Ten Years of Ethereum: The Story You Haven’t Heard (2025)

Introduction: The Ten-Year Revolution

On July 30, 2025, Ethereum marked a decade since its mainnet went live—a milestone representing not just longevity in the digital asset space, but a profound transformation of global finance and technology, as evidenced by its market capitalization history. Born from a visionary 2013 whitepaper, Ethereum was proposed as a “world computer”: a decentralized, programmable blockchain that could execute autonomous software programs known as smart contracts. This was a radical departure from Bitcoin’s singular focus on peer-to-peer payments, promising a new digital substrate where developers could build trustless applications for everything from finance to governance, as outlined in a brief history of the platform.

In the ten years since its raw and experimental launch, that vision has been tested by existential crises, speculative manias, brutal market crashes, and relentless technical challenges. Yet, through each trial, the ecosystem has demonstrated a remarkable capacity for resilience and evolution. It has rebuilt itself time and again, surviving events that would have shattered traditional corporations. From a sub-dollar token traded by a handful of enthusiasts, Ethereum has matured into a nearly half-trillion-dollar network, the undisputed leader for decentralized applications and the foundational settlement layer for a burgeoning digital economy.

This report chronicles that tumultuous journey, examining one defining event for each year of Ethereum’s first decade. It is a story of how a revolutionary idea survived contact with reality, repeatedly cycling through crisis, innovation, and maturation. Each challenge—from a catastrophic hack that questioned its core principles to viral applications that crippled its infrastructure—forced the decentralized community to adapt, innovate, and ultimately build the indispensable plumbing for a new financial world.

Table 1: Ethereum’s Decade at a Glance

Note: Prices are approximate year-end values based on historical data to reflect market sentiment at the close of each period.

Chapter 1: 2015 – The Frontier Is Drawn

Ethereum’s official entry into the world on July 30, 2015, was not a grand, polished debut but a quiet, spartan affair. The first live version of the mainnet, codenamed “Frontier,” was precisely what its name implied: a raw, undeveloped territory intended for the brave and technically proficient, as detailed in historical accounts of its launch. It was a command-line-only platform, a digital wilderness designed not for consumers but for the developers who would build its future cities. This launch marked the birth of the world’s first programmable blockchain, a platform that moved beyond Bitcoin’s peer-to-peer cash system to enable self-executing smart contracts and decentralized applications (dApps) via the Ethereum Virtual Machine (EVM).

The vision for this “world computer” was articulated in a 2013 whitepaper by a 19-year-old programmer, Vitalik Buterin, who had co-founded Bitcoin Magazine. Buterin, along with a group of co-founders including Gavin Wood and Joseph Lubin, envisioned a platform that could decentralize any online service susceptible to censorship or control by a central intermediary. This ambitious project was funded not by venture capitalists but by one of history’s most successful crowdfunding campaigns. The 2014 Initial Coin Offering (ICO) raised approximately $18.3 million in Bitcoin in exchange for over 60 million ether (ETH), at an initial price of just $0.311 per token—an investment that would generate astronomical returns for early backers.

The launch itself was the culmination of 18 months of rigorous development coordinated by the Swiss-based non-profit Ethereum Foundation. This included a public beta pre-release called “Olympic,” where developers were offered bounties to stress-test the network’s limits, a launch strategy covered by industry media. This approach underscored a core philosophy: Ethereum was not a finished product but a high-stakes, open-source experiment. Its value would be determined not by its creators, but by the utility and innovation of the applications others would build upon it.

The market’s initial reaction was muted. For the remainder of 2015, ETH traded quietly, mostly between $0.70 and $2.00, with a market capitalization of a mere $80 million by August. Its early supporters were a small, dedicated community who grasped the profound potential of a Turing-complete blockchain. For the rest of the financial world, the Frontier was an obscure and distant horizon. 

Chapter 2: 2016 – Trial by Fire: The DAO Hack

Less than a year after its launch, the fledgling Ethereum network faced an existential crisis that would test its technical resilience, community cohesion, and core philosophical tenets. The catalyst was “The DAO,” a decentralized autonomous organization designed to function as a leaderless, community-governed venture capital fund—one of the most ambitious early experiments on Ethereum.

