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 flourishing blockchain technology:
If Bitcoin is an awakening of currency, then Ethereum is a reconstruction of civilization.
And the decade of Ethereum is also my eighth year in the crypto space——
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 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 former die-hard ETH supporters wavered.
But the more FUD there was, the more determined I became. Because I do not rely on short-term hype to judge the future, but on a deep understanding of the main narrative.
The following is an article I wrote four years ago titled "The Twisted Journey of Ethereum," which has always been my anchor in holding ETH. Today, I have decided to continue this legend.
If you are an old fan, you surely remember that in May four years ago, when Ethereum broke through $4000, I first published this content on my then 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 of Ethereum (ETH). I will combine my personal experience to outline this thrilling story, which is a hundred times more shocking than a TV drama, without further ado, let's get started:
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Step one, in July 2014, ETH was issued at a price of 1.86 yuan, and it traded sideways between 1.4 yuan and 4 yuan for a whole year. Most people could not endure this year, selling their coins early and basically not making a profit, even incurring losses.
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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 and exited, some even cutting losses. During this phase, the "God Fish" sold 100,000 ETH for tens of yuan; had they 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 at the excitement of 2016!
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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 this wealth increase. In April, it suddenly dropped to 45 yuan, with many shouting that Ethereum was a scam. Little did they know, 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 magnificent and 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.
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Step four, a glorious life began: Although 2016 was full of fluctuations, 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. Subsequently, ICOs became popular in China, with all projects issuing tokens on the Ethereum public chain to raise ETH. From then on, its 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 78% drop; in October, it rose to 2520 yuan; in November, it rose to 3280 yuan; in December, it rose to 7510 yuan; in January 2018, it surged to a then-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:
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Step five: In 2018, the bear market began, with a drop from over 9000 yuan to 2280 yuan in March, a 75% drop. 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 90% drop.
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Step six: In June 2019, it rose to 2350 yuan; in December, it fell to 720 yuan; in March 2020, the panic of the 312 incident hit, dropping to 550 yuan, 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 yuan. It then resumed an upward trend.
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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 could yield 15 million yuan, but this is just talk. Looking back at the stormy journey above, ask yourself: can you really 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—investing in random 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 in holding Ethereum. Now, I have decided to continue this legend (the following is priced in USD):
- Step eight, focusing on the stories of the past two years.
In 2022, Ethereum made 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.
But the market did not take off as a result; 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, a new round of faith questioning.
And I did not escape this time.
I gradually understood that the story of ETH is no longer 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 world of public chains.
You may question its high price, slowness, being divided by Layer2, and chaotic governance, but you cannot ignore: regardless of bull or bear, 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 here, still buying ETH.
2023 is a special year.
Since 2023, the whole community has begun to FUD Ethereum.
Some say it cannot rise as much as altcoins, some criticize its congestion, high gas fees, and inefficient governance, many claim 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 asserting that "ETH will be the next LUNA."
Social media is filled with "the era of Ethereum has passed," and Ethereum supporters are mocked as "brain-dead."
Yet I have always been here, never wavering. 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, silently permeating the world.
Stablecoins are Ethereum's first killer application, with hundreds of billions of USDT/USDC mostly issued on Ethereum and compatible chains;
DeFi protocols have 80% of their TVL centered on ETH as the core settlement asset;
RWA, AI, Restaking, Layer2 modular ecosystems... almost every narrative ultimately falls 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 community FUDs Ethereum, it is precisely my most reassuring eighth year.
I once wrote: "ETH is a financial civilization being slowly built, not a speculative container, but the framework for global value collaboration."
Ten years have passed, with tides rising and falling, narratives thriving and declining. We have witnessed too many stories of explosive rise and sudden silence, too many bubbles behind enthusiasm. Only the main narrative of ETH has remained unbroken, step by step proving itself from ideas, protocols, codes, applications, to consensus.
I do not bet on trends; I bet on the main narrative.
I do not chase hotspots; 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 it can make us rich, but because it is becoming "irreversible infrastructure," a consensus container that carries the future global assets, identities, and collaborations.
Ten years, one chain, one person, an intertwining of destinies.
The script of Ethereum has never repeated, yet it always bets on the future.
May we hold onto our original intentions amidst the storms and embark on the next great journey together in cycles.
Focus on the ten years of Ethereum, focus on the OKX 50% off ETH purchase event:
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Thank you for reading this far; you are all loyal fans of Ethereum and will surely make big money!
from @BITWU.ETH
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