A Comprehensive Overview of Ethereum's Magnificent Decade Journey

The ten-year journey of Ethereum is also my eighth year in the crypto space | The magnificent decade of Ethereum, my eight-year evolution of faith——

The ten years of Ethereum have witnessed the rise of a true WEB3 world and marked the flourishing growth of blockchain technology:

If Bitcoin represents a monetary awakening, then Ethereum is a civilizational reconstruction.

And the ten years of Ethereum happen to coincide with my eighth year in the crypto circle——

In these eight years, tides have risen and fallen, narratives have rotated, I have personally experienced the ICO frenzy of 2017, the DeFi revival of 2020, the peak of the bull market in 2021, and endured the collapse of LUNA, the downfall of FTX, and countless nights of "ETH will die."

Especially in this eighth year, the market began to widely FUD Ethereum, with voices of pessimism rising and falling, even the once loyal ETH supporters were wavering.

But I became more determined because of the FUD. I do not judge the future by popularity, but rather by understanding and aligning with the main narrative.

The following text is "The Twisted Journey of Ethereum" that I wrote four years ago, which has always been my anchor in holding ETH. Today, I have decided to continue this history.

If you are an old fan, you will surely remember that in May four years ago, when Ethereum broke through $4000, I first published this content on my Weibo account [比特吴老湿]:

[The Twisted Journey of Ethereum] (This article is priced in RMB)#

Many people do not know the origin and development path of Ethereum (ETH). Old Wu will sort it out for you based on personal experience. This journey is filled with blood and tears, a hundred times more exciting than a TV drama. Without further ado, let's get started:

Step One: In July 2014, ETH was issued at a price of 1.86 yuan, and it hovered between 1.4 yuan and 4 yuan for a year. Most people could not hold on and sold their tokens in the first year, basically without profit, and even incurred losses.
Step Two: In August 2015, it rose to 23 yuan, a 12-fold increase, and many people took profits and exited. In November, it fell back to 2.7 yuan, a 90% drop. During this round of ups and downs, over 90% of people had sold their coins, with some cutting losses. During this phase, the "divine fish" sold 100,000 ETH for a price of a few tens of yuan. If not sold, it would now be worth two to three billion. But don't rush; not selling at this time does not mean being able to hold long-term. Let's focus on the exciting year of 2016!
Step Three: In 2016, this year was particularly exciting. In March, it entered a bull run mode, soaring to 98 yuan, with a monthly increase of 36 times. Unfortunately, less than 10% of people enjoyed the wealth appreciation. In April, it plummeted to 45 yuan, and many called Ethereum a scam. However, it soared to 138 yuan in June, fell to 54 yuan in August, rose to 92 yuan in September, and dropped to 38 yuan in December. This year was magnificent and volatile. Imagine the difficulty of holding 100,000 ETH; could you persist? Old Wu admits that in 2016, he only dared to trade Ethereum short-term and incurred losses.
Step Four: A heroic life begins: The waves of 2016 laid the foundation for Ethereum's popularity and market base. In March 2017, it surged to 350 yuan, a 9-fold increase in three months. Subsequently, ICOs became popular in China, with all projects issuing tokens on the Ethereum blockchain to raise ETH. From then on, Ethereum's dominant position was established, and there was no suspense.
In June 2017, it rose to 2660 yuan, a 70-fold increase in six months; in July, it fell to 850 yuan, a 78% drop; in October, it rose to 2520 yuan; in November, it reached 3280 yuan; in December, it soared to 7510 yuan; and in January 2018, it hit an all-time high of 9100 yuan.
Three-year summary: In just over three years, it increased by 4900 times. Is that stimulating enough? The good show continues, as if history is repeating itself:
Step Five: In 2018, the bear market began, with a drop from over 9000 yuan to 2280 yuan in March, a 75% decline. In April, it rebounded to 5380 yuan; in September, it fell to 1070 yuan, an 88% drop. The most severe drop in December fell to 525 yuan, a 90% decline.
Step Six: In June 2019, it rose to 2350 yuan; in December, it fell to 720 yuan; in March 2020, the "312 incident" hit, plummeting to 550 yuan, a drop of over 88%. For a long time, no one dared to touch Ethereum until the rise of DeFi from October to December, which improved to 5720 yuan, and then began to rise.
Step Seven: In May 2021, it rose to 28000 yuan.
In less than six years, it increased by 15000 times. An initial investment of 1000 yuan is now worth 15 million yuan, but this is just talk. Reflecting on the ups and downs I experienced, I ask myself if I can truly hold on?
Therefore, I once said: There are two easiest ways to get rich in this circle—mining and holding coins, with the underlying logic being the same.
The two easiest ways to become poor—randomly investing in projects and leveraged contracts.
After years of ups and downs, those who can hold on are the winners. Great wealth does not require extreme intelligence, just enough patience; those who achieve great things must have great perseverance.

