A Comprehensive Overview of the Ten-Year Dramatic Development History of Ethereum ETH

The ten years of Ethereum also mark my eighth year in the crypto space | The decade of Ethereum has seen dramatic changes, and my eight years of faith have evolved—

The ten years of Ethereum witnessed the true rise of the WEB3 world and a decade of booming blockchain technology:

If Bitcoin symbolizes the awakening of currency, then Ethereum represents a reconstruction of civilization.

And the ten years of Ethereum correspond to my eighth year in the crypto circle—

In these eight years, the market has fluctuated, narratives have constantly changed, and I have personally experienced the ICO boom of 2017, the DeFi revival of 2020, and the peak of the bull market in 2021, while also enduring the collapse of LUNA, the bankruptcy of FTX, and countless nights of "ETH is about to collapse."

Especially in this eighth year, the entire market began to FUD (fear, uncertainty, doubt) Ethereum, with negative voices incessantly echoing, and even some former loyal supporters of ETH became uncertain. However, I became even more resolute amid the FUD. Because I do not judge the future based on market heat, but rather adhere to the main line based on understanding.

Below is the "Twisted Journey of Ethereum" I wrote four years ago, which has always been my anchor for holding ETH. Today, I have decided to continue this legend.

If you are an old fan, you must remember that in May four years ago, Ethereum broke through $4000, and I shared this content for the first time on my Weibo account 【比特吴老湿】:

【The Twisted Journey of Ethereum】 (This article is priced in RMB)#

Many people do not understand the origin and development of Ethereum (ETH). Old Wu, with personal experience, brings you this thrilling story of blood and thunder, a hundred times more shocking than a TV drama. Without further ado, let’s get started:

Step one, in July 2014, ETH was officially issued at an initial price of 1.86 RMB, and it traded sideways in the range of 1.4 to 4 RMB for a whole year. Most investors could not hold on and sold their tokens in the first year, basically without profit, and some even incurred losses.
Step two, in August 2015, ETH rose to 23 RMB, a 12-fold increase, and many made profits and exited; in November, it fell back to 2.7 RMB, a 90% drop. In this round of ups and downs, over 90% of people had sold their tokens, with some even cutting losses. During this phase, Shen Yu sold 100,000 ETH at prices of around ten to twenty RMB; had he not sold, it would now be worth two to three billion. But don’t rush, do you think not selling at this time means you can hold on? Let’s look back at the exciting year of 2016 together!
Step three, 2016 was particularly exciting. In March, it entered a bull run, skyrocketing to 98 RMB, a 36-fold increase in one month, but unfortunately, less than 10% of people enjoyed the wealth appreciation. In April, it plummeted to 45 RMB, and many shouted that Ethereum was a scam; little did they know it rose again to 138 RMB in June, fell to 54 RMB in August, rose to 92 RMB in September, and fell to 38 RMB in December. This year was tumultuous and unpredictable. How difficult is it to hold coins? Imagine holding 100,000 ETH, could you hold on? Honestly, I couldn’t. I started trading Ethereum in 2016 but only dared to operate short-term, resulting in losses.
Step four, a heroic life begins: The volatility of 2016 laid the foundation for Ethereum's popularity and market base. In March 2017, ETH skyrocketed to 350 RMB, a 9-fold increase in three months; then ICOs became wildly popular in China, with all projects issuing tokens on the Ethereum public chain, raising funds in ETH. From this moment on, Ethereum's dominant position was established, with no suspense.
Thus, in June 2017, it rose to 2660 RMB, a 70-fold increase in six months; in July, it fell to 850 RMB, a 78% drop; in October, it rose to 2520 RMB; in November, it rose to 3280 RMB; in December, it rose to 7510 RMB; and in January 2018, it reached its then highest point of 9100 RMB.
Three-year summary: In just over three years, the increase was 4900 times. Do you think that’s exciting enough? The best is yet to come, but you will feel this is a replay of the previous story:
Step five: 2018 began a bear market washout, falling from over 9000 RMB in March to 2280 RMB, a 75% drop; in April, it rose to 5380 RMB; in September, it fell to 1070 RMB, an 88% drop; the most severe was in December when it fell to 525 RMB, a 90% drop.
Step six: In June 2019, it rose to 2350 RMB; in December, it fell to 720 RMB; in March 2020, the 312 incident occurred, and ETH fell to 550 RMB, an over 88% drop. After that, no one dared to touch Ethereum for a long time, until the rise of DeFi in October to December improved the situation, rising to 5720 RMB. It then began to rise.
Step seven: In May 2021, it rose to 28000 RMB.
In less than six years, the increase was 15000 times. An initial investment of 1000 RMB is now worth 15 million RMB, but that’s just empty talk. Reflecting on the ups and downs I experienced, I ask myself, can you really hold on?
Therefore, I once said: In this circle, two things are easiest to get rich—mining and holding coins, with the underlying logic being the same. Two things are easiest to become poor—randomly investing in projects and leveraged contracts.
After years of ups and downs, only those who can hold on are the winners. Great wealth does not require much intelligence, just enough patience; those who achieve great things must have great perseverance.

