethereum has played a crucial role in the advancement of blockchain technologies by implementing smart contracts and enabling the emergence of DeFi and NFTs. Understanding its journey over the past decade helps assess its significance and impact on the future of technologies and finance.
