The ten years of Ethereum also mark my eighth year in the crypto space｜The decade of Ethereum's ups and downs, my eight years of faith evolution——
The ten years of Ethereum have witnessed the rise of a true WEB3 world, as well as a decade of booming blockchain technology:
If Bitcoin represents a monetary awakening, then Ethereum is a reconstruction of civilization.
And the ten years of Ethereum are also my eighth year in the crypto space——
In these eight years, tides have risen and fallen, narratives have shifted, I have personally experienced the ICO frenzy of 2017, the DeFi revival of 2020, the peak of the bull market in 2021, and have endured the collapse of LUNA, the downfall of FTX, and countless nights of "ETH is finished."
Especially in this eighth year, the whole community began to FUD Ethereum, with voices of pessimism rising and falling, even the once die-hard ETH supporters were wavering.
But the more FUD there was, the more resolute I became. Because I do not rely on hype to judge the future; I rely on understanding to align with the main narrative.
The following article is "The Twisted Journey of Ethereum" that I wrote four years ago; it has been my anchor for holding ETH long-term. Today, I have decided to continue it.
If you are an old fan, you must remember that in May four years ago, when Ethereum broke through $4,000, 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 understand the origin and development of Ethereum (ETH). I will combine my personal experience to outline this thrilling story of blood and guts, which is far more dramatic than any TV series. Without further ado, let's get started:
- Step One: In July 2014, ETH was issued at 1.86 yuan, trading sideways between 1.4 yuan and 4 yuan for a whole year. Most people could not hold on and sold their tokens in the first year, basically without profit and even at a loss.
- Step Two: In August 2015, it rose to 23 yuan, a 12-fold increase, and many people took profits and left; by November, it fell back to 2.7 yuan, a 90% drop. During this rise and fall, over 90% of people had sold their tokens, some even at a loss. During this phase, the "God Fish" sold 100,000 ETH at around ten to twenty yuan; if not sold, it would now be worth two to three billion. But wait, can you hold on if you don't sell now? Let's look at the exciting journey of 2016!
- Step Three: 2016 was a crucial year due to its dramatic events. In March, it entered a bull run, soaring to 98 yuan, a 36-fold increase in one month, but unfortunately, less than 10% of people enjoyed the wealth increase. In April, it suddenly dropped to 45 yuan, with many shouting that Ethereum was a scam; in June, it rose to 138 yuan, in August it fell to 54 yuan, in September it rebounded to 92 yuan, and in December it fell again to 38 yuan. This year was full of ups and downs; imagine holding 100,000 ETH, could you hold on? I admit that in 2016, I only dared to trade Ethereum short-term, resulting in losses.
- Step Four: A glorious life began: Although 2016 was turbulent, it laid the foundation for Ethereum's popularity and market base. In March 2017, it skyrocketed to 350 yuan, a 9-fold increase in three months; then ICOs became popular in China, with all projects issuing tokens on the Ethereum blockchain to raise ETH. Thus, Ethereum's dominant position was established! In June 2017, it rose to 2,660 yuan (a 70-fold increase in six months), fell to 850 yuan in July (a 78% drop), rose to 2,520 yuan in October, reached 3,280 yuan in November, surged to 7,510 yuan in December, and hit an all-time high of 9,100 yuan in January 2018.
- Three-Year Summary: Over three years, it increased by 4,900 times; is that stimulating enough? But the story is not over; the cycle continues:
- Step Five: In 2018, the bear market began, with a drop from over 9,000 yuan to 2,280 yuan in March (a 75% drop); rebounding to 5,380 yuan in April, then falling to 1,070 yuan in September (an 88% drop); crashing to 525 yuan in December (a 90% drop).
- Step Six: In June 2019, it rose to 2,350 yuan, then fell to 720 yuan in December; in March 2020, the "312 incident" hit, dropping to 550 yuan (an over 88% drop), and for a long time, no one dared to touch ETH until the DeFi boom in October to December brought it back to 5,720 yuan, resuming an upward trend.
- Step Seven: In May 2021, it rose to 28,000 yuan.
In less than six years, it increased by 15,000 times; an initial investment of 1,000 yuan could yield 15 million yuan, but that is just talk. Reflecting on the ups and downs I experienced, I ask myself: can you really hold on?
Therefore, I once said: there are two easiest ways to get rich in this circle—mining and holding coins, as their underlying logic is the same.
The easiest ways to become poor are—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 content has been widely reprinted and has been my anchor for holding Ethereum long-term. Now, I have decided to continue this legend (the following is priced in USD):
- Step Eight: Focus on the stories of the past 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%, and ending the history of mining, with expectations for "ETH deflation" starting. At that time, the popular saying in the circle 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 and FTX, with ETH dropping from $3,500 to $1,100. Once again, a crash and reshuffle occurred, leading to a new round of faith questioning.
And I did not leave this time.
I began to understand that the story of ETH has transcended speculative scripts, becoming a grand narrative rooted in the reform of financial order.
It carries the technical foundation of almost all mainstream narratives, including stablecoins, DeFi, RWA, Restaking, AI chains, etc., and is the smart contract platform with the most global developers, the widest applications, and the most prosperous ecosystem, known as the "king of public chain protocols."
You may question its expense, slowness, fragmentation by Layer 2, and chaotic governance, but you cannot ignore: whether in 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 and continue to buy ETH.
2023 has become a special year.
Since 2023, the whole community has begun to FUD Ethereum.
Some say its gains are not as good as altcoins, some criticize its congestion, high gas fees, and inefficient governance, many assert that it is inferior to new public chains, and holding it is worthless; some bet on "new paradigm public chains," Solana, AI chains, modular chains... Some even predict "ETH may become the next LUNA."
Such rhetoric is everywhere on social media: "The era of Ethereum is over," and holders of ETH, the "E Guardians," are mocked as foolish!
Yet I remain unwavering. I continue to tell the logic, value, and future of Ethereum.
Because I firmly believe:
The value of Ethereum lies not in short-term hype, but in its quietly deepening position as a global financial operating system.
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.
On this day when the whole community FUDs Ethereum, it is precisely my most reassuring eighth year.
I have written: "ETH is a slowly built financial civilization, not a speculative container, but the framework for global value collaboration."
Ten years have passed, with tides rising and falling, narratives flourishing and declining; we have witnessed too many stories of explosive rise and sudden silence, too many bubbles behind enthusiasm. Only the main line of ETH has never broken, step by step proving itself from ideas, protocols, codes, applications, to consensus.
I do not gamble on trends; I bet on the main line.
I do not chase hotspots; I guard the foundation.
May we still be present in the next decade, still telling the story of ETH, not out of faith, but out of understanding.
Not because it can make us rich, but because I witness it becoming "irreversible infrastructure," a consensus container that carries the future global assets, identities, and collaborations.
Ten years, one chain, one person, a weaving of destinies.
The script of Ethereum never repeats, yet always hits the future.
May we hold our original intention in the storm and embark on the next great journey together in the cycle.
Focus on the ten years of Ethereum and participate in the OKX 50% discount ETH purchase event:
Entrance: https://www.okx.com/
Thank you for reading this far; you must be a loyal fan of Ethereum and will surely reap wealth!
from @BITWU.ETH
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