Its token sale was a runaway success, raising an unprecedented $150 million worth of ETH from over 11,000 investors. In doing so, The DAO’s smart contracts came to hold nearly 14% of all ETH in circulation, a concentration of risk that made it a systemic point of failure for the entire ecosystem, as detailed in a Deloitte analysis of the attack. Despite warnings from security researchers about potential vulnerabilities, the hype was overwhelming.

On June 17, 2016, those fears were realized. An anonymous attacker exploited a “recursive call vulnerability,” a flaw not in the Ethereum protocol itself but in the application’s code. The attacker systematically drained 3.6 million ETH—then valued at $50-$70 million—into a subsidiary “child DAO” they controlled. Due to a 28-day lock-up period in the contract, the funds could not be immediately moved, giving the community a narrow window to respond.

What followed was an intense and acrimonious debate that cut to the heart of blockchain philosophy. One camp, the purists, argued for the absolute immutability of the ledger. Their mantra was “code is law”; any intervention would violate the foundational principle of a censorship-resistant, unalterable blockchain. The other camp, the pragmatists, argued that allowing such a catastrophic theft to stand would shatter investor confidence and pose an existential threat to Ethereum’s future.

Ultimately, pragmatism won. Led by the Ethereum Foundation, the community voted to execute a controversial “hard fork”—a non-backward-compatible software upgrade that effectively rewrote a small piece of the blockchain’s history. Implemented on July 20, 2016, the fork moved the stolen funds to a recovery smart contract, allowing the original investors to reclaim their ETH.

This decision was not without consequence. A minority of the community, steadfast in their belief in absolute immutability, rejected the fork. They continued to operate the original, unaltered chain, which became known as Ethereum Classic (ETC), while the main chain moved forward as Ethereum (ETH), a split explained in detail by crypto exchanges like Gemini. The DAO hack was Ethereum’s first great trial, a governance crisis that forced it to choose between its purest ideals and its survival. The decision to intervene set a crucial precedent: Ethereum was a socio-technical system where, in extreme circumstances, human consensus could override the letter of the code to uphold its spirit.

Chapter 3: 2017 – The Cambrian Explosion: ICOs, Enterprises, and Digital Cats

If 2016 was Ethereum’s trial by fire, 2017 was its Cambrian explosion—a year of frenetic, chaotic, and explosive growth that simultaneously validated its core premise and exposed its greatest weakness.

The primary catalyst was the ERC-20 token standard. This technical framework provided a simple, standardized template for creating new, fungible tokens on the Ethereum blockchain, a concept Uphold explains in detail. This innovation dramatically lowered the barrier to entry for launching a new digital asset, unleashing a speculative mania for Initial Coin Offerings (ICOs). Throughout 2017, thousands of projects raised billions of dollars, often with little more than an ambitious whitepaper, by selling their custom ERC-20 tokens directly to the public in exchange for ETH. This created a massive demand loop for ether, whose price skyrocketed from less than $10 at the start of the year to over $730 by its close.

As speculative capital flooded the ecosystem, so too did institutional credibility. In February 2017, a consortium of global giants including J.P. Morgan, Microsoft, and Intel formed the Enterprise Ethereum Alliance (EEA), which quickly announced it had become the world’s largest open-source blockchain initiative. The EEA’s goal was to develop enterprise-grade standards and private versions of Ethereum for business applications, a watershed moment that signaled tangible value in Ethereum’s technology for everything from supply chain management to financial settlements.

Just as Ethereum’s value proposition seemed to be firing on all cylinders, its technical limitations were laid bare by a seemingly innocuous source: cartoon cats. In late November 2017, a game called CryptoKitties launched, allowing users to buy, sell, and breed unique digital felines represented as non-fungible tokens (NFTs). The game went viral, with some digital cats selling for over $100,000. The resulting transaction volume was so immense that it began to account for as much as 25% of all network traffic. The “world computer” ground to a halt, a story of success-induced failure chronicled by insiders at Consensys. The network became severely congested, transaction confirmation times soared, and “gas” fees skyrocketed. The paradox of 2017 was clear: the very success that proved Ethereum’s power also revealed its critical flaw, making scalability the central challenge for years to come.

