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 —
The decade of Ethereum 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, and I have personally experienced the ICO frenzy of 2017, the DeFi revival of 2020, the peak of the bull market in 2021, as well as 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 stay true to 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 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, will sort out this thrilling story filled with blood and gore, a hundred times more shocking than a TV drama, and 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, making basically no profit, and some even suffered losses.
- Step two: In August 2015, the price rose to 23 yuan, a 12-fold increase, and many profited and exited; in November, it plummeted to 2.7 yuan, a 90% drop. During this round of ups and downs, over 90% of people had sold off, and some even cut losses. During this phase, Shen Yu sold 100,000 ETH for a price between ten and twenty yuan; had he not sold, it would now be worth two to three billion. But don’t rush, 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: The year 2016 was a pivotal year because the process was extremely dramatic. In March of that year, the price began to soar, reaching 98 yuan, skyrocketing 36 times in a month, but unfortunately, less than 10% of people enjoyed the wealth increase. In April, it plummeted to 45 yuan, with many shouting that Ethereum was a scam; who knew it would rise again to 138 yuan in June, drop to 54 yuan in August, rebound to 92 yuan in September, and then drop again to 38 yuan in December. This year was magnificent and full of fluctuations. Imagine if you held 100,000 ETH, could you hold on? To be honest, I, Old Wu, admit I could not. I started trading Ethereum in 2016 but only dared to do short-term operations, resulting in losses.
- Step four: A grand chapter begins: The fluctuations of 2016 laid the foundation for Ethereum's popularity and market base. Therefore, in March 2017, the price skyrocketed to 350 yuan, increasing ninefold in three months, and then ICOs became rampant in China, with all projects issuing tokens on the Ethereum public chain, raising funds primarily 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 dropped to 850 yuan, an 78% decrease; in October, it rebounded to 2520 yuan; in November, it rose to 3280 yuan; in December, it surged to 7510 yuan; and 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 will feel a sense of déjà vu: - Step five: In 2018, the bear market began, starting in March, the price fell from over 9000 yuan to 2280 yuan, 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 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 brought improvement, rising to 5720 yuan, and then entering 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 that’s 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 hoarding coins; 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 the cornerstone of my long-term holding of Ethereum. Next, I have decided to continue this legend (the following section is priced in USD):
- Step eight: This 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 starting the expectation of “ETH deflation.” At that time, the popular saying in the circle was: Bitcoin is the gold of the past, and Ethereum is the financial internet of the future.
But 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 collapse and reshuffle, another round of faith testing.
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.
Starting in 2023, 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 worthless; some bet on “new paradigm public chains,” Solana, AI chains, modular chains… some even assert “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 articulate the logic, value, and future of Ethereum.
Because I firmly believe:
The value of Ethereum lies not in short-term hype, but in its status 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 the TVL of DeFi protocols is based on 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, amidst the FUD against Ethereum, is precisely my most reassuring eighth year.
I have written: “ETH is a slowly built financial civilization, not a speculative container, but the skeleton of global value collaboration.”
Ten years have passed, tides have risen and fallen, narratives have flourished and waned, we have witnessed too many stories of rapid rise and fall, too many bubbles behind enthusiasm; only the main line of ETH has never been interrupted, step by step from concept, protocol, code, application to consensus, completing its self-proving.
I do not gamble on trends, only on the main line.
I do not chase hot points, only 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 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 fate.
The script of Ethereum never repeats, yet always bets on the future.
May we hold on to our original intention amidst the storms, and together embark on the next great journey in the cycle.
Focus on the ten years of Ethereum, and pay attention to the OKX 50% off ETH purchase event:
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Thank you all for reading this far; those who can read this are true fans of Ethereum and will surely reap wealth!
from @BITWU.ETH
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