The above article was widely shared and has always been my anchor for holding Ethereum. Next, I have decided to continue this legend (the following part is priced in USD):

Step eight is the story of the last two years.
In 2022, Ethereum achieved a historic leap: The Merge went live, transitioning the mainnet from PoW to PoS, reducing energy consumption by 99%, ending the history of mining, and initiating expectations for "ETH deflation." At that time, a saying circulated in the circle: Bitcoin is the gold of the past, while Ethereum is the financial internet of the future.
However, the market did not take off as a result; instead, it faced blows from LUNA, FTX, and others, with ETH falling from $3500 to $1100. Another collapse and reshuffle, another round of faith questioning.
And I did not escape this time.
I began to realize that the story of ETH is no longer merely a speculative script, but a grand narrative rooted in the innovation of financial order.
It carries the technical foundation of almost all mainstream narratives, including stablecoins, DeFi, RWA, Restaking, AI chains, etc. 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 can question its cost, speed, fragmentation by Layer2, and governance chaos, but you cannot ignore: regardless of bull or bear, regardless of how new public chains innovate, core assets and funds still choose Ethereum as the ultimate "settlement layer."
In the eighth year, I am still present, still buying ETH.
2023 has opened a special year.
Starting in 2023, the whole market began to FUD Ethereum.
Some say it cannot rise as much as altcoins, some say it is congested, has high gas fees, and inefficient governance; many believe it is inferior to new public chains, and holding it is useless; some bet on "new paradigm public chains," Solana, AI chains, modular chains... Some even ask, "Could ETH be the next LUNA?"
Similar rhetoric is visible in every corner of social media: "The era of Ethereum is over," and holders of Ethereum's E-guardians are "out of their minds"!
Yet I have always participated, but never wavered. I continue to articulate the logic, value, and future of Ethereum.
Because I firmly believe:
The value of Ethereum lies not in short-term heat, 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 the TVL of DeFi protocols is centered around ETH as the core settlement asset;
RWA, AI, Restaking, Layer2 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 whole market FUDs Ethereum, it is precisely my most reassuring eighth year.
I have written: "ETH is a financial civilization that is slowly being built; it is not a container for speculation, but the framework for global value collaboration."
Ten years have passed, tides have risen and fallen, narratives have flourished and declined, we have witnessed too many stories of explosive popularity and sudden silence, too many indifferent bubbles behind enthusiasm. Only the main line of ETH has remained unbroken, step by step from concept, protocol, code, application to consensus, completing its self-proof.
I do not bet on trends; I bet on the main line.
I do not chase hotspots; I guard the foundation.
May in the next decade, we still be present, still tell the story of ETH, not because of faith, but because of understanding.
Not because it can make me rich, but because I see it becoming "irreversible infrastructure," a consensus container for future global assets, identities, and collaboration.
Ten years, one chain, one person, a weaving of destinies.
The script of Ethereum has never repeated, yet it always bets on the future.
May we hold our original intentions amid the storms and embark on the next great journey together in cycles.
Focus on the ten years of Ethereum, focus on the OKX 50% discount ETH purchase activity:
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Thank you all for reading this far; those who see this are loyal fans of Ethereum and can all make big money!
from @BITWU.ETH

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