Ethereum at 10: From an “Unstoppable Experiment” to the Cornerstone of the Global Crypto Ecosystem
Do you remember Ethereum back in 2015? At the time, it was just a dream shared by a group of geeks — an attempt to prove that blockchain could do more than just send transactions; it could also run smart contracts. Ten years later, this public chain that was once dismissed as “too conceptual” has become the engine of the entire Web3 world. Interestingly, right before its 10th anniversary, Ethereum spot ETFs have seen 15 consecutive days of net inflows, with $231 million entering in a single day — this “10th birthday” is destined to be extraordinary.
This article takes you through Ethereum’s most brilliant moments over the past decade, its current market status, and where it might go next.
ETF Data: The Best “Birthday Gift” for Ethereum
According to data, as of July 24 (EST), Ethereum spot ETFs have maintained 15 consecutive days of net inflows, with $231 million in a single day. Among them, Fidelity’s FETH accounted for $210 million, pushing its cumulative historical inflows past $2.3 billion.
Another set of data (as of July 27) shows that ETH has risen 53.25% this month. If it holds this level in the remaining few days, it may rank in the top 10 of Ethereum’s historical monthly gains.
These two data points speak volumes: the market has strong confidence in ETH’s long-term value — a highly positive signal.
And if you recall, when Bitcoin spot ETFs launched in 2024, a similar wave of inflows kicked off a new bull run for BTC. Now, it seems Ethereum has reached its own ETF moment — which could mark a brand-new starting point for its next decade.
Behind the ETF frenzy is institutional recognition of Ethereum. Traditional giants like JPMorgan and BlackRock have already moved or are in the process of migrating parts of their business to the Ethereum network. ETH is no longer just a playground for developers — it is increasingly being seen as a “digital reserve asset” for institutions.
Ten Years Without Downtime: Vitalik’s Confidence
Recently, Vitalik Buterin reposted a tweet on X summarizing Ethereum’s decade-long resilience with pride:“Ethereum has been up for 10 years straight. No downtime. No maintenance windows… Even as Facebook suffered 14-hour outages, Cloudflare shut down 19 data centers, and other Layer 1s faced issues — Ethereum never stopped.”
This statement isn’t just emotional; it’s the best proof of Ethereum’s security and decentralization. Over the past decade, how many storms has Ethereum weathered?
2016 DAO hack split the community, creating ETH and ETC.
2017–2018 ICO boom pushed Ethereum into the spotlight — and scrutiny.
2020 DeFi Summer brought the first real killer app, with TVL skyrocketing.
2022 The Merge transitioned Ethereum from PoW to PoS — the most complex upgrade in blockchain history.
2023–2024 Layer 2 explosion, where Ethereum offloaded high gas debates and scaled via the Rollup ecosystem.
To sum it up in one sentence: in ten years, Ethereum evolved from a technical experiment into the world’s largest smart contract platform, supporting over 70% of on-chain economic activity.
ETH’s “Identity Crisis”: From Cloud Stock to Reserve Asset
Despite its strengths, Ethereum hasn’t escaped criticism. Some argue that its value accrual model is unclear, that Layer 2s are siphoning off fee revenue, and that ETH has underperformed rivals like Solana, which gained traction during the meme coin craze.
But quietly, ETH’s story has shifted from “narrative building” to “functionality proving”:
It’s the settlement layer for Layer 2s — without Ethereum, there’s no Arbitrum or Optimism.
It’s the collateral foundation for DeFi and stablecoins.
It’s the primary staking asset, directly tied to network security.
Analyst Kevin Li proposed that ETH is more like a “scarce, programmable reserve asset.”
His reasoning? ETH’s monetary policy is adaptive, with a long-term inflation rate that may be lower than gold. Combined with staking and burning, it could even become deflationary — completely different from fiat currencies that can be printed endlessly.
Institutionalization of ETH: ETF Is Just the Beginning
Currently, ETFs are only the beginning of ETH’s institutionalization. Imagine more companies following Sharplink Gaming’s lead and adding ETH to their treasury — what kind of demand would that bring? Latest data shows:
730,000 ETH are held by publicly listed companies.
ETH staking totals 35.53 million ETH, accounting for over 30% of total supply.
The correlation between on-chain asset growth and staked ETH is as high as 88%, suggesting that more locked value equals stronger network security and ETH demand.
And this is just the start. In the coming years, we may see more ETF products and treasury strategies — forming a major force behind ETH’s long-term price growth.
The 10-Year Celebration: Sentiment and Ecosystem Signals
The Ethereum Foundation announced a 10-year livestream celebration on July 30 at 22:30 (UTC+8). Core contributors like Vitalik, Tim Beiko, and Joseph Lubin will speak. More interestingly, the event will feature a limited-time free mint of the “Ethereum Torch NFT” — a symbolic gesture: from the decentralized “torch” lit ten years ago, to today’s global ecosystem with tens of millions of users, Ethereum’s spirit hasn’t changed.
This celebration isn’t just emotional nostalgia — it might also preview Ethereum’s future roadmap. We can reasonably expect Vitalik to discuss Layer 2, upcoming EIPs, or Ethereum’s vision for the next decade.
Conclusion: Ten Years Is Just the Prologue
Vitalik once said, “Ethereum will never go offline.” That’s not just a technical commitment — it’s a vote of confidence in the entire crypto ecosystem.
Ten years of building have brought ETH to a new height:
As the second-largest crypto asset, it has depth and liquidity.
As a smart contract platform, its use cases far exceed Bitcoin’s.
As a scarce asset, institutions are re-evaluating its long-term value.
What comes next could be even more exciting. The ETF inflows are just the first wave — perhaps the real revolution is only just beginning.