Chapter 4: 2018 – The Great Crypto Winter

After the euphoric expansion of 2017, the market entered a brutal and prolonged contraction in 2018. The “crypto winter,” as it came to be known, saw asset prices collapse in a necessary, if painful, correction that purged the ecosystem of rampant speculation and forced a return to fundamentals—an event now known as the ‘crypto winter’. For Ethereum, the crash was particularly severe. After peaking at nearly $1,400 in January 2018, ETH’s price plummeted by over 94%, falling below $100 by the end of the year.

The primary driver of this collapse was the “ICO hangover.” The 2017 boom was built on the promise of future utility from projects that, in most cases, had no viable product. As 2018 unfolded and it became clear the vast majority of these projects would fail, they began to liquidate their large ETH treasuries, creating intense and sustained selling pressure, a dynamic analyzed in retrospectives of the crash.

This internal selling pressure was compounded by a harsh new reality of global regulatory scrutiny. Regulators in the US and China cracked down hard on the freewheeling ICO market. The U.S. Securities and Exchange Commission (SEC) began aggressively pursuing projects it deemed to be selling unregistered securities, effectively freezing the nascent institutional interest that had begun to emerge.

Furthermore, the fundamental usability problems exposed by CryptoKitties remained unsolved. The Ethereum network was still slow and expensive, and the user experience for the few dApps that did exist was, by most accounts, “truly awful.” Without a clear path to scalability, there was no way for the ecosystem to support applications with mainstream traction, further eroding market confidence.

The 2018 crash was a brutal but essential market-clearing event. It exposed the folly of valuing projects on hype alone and served as a Darwinian filter, wiping out ventures with no substance. For the developers who remained, the end of the speculative frenzy provided a crucial opportunity. The deep freeze of the crypto winter created the necessary conditions for the first green shoots of Decentralized Finance to emerge from the frozen ground.

Chapter 5: 2019 – Building in the Bear Market: The Quiet Rise of DeFi

While the broader market remained locked in the crypto winter’s chill throughout 2019, a quiet but profound shift was taking place. Away from the glare of mainstream attention, a dedicated community of developers was laying the foundational pillars of what would become Decentralized Finance (DeFi). This period of heads-down building replaced the speculative promises of the ICO era with tangible financial utility.

Two projects, in particular, became the cornerstones of this nascent ecosystem. The first was MakerDAO, which created Dai, the first truly decentralized stablecoin pegged to the U.S. dollar. By allowing users to lock up their ETH in a smart contract and mint Dai against it, MakerDAO provided a stable unit of account and medium of exchange that was resistant to crypto’s extreme volatility, all without relying on a centralized issuer. The project gained significant traction, and by early 2019, over 2 million ETH were locked as collateral in its system.

The second foundational protocol was Compound, which launched its V2 in May 2019. Compound created autonomous, algorithmically-governed money markets where users could lend their crypto assets to earn interest or borrow assets against their collateral. For the first time, asset holders could generate yield on their capital in a permissionless manner, interacting directly with a smart contract rather than a bank.

The growth of these DeFi “primitives” was supported by the expanding use of stablecoins on Ethereum, whose total market capitalization surpassed $5 billion in 2019. Together, these innovations began to attract real economic activity. A new metric, Total Value Locked (TVL), emerged to measure the amount of capital deposited into DeFi protocols. According to data from DeFi Pulse, TVL on Ethereum more than doubled in 2019, growing from approximately $290 million to nearly $680 million by year’s end. While small by traditional finance standards, this steady growth during a bear market was a powerful signal that a new financial system was being built—one based not on future promises, but on functional protocols providing immediate, tangible services.

Chapter 6: 2020 – DeFi Summer: The Yield Farming Frenzy

The foundational work of 2019 erupted into a full-blown market phenomenon in the summer of 2020. Dubbed “DeFi Summer,” this period of explosive growth was catalyzed by a new economic incentive model that turned passive asset holders into active participants, driving billions of dollars of capital into Ethereum’s burgeoning financial ecosystem.

