Ethereum turns 10: Here’s how its booms and busts shaped history

Key Points

1. Ethereum launched in 2015 as a smart contract platform after raising $18.3 million in its ICO, with Ether becoming the second-largest cryptocurrency by market cap.

2. The DAO hack in 2016 led to a chain split, creating Ethereum Classic, while Ethereum continued to grow despite early security challenges.

3. The 2017-2018 ICO boom saw Ether surge from under $10 to $1,450, but regulatory crackdowns and failed projects caused prices to collapse by late 2018.

4. DeFi Summer in 2020 transformed Ethereum into the base layer of decentralized finance, with TVL exceeding $1 billion and ETH climbing to over $750.

5. NFTs drove Ethereum's 2021 breakout, with projects like CryptoPunks and Bored Ape Yacht Club gaining mainstream attention, though high gas fees became a barrier.

6. The Merge in 2022 transitioned Ethereum to proof-of-stake, a major milestone, but ETH's price dropped due to broader market crashes like FTX's collapse.

7. Layer-2 solutions like Arbitrum and Optimism gained traction in 2023, while liquid staking tokens became dominant for ETH staking.

8. In 2024, Ethereum fragmentation increased with L2 growth, and EIP-4844 reduced rollup costs, though bridging between L2s remained inefficient.

9. By 2025, Ethereum ETFs gained momentum, outpacing Bitcoin ETFs in inflows, and public companies began adopting ETH strategies similar to Bitcoin.