Ethereum Ten Years: The Birth of a Blockchain Revolution, How the "Universal Machine" Changes the Crypto Assets World?

On the occasion of Ethereum's tenth anniversary, let's take a look at the ten most groundbreaking contributions this blockchain platform has made to the world of crypto assets. From smart contracts, the ERC-20 standard, the Ethereum Virtual Machine (EVM), Layer-2, DAO governance models to Decentralized Finance, ICOs, NFTs, meme coins, and the explosive growth of ETFs—Ethereum has changed every aspect of the industry. In these ten years, Ethereum has grown from a conceptual idea into a profound blockchain revolution.

Ethereum Ten Years: From Concept to Blockchain Revolution

(Source: Etherscan)

Since Vitalik Buterin officially launched Ethereum ten years ago, the term "smart contract" has become an indispensable "feature" of the network. Although the first digital currency, Bitcoin, created by Satoshi Nakamoto, also supports smart contracts, its initial focus remains on maintaining decentralization and not relying on third parties for trust.

Ethereum did something different when it launched Solidity—Solidity is a programming language specifically designed for smart contracts, making it possible to build decentralized applications on the blockchain. A decade has passed, and the impact of Ethereum smart contracts on the crypto assets space is undeniable. They remain one of the core advantages of the platform and have paved the way for many other blockchains to enter this field. The continuous growth in the number of independent wallet addresses is a testament to Ethereum's thriving.

EVM and ERC-20: The Foundation of the Token Industry

Another pillar worth mentioning is the EVM (Ethereum Virtual Machine). The EVM is a virtual machine responsible for coordinating the operation of smart contracts, processing transactions, monitoring the ecosystem, and creating operational standards for decentralized applications. The EVM helps Ethereum become a globally universal platform, thus expanding the capabilities of Decentralized Finance (DeFi) worldwide.

In addition, we have to mention ERC-20, which is the most outstanding token minting standard in the history of crypto assets. Before ERC-20, the creation of tokens was very decentralized and lacked a unified system. Thanks to ERC-20, millions of tokens have been standardized, making them interchangeable and integrable into trading platforms, wallets, and DApps. A typical application is the globally most popular stablecoin USDT. Due to the stability and high compatibility of ERC-20, USDT is currently primarily issued on Ethereum. A series of academic studies have attempted to measure the impact of ERC-20 on the industry, and most studies have reached positive conclusions.

Layer-2, DeFi and ICO craze

Ethereum is also the birthplace of Layer-2 solutions, which allow for network expansion without disrupting the core structure. Although various Layer-2 solutions have emerged on the Bitcoin network since then, Ethereum was the first platform to put this technology into practice.

The combination of ERC-20 and an active developer community sparked a wave of ICOs in the late 2010s. Projects like ChainLink and Basic Attention Token used this standard to issue LINK and BAT coins—so far, some of these projects have even surpassed Ethereum in developer activity.

Ethereum, with its robust infrastructure, diverse ecosystem, and support for decentralized exchanges (DEX), has become the cradle of DeFi. In addition, the DAO (Decentralized Autonomous Organization) governance model has also realized the previously seemingly unattainable "financial democracy."

Hart Lambur, co-founder of Risk Labs, also shared some insights about the impact of Ethereum on the Decentralized Finance sector: The ultimate goal is very clear: to establish a giant payment and trading network that connects all blockchains. If most assets in the world—from currencies to stocks, bonds to real-world assets—are tokenized, then Ether will become the payment and settlement layer for all value on the network. Furthermore, the Total Value Locked (TVL) on the Ethereum blockchain has surged dramatically over the past decade.

NFTs, Meme Coins, and ETFs - Ethereum is Everywhere

These factors have made Ethereum the undisputed birthplace of NFTs, a concept that barely existed a decade ago. With autonomous smart contracts, a vibrant Decentralized Finance community, and new token standards, Ethereum became the heart of the NFT craze in 2021. So far, the field continues to grow strong.

Although Dogecoin was the first meme coin (launched over a decade ago), it was Ethereum that truly shook up this space and revitalized it—through Shiba Inu. With its DeFi infrastructure and large community, Ethereum has helped meme coins become an indispensable part of the cryptocurrency market.

Not only that, but Ethereum also plays an important role in the development of ETF products. Although Bitcoin was the first Crypto Asset to receive approval for a spot ETF in the United States, Ether followed closely behind. This event proves that under the leadership of former Chairman Gary Gensler, the U.S. Securities and Exchange Commission (SEC) is willing to open its doors to altcoins. Currently, it can be said that the capital inflow for ETH ETF even exceeds that of Bitcoin.

Conclusion:

In short, over the past decade, Ethereum has made significant contributions to the crypto industry. It is not only an extension of Bitcoin but also a breakthrough in a series of new technologies—from programming languages, token standards, governance models to Decentralized Finance infrastructure. Ethereum has affected almost every aspect of the cryptocurrency world—past, present, and future. As its applications continue to expand, Ethereum's position in the blockchain economy will almost certainly persist in the coming years and even decades.