The spark that ignited the frenzy was the launch of the COMP governance token by the lending protocol Compound in June 2020. Instead of selling the token, Compound began distributing it directly to users of its platform. This novel distribution mechanism, known as “liquidity mining” or “yield farming,” created a powerful incentive loop. Users were now rewarded not just with the base interest from lending, but with valuable COMP tokens on top. In some cases, the value of the distributed tokens was so high that it became profitable to borrow money.

This model was quickly replicated across the DeFi landscape, kicking off a frantic search for the highest “yields.” Capital flowed rapidly between protocols like Uniswap, Aave, and Yearn Finance as users sought to maximize their returns. The market’s reaction was dramatic. The Total Value Locked (TVL) in DeFi protocols skyrocketed from around $600 million at the start of the year to over $16 billion by its end. This surge in on-chain economic activity created immense demand for ETH and stablecoins, pushing the price of ETH from around $130 at the start of the year to over $750 by its close.

This success, however, once again pushed the Ethereum network to its breaking point. The “world computer” became a victim of its own success as the frenzy for yield farming drove transaction volume to all-time highs. The network became severely congested, and gas fees soared, often making simple transactions cost $30 or more, pricing out smaller retail users.

In the midst of this application-layer explosion, Ethereum’s core developers took the first concrete step toward solving the network’s long-term challenges. On December 1, 2020, the Beacon Chain went live. This was a separate, parallel blockchain that introduced a Proof-of-Stake (PoS) consensus mechanism to the ecosystem. It did not process transactions; its sole purpose was to run in parallel with the main Proof-of-Work chain, serving as the foundational consensus layer that would one day replace mining entirely. The launch of the Beacon Chain, occurring in the heat of DeFi Summer, perfectly encapsulated the dual reality of Ethereum in 2020: an ecosystem whose immediate success was creating unsustainable pressure, even as the long-term solution was slowly and methodically being built in the background.

Chapter 7: 2021 – The Mainstream Moment: NFTs and ‘Ultra Sound Money’

In 2021, Ethereum broke through from the niche corners of tech and finance into the global cultural mainstream. This was the year that Non-Fungible Tokens (NFTs) captured the public imagination, and a crucial technical upgrade fundamentally altered Ethereum’s economic identity. The combination of these forces propelled ETH to its all-time high and cemented its status as a multi-faceted digital asset.

The NFT boom began in earnest on March 11, 2021, when Christie’s sold a digital artwork by an artist known as Beeple for a staggering $69.3 million. The sale of “Everydays: The First 5000 Days” was a landmark event that legitimized NFTs in the traditional art world and triggered a tidal wave of media coverage. This was followed by the rise of “profile picture” (PFP) projects, most notably the Bored Ape Yacht Club (BAYC), which launched in April. These collections of unique digital avatars became status symbols, purchased by celebrities and major brands, fostering vibrant online communities. The NFT market exploded from a total transaction value of roughly $250 million in 2020 to over $15.7 billion in 2021, with the vast majority of this activity taking place on Ethereum.

As Ethereum was becoming a dominant force in digital culture, a profound change was happening to its underlying economics. In August 2021, the network underwent the “London” hard fork, which included the highly anticipated Ethereum Improvement Proposal 1559 (EIP-1559). This upgrade completely redesigned the network’s transaction fee market. Instead of a volatile auction system, EIP-1559 introduced a predictable, algorithmically determined “base fee” for every transaction. Critically, this base fee was not paid to miners; it was burned—permanently removed from the total supply of ETH.

This fee-burning mechanism fundamentally altered ETH’s monetary policy. Before EIP-1559, ETH was a purely inflationary asset. After the upgrade, network usage was directly linked to supply reduction. During periods of high demand, it became possible for more ETH to be burned than was issued, making the asset deflationary. This gave rise to the powerful “ultra sound money” narrative, which reframed ETH not just as a utility token, but as a scarce, commodity-like store of value that grew more valuable as the network’s economy grew.

The convergence of these two powerful forces—the cultural explosion of NFTs and the compelling economic narrative of “ultra sound money”—created a perfect storm. Fueled by unprecedented demand and a new investment thesis, the price of ETH surged, reaching its current all-time high of $4,891 in November 2021.

