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 rise of the true WEB3 world and has been a decade of vigorous development for 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 spent in the crypto circle——
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 I have also endured the collapse of LUNA, the downfall of FTX, and countless nights of "ETH is finished."
Especially in this eighth year, the entire market began to FUD Ethereum, with voices of pessimism rising and falling, even the once die-hard ETH supporters became uncertain.
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 stick to the main line.
The following article is my "twisted journey of Ethereum" written four years ago, which has always been my anchor in holding ETH steadily. Today, I have decided to continue writing it.
If you are an old fan, you must remember that in May four years ago, when Ethereum broke through $4000, I first published this on my Weibo account 【比特吴老湿】:
【The Twisted Journey of Ethereum】 (This article is priced in RMB)#
Many people are unclear about the origins of Ethereum (ETH) and how it has come this far. Old Wu, with personal experience, will popularize this history for everyone, which is filled with blood and thunder, far more exciting than any 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 hovered in the range of 1.4 to 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 suffered losses.
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Step two, in August 2015, it rose to 23 yuan, finally achieving a 12-fold increase. Many people took profits and exited, but in November it fell back to 2.7 yuan, a drop of 90%. During this rise and fall, over 90% of people had sold their coins, and some even cut losses. At this stage, the divine fish sold 100,000 ETH for a price of around ten to twenty yuan. If 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 this time? Let’s take a look at the exciting year of 2016 together!
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Step three, in 2016, this year is worth highlighting because it was truly exciting. In March, it entered a bull run mode, skyrocketing to 98 yuan, increasing 36 times in a month. Unfortunately, less than 10% of people enjoyed the wealth increase. In April, a bolt from the blue, it fell to 45 yuan, and many shouted that Ethereum was a scam, not knowing that in June it would rise directly to 138 yuan, then fall to 54 yuan in August, rise to 92 yuan in September, and fall back to 38 yuan in December. This year was tumultuous and unpredictable. To say how difficult it is to hold coins, think about this process. If you had 100,000 ETH, could you hold on? To be honest, I couldn’t. I started trading Ethereum in 2016 but only dared to do short-term trades, resulting in losses.
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Step four, a glorious life begins: Although 2016 was tumultuous, it laid the foundation for Ethereum's popularity and market base. Therefore, in March 2017, it soared to 350 yuan, increasing ninefold in three months. Subsequently, ICOs became wildly popular in China, with all projects issuing coins on the Ethereum public chain, raising funds entirely in ETH. From this moment on, its dominant position was established! No more suspense.
Thus, in June 2017, it rose to 2660 yuan, increasing 70 times in six months. In July, it fell to 850 yuan, a drop of 78%. In October, it rose to 2520 yuan, in November to 3280 yuan, and in December to 7510 yuan, reaching its highest point of 9100 yuan in January 2018.
Three-year summary: In just over three years, it increased 4900 times. Do you think that’s exciting enough? Keep reading. Everything has a cycle, and Ethereum is especially obvious; the good show continues, but you will feel a sense of déjà vu:
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Step five: In 2018, the bear market began to wash out investors. Starting in March, the price of over 9000 yuan fell to 2280 yuan, a drop of 75%. In April, it rose to 5380 yuan, then fell to 1070 yuan in September, a drop of 88%. The most severe was in December when it fell to 525 yuan, a direct drop of 90%.
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Step six: In June 2019, it rose to 2350 yuan, then fell to 720 yuan in December. In March 2020, the panic-inducing event of 312 came, plummeting to 550 yuan, a drop of over 88%. For a long time, no one dared to touch Ethereum. This momentum did not improve until the rise of DeFi from October to December, when it rose to 5720 yuan. After that, it began to climb again.
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Step seven: In May 2021, it rose to 28000 yuan.
In less than six years, it increased 15000 times. Initially, with 1000 yuan, you could own 15 million yuan, but this is all talk. Looking closely at the stormy journey I experienced, ask yourself, can you really hold on?
So, I have said before: In this circle, two things are most likely to make you rich: one is mining, and the other is holding coins. Their underlying logic is the same.
Two things are most likely to make you poor: randomly investing in projects and leveraged contracts.
After experiencing years of ups and downs, being able to hold on is what makes you a winner. Great wealth does not require much intelligence, just enough patience. Those who achieve great things must have great perseverance.
The above article was widely shared at the time and has always been my anchor in holding Ethereum steadily. Next, I have decided to continue this legend (the following article is priced in USD):
- Step eight, is the story of the last 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 history of mining, and initiating expectations for "ETH deflation." During that time, the most popular saying in the circle was: Bitcoin is the gold of the past, while Ethereum is the financial internet of the future.
But the market did not take off because of this; instead, it experienced a series of blows such as LUNA and FTX, with ETH falling from $3500 all the way back to $1100. Once again, a collapse and reshuffle occurred, and another round of faith questioning began.
And I, this time, did not run away.
I began to understand that the story of ETH is no longer just a speculative script, but a grand narrative rooted in the innovation of 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 high cost, slowness, being divided by Layer 2, and governance chaos, but you cannot ignore: regardless of bull or bear markets, regardless of how new public chains innovate, the most critical assets and funds still choose Ethereum as the ultimate "settlement layer."
In the eighth year, I am still present. I am still buying ETH.
The year 2023 is a special year.
Starting in 2023, the whole market began to FUD Ethereum.
Some say it cannot rise compared to altcoins, some say Ethereum is congested, has high gas fees, and low governance efficiency. Many claim it is inferior to other new public chains, that holding it is useless, and some have begun to bet on "new paradigm public chains," Solana, AI chains, modular chains... Some even ask, "Could ETH be the next LUNA?"
You can see this kind of rhetoric in every corner of social media: "The era of Ethereum is over," and those holding Ethereum as their E-guardians have lost their minds!
Yet I have always been among them. But I have never wavered. I still talk about Ethereum, still discuss its logic, value, and future.
Because I always believe:
The value of Ethereum lies not in short-term market hype, but in its position as a global financial operating system, quietly penetrating the world.
Stablecoins are Ethereum's first killer application, with hundreds of billions of USDT/USDC, most of which are issued on Ethereum and compatible chains;
80% of DeFi protocols' TVL is centered around ETH as the core settlement asset;
RWA, AI, Restaking, Layer 2 modular ecosystems... almost every narrative you can think of ultimately falls on Ethereum or its derivative networks.
It is the endpoint of capital flow, the anchor point of narratives, and the highest layer of security.
Today, when the whole market FUDs Ethereum, it is precisely my most reassuring eighth year.
I once wrote: "ETH is a financial civilization that is slowly being built. It is not a speculative container, but the framework for global value collaboration."
Ten years have passed, tides have risen and fallen, narratives have flourished and declined. We have seen too many stories of explosive popularity followed by silence, seen too much indifference behind enthusiasm. Only the main line of ETH has remained unbroken, step by step from concept, protocol, code, application, to consensus, completing its self-proof.
I do not bet on trends; I bet on the main line.
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 because of faith, but because of understanding.
Not because it can make me rich, but because I see it 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 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 within the cycles.
Focus on the ten years of Ethereum, focus on the OKX 50% off ETH purchase event:
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Thank you all for reading this far; those who have reached here are true fans of Ethereum and will make big money!
from @BITWU.ETH
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