The ten years of Ethereum also mark my eighth year in the crypto space | The ups and downs of Ethereum's decade, the evolution of my eight-year belief —
Ethereum's decade has witnessed the dramatic changes in the WEB3 world, and it has also been a decade of vigorous development for blockchain technology:
If Bitcoin is the awakening of currency, then Ethereum is the reconstruction of civilization.
And the decade of Ethereum is also my eighth year spent in the crypto circle —
In these eight years, the market has ebbed and flowed, narratives have constantly changed, I personally experienced the ICO frenzy of 2017, the DeFi revival of 2020, the peak of the bull market in 2021, and also went through the collapse of LUNA, the bankruptcy of FTX, and countless nights of "ETH is about to end."
Especially in this eighth year, the entire circle began to spread fear, uncertainty, and doubt (FUD) about Ethereum, with voices of pessimism rising and falling, even former ETH die-hard fans began to waver.
However, I became even more resolute amidst the FUD. Because I do not rely on market hype to predict the future, but rather on profound understanding to uphold the main line.
Below is the "Twisted Journey of Ethereum" that I wrote four years ago, which is the cornerstone of my long-term holding of ETH. Today, I have decided to continue writing this history.
If you are an old fan, you must 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 section is priced in RMB)#
Many people are not clear about the origin and development of Ethereum (ETH). Old Wu, with personal experience, sorts out this thrilling story filled with blood and gore, a hundred times more shocking than a TV drama, let's get straight to the point:
- Step one, in July 2014, ETH was first issued, priced at 1.86 yuan, fluctuating between 1.4 yuan and 4 yuan for a whole year. Most people could not hold on and sold their coins in the first year, basically not making any money, and some even lost money.
- Step two, in August 2015, the price rose to 23 yuan, an increase of 12 times, many people profited and exited; in November it plummeted to 2.7 yuan, a drop of 90%. In this round of ups and downs, over 90% of people had sold off, and some even took losses. During this phase, Shen Yu sold 100,000 ETH for a price of a few tens of yuan; had he not sold, it would now be worth two to three billion. But wait, do you think you could hold on if you didn't sell at that time? Let's take a look at the thrilling events of 2016!
- Step three, 2016 was a crucial year because the process was extremely dramatic. In March of that year, the price began to soar, reaching 98 yuan, skyrocketing 36 times within a month, but unfortunately, less than 10% of people enjoyed the wealth increase. In April, it plummeted to 45 yuan, many shouted that Ethereum was a scam; unexpectedly, in June it rose to 138 yuan, fell back to 54 yuan in August, rebounded to 92 yuan in September, and dropped again to 38 yuan in December. This year was magnificent and unpredictable. Imagine if you held 100,000 ETH, could you hold on? To be honest, I, Old Wu, admit I couldn't. I started trading Ethereum in 2016 but only dared to do short-term operations, and ended up losing money.
- Step four, opening a magnificent chapter: The fluctuations of 2016 laid the foundation for Ethereum's popularity and market. Therefore, in March 2017, the price skyrocketed to 350 yuan, increasing 9 times in three months, followed by ICOs booming in China, with all projects issuing tokens on the Ethereum public chain, raising funds in ETH. From that moment on, Ethereum's dominant position was established, with no suspense.
Thus, in June 2017, it rose to 2660 yuan, a 70-fold increase in six months; in July it fell to 850 yuan, a drop of 78%; in October it rebounded to 2520 yuan; in November it rose to 3280 yuan; in December it surged to 7510 yuan; in January 2018 it reached an all-time high of 9100 yuan.
Three-year summary: In just over three years, the increase was 4900 times, do you think that's stimulating enough? The best is yet to come, but you might feel a sense of déjà vu: - Step five: 2018 began the bear market washout, starting in March from over 9000 yuan to 2280 yuan, a drop of 75%; in April it rebounded to 5380 yuan; in September it fell again to 1070 yuan, an 88% drop; the most severe was in December when it dropped to 525 yuan, a staggering 90% drop.
- Step six: In June 2019, it rose to 2350 yuan; in December it fell to 720 yuan; in March 2020, the panic-inducing "312 incident" struck, and the price plummeted to 550 yuan, a drop of over 88%. After that, no one dared to touch Ethereum for a long time, until the rise of DeFi from October to December improved the situation, rising to 5720 yuan, and then starting an upward channel.
- Step seven: In May 2021, it rose to 28000 yuan.
In less than six years, the increase was 15000 times, an initial investment of 1000 yuan could yield 15 million yuan, but this is just talk. Reflecting on the ups and downs I experienced, I ask myself, can you really hold on?
So, I once said: In this circle, the two easiest ways to get rich are mining and holding coins, as their underlying logic is the same.
The two easiest ways to become poor are to randomly invest in projects and leverage contracts.
After years of ups and downs, only those who can hold on are the winners. Great wealth does not require intelligence, only enough patience; those who achieve great things must have great perseverance.
The above content has been widely reprinted and is also my anchor for holding Ethereum long-term. Next, I have decided to continue writing this legend (the following section is priced in USD):
- Step eight, is the story 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%, ending the mining era, and initiating expectations for "ETH deflation." 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.
However, the market did not take off; instead, it faced a series of blows from LUNA, FTX, and others, with ETH dropping from $3500 to $1100. Another round of collapse and reshuffling, another test of faith.
And I, this time, did not escape.
I began to realize that the story of ETH is no longer just a speculative script, but a grand narrative rooted in the reform of the 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 expense, slowness, diversion by Layer2, and chaotic governance, but you cannot deny: whether in a bull or bear market, 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 and continue to buy ETH.
2023 has become a special year.
From 2023 onwards, the entire circle began to FUD Ethereum.
Some say its increase is not as good as altcoins, some complain about congestion, high gas fees, and inefficient governance, many believe it is inferior to new public chains, holding it is of no value; some bet on "new paradigm public chains," Solana, AI chains, modular chains... Some even assert that "ETH will be the next LUNA."
On social media, the rhetoric of "the era of Ethereum has passed" is everywhere, calling ETH die-hards "brain-dead."
Yet I remain steadfast amidst it all. 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 position as a global financial operating system, which is 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 protocols' TVL is centered around ETH as the core settlement asset;
RWA, AI, Restaking, Layer2 modular ecosystems... almost all narratives ultimately land 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 world FUDs Ethereum, it is precisely my most reassuring eighth year.
I have written: "ETH is a financial civilization being built slowly, not a speculative container, but the framework for global value collaboration."
Ten years have passed, tides have risen and fallen, narratives have thrived and waned, we have witnessed too many stories of meteoric rise and sudden silence, too many bubbles behind the enthusiasm; only the main line of ETH has never been interrupted, step by step from concept, protocol, code, application to consensus, completing its self-proof.
I do not gamble on trends, only bet on the main line.
I do not chase hotspots, only guard the foundation.
May in the next decade, we still be present, still tell the story of ETH, not out of faith, but out of understanding.
Not because it can make one 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 weaving of destinies.
The script of Ethereum never repeats, yet always bets on the future.
May we hold on to our original intentions amidst the storms, and together embark on the next great journey through cycles.
Pay attention to the ten years of Ethereum, and the OKX 50% off ETH purchase event:
Entrance: https://www.okx.com/
Thank you all for reading this far, those who can read here are true fans of Ethereum and will surely reap wealth!
from @BITWU.ETH
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