Chapter 8: 2022 – The Merge: A Historic Upgrade in a Collapsing Market

The year 2022 presented a stark contrast for the Ethereum ecosystem. It witnessed the successful execution of its most ambitious technical upgrade to date, yet this monumental achievement occurred against the backdrop of a catastrophic market-wide collapse that shattered trust in the broader crypto industry.

The main event, years in the making, was “The Merge,” which took place on September 15, 2022. This upgrade seamlessly transitioned the Ethereum mainnet’s consensus mechanism from the energy-intensive Proof-of-Work (PoW) system to the far more efficient Proof-of-Stake (PoS) system. Hailed as one of the most significant feats of engineering in open-source software history, the transition was executed flawlessly with zero network downtime—akin to changing the engine of an airplane mid-flight.

The immediate impacts were profound. The Merge reduced Ethereum’s energy consumption by an estimated 99.95%, instantly neutralizing one of the most potent criticisms leveled against blockchain technology. Co-founder Vitalik Buterin projected the move would cut worldwide electricity consumption by 0.2%. The shift to PoS also drastically cut the issuance of new ETH, which, when combined with the fee-burning mechanism of EIP-1559, often made ETH a deflationary asset, further solidifying the “ultra sound money” thesis.

This technical triumph, however, was set against a scene of market carnage. The year was defined by a series of cascading failures of centralized crypto entities, starting with the collapse of the Terra/Luna ecosystem and culminating in the shocking implosion of the exchange FTX in November. These events triggered a severe liquidity crisis and exposed widespread fraud, sending the entire market into a deep crypto winter. ETH’s price was dragged down by the panic, falling from around $3,800 at the start of the year to a low of under $1,000 in June. The Merge itself proved to be a classic “buy the rumor, sell the news” event; after a rally in the preceding months, ETH’s price fell in the immediate aftermath, caught in the undertow of the market-wide deleveraging.

The ability of the decentralized, global community of Ethereum developers to execute such a high-stakes upgrade during a period of extreme market turmoil was a powerful testament to the project’s resilience. It demonstrated a profound decoupling of Ethereum’s long-term technical progress from the short-term chaos of the market. While centralized players collapsed, the decentralized protocol continued to build and evolve.

Chapter 9: 2023 – The Scaling Era: Layer 2s Take Center Stage

With the monumental task of transitioning to Proof-of-Stake completed, the Ethereum community’s focus in 2023 shifted decisively to its longest-standing challenge: scalability. The year marked a strategic pivot toward a modular architecture where Ethereum serves as a secure base settlement layer for a vibrant ecosystem of “Layer 2” (L2) scaling solutions.

The stars of this new era were “optimistic rollups,” particularly Arbitrum and Optimism, which saw explosive growth in usage and value locked. These L2 networks function by processing thousands of transactions off-chain in a separate, faster environment. They then “roll up” these transactions into a single, compressed batch and post it to the main Ethereum L1 chain, inheriting its security. This approach allows for significantly higher throughput and transaction fees that are a fraction of those on the mainnet. By the end of 2023, the total value locked in L2 solutions had surpassed $15 billion, demonstrating clear product-market fit.

A critical development that solidified this modular vision was the “Shanghai” upgrade (also known as “Shapella”) in April 2023. The upgrade’s most anticipated feature was enabling the withdrawal of staked ETH for the first time since the Beacon Chain’s launch in late 2020. This was a crucial de-risking event for stakers, who had locked up billions of dollars worth of ETH with no definitive timeline for its return. While some feared the unlocking would trigger a massive wave of selling, the event passed smoothly, with withdrawals being more than offset by new deposits—an outcome that signaled strong long-term conviction among ETH holders.

The market began a slow but steady recovery from the depths of the 2022 crash, with ETH’s price climbing back toward the $2,100 level by mid-April. This price action, combined with the successful Shanghai upgrade and the rapid maturation of the L2 ecosystem, solidified a new narrative. Ethereum’s future was not as a single “world computer,” but as a highly secure, decentralized “global settlement layer,” with a competitive