Ethereum's 8th birthday: Crypto industry shares its top momentsJuly 31, 2023
The crypto community has come together to celebrate the 8th birthday of the Ethereum network, marking eight years since when the Ethereum Foundation first sent the network live.
On July 30, 2015, former Ethereum Foundation CCO Stephan Tual penned a blog post, officially announcing that the network had been rolled out.
“The vision of a censorship-proof ‘world computer’ that anyone can program, paying exclusively for what they use and nothing more, is now a reality,” he wrote.
Eight years later, Ethereum and its native currency Ether (ETH) has grown to become the second largest crypto asset in existence, boasting a market capitalization of $225 billion and more than 1,900 monthly active developers.
8 years of growth
Community members marked the occasion by sharing fond memories and looking back at its prices, development and overall growth since inception.
Bankless co-host Ryan Sean Adams, noted that Ethereum reportedly boasts $400 billion in secured value, $3.6 billion in annualized profits, and a total of 17.8 million blocks of digital assets.
Using the networks’ 8th birthday as an opportunity to reminisce, Binance CEO Changpeng Zhao posted a tweet on X — regaling the time that Ethereum co-founder Vitalik Buterin stayed with him in Tokyo in the months leading up to the launch of Ethereum.
CZ said Buterin was speaking about ETH “non-stop” at the time and joked about missing out on buying Ethereum at inception. “If I had bought ETH then, I might not have had the need or drive to start Binance. Who knows?” he quipped.
Reformed Bitcoiner Udi Wertheimer celebrated the occasion with a dash of humor, referring to the Ethereum network as his “favorite Bitcoin sidechain.”
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Ethereum was co-founded by a number of prominent figures, most notably Buterin, along with Charles Hoskinson, Gavin Wood, Joseph Lubin and Anthony Di Iorio.
By allowing developers to create smart contracts and build new blockchain-based applications, Ethereum became integral to the Initial Coin Offering (ICO) boom in late 2017 to the explosion of decentralized finance (DeFi) protocols and development — dubbed “DeFi summer” — in 2020.
A little more than a year after DeFi summer, Ether notched its all-time-high of $4,878 on Nov. 10, 2021. At the time of writing ETH is changing hands for $1,869.
Most recently, crypto enthusiasts witnessed the successful implementation of The Merge upgrade on Sept. 15, 2022, which saw the network transition from a Proof-of-Work to a Proof-of-Stake consensus mechanism — driving down its energy usage and unlocking staking incentives for validators and investors.
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