The above text has been widely reprinted and is my anchor in holding Ethereum. Now, I continue to write this legend (the following is priced in USD):

Step Eight: The story of the past two years.
In 2022, Ethereum completed a historic leap: The Merge went live, transitioning the mainnet from PoW to PoS, reducing energy consumption by 99%, ending mining, and initiating expectations for "ETH deflation." At that time, the popular saying was: Bitcoin is the gold of the past, Ethereum is the financial internet of the future.
But the market did not take off; instead, it was hit by the collapses of LUNA, FTX, and others, with ETH dropping from $3500 to $1100. Once again, a collapse and reshuffle occurred, leading to a new round of faith questioning.
Yet I did not leave the market.
I began to understand that the ETH story is not just a speculative script but a grand narrative of financial order reform.
It carries the technical foundation of mainstream narratives such as stablecoins, DeFi, RWA, Restaking, and AI chains. It is the smart contract platform with the most global developers, the widest applications, and the most prosperous ecosystem, the "king of protocols" in the public chain world.
You may question its expense, slowness, fragmentation by Layer 2, and governance chaos, but you cannot ignore: regardless of bull or bear markets, regardless of how new public chains innovate, key assets and funds still choose Ethereum as the ultimate "settlement layer."
In the eighth year, I am still present, still buying ETH.
2023 marks the beginning of a special year.
Since then, the entire market has FUDed Ethereum.
Some say its gains are not as good as altcoins, some criticize its congestion, high gas fees, and inefficient governance, many assert it is inferior to new public chains, and holding it is worthless. Some bet on "new paradigm public chains," Solana, AI chains, modular chains... even predicting "ETH may become the next LUNA."
Social media is filled with rhetoric: "The era of Ethereum is over," and the defenders holding ETH are "out of their minds"!
Yet I remain unshaken. I continue to articulate the logic, value, and future of Ethereum.
Because I firmly believe:
The value of Ethereum lies not in short-term popularity, but in its position as a global financial operating system, quietly penetrating the world.
Stablecoins are Ethereum's first killer application, with hundreds of billions of USDT/USDC mostly issued on Ethereum and compatible chains;
80% of DeFi protocol TVL is centered around ETH as the core settlement asset;
RWA, AI, Restaking, Layer 2 modular ecosystems... almost all narratives ultimately fall on Ethereum or its derivative networks.
It is the endpoint of capital flow, the anchor point of narratives, and the highest level of security.
Today, when the entire market FUDs Ethereum, it is precisely my most reassuring eighth year.
I once wrote: "ETH is a financial civilization being built slowly, not a speculative container, but the framework for global value collaboration."
Over ten years of tides rising and falling, narratives flourishing and declining, we have witnessed too many stories of explosive popularity and sudden silence, the indifference behind enthusiasm. Only the main narrative of ETH remains unbroken, step by step from concept, protocol, code, application to consensus, completing its self-verification.

I do not bet on trends; I bet on the main narrative.
I do not chase explosions; I guard the foundation.
May in the next decade, we still be present, still telling the story of ETH, not out of faith, but out of understanding.
Not because of the possibility of getting rich, but because it is becoming "irreversible infrastructure," a consensus container for future global assets, identities, and collaboration.
Ten years, one chain, one person, a fate intertwined.
The script of Ethereum has never repeated, yet it always bets on the future.
May we hold our original intention amidst the storms and embark on the next great journey together through cycles.

Follow the ten-year development of Ethereum and participate in the OKX 50% discount ETH purchase event:
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Thank you for reading this far, loyal fans of Ethereum, may your wealth flourish!

from @BITWU.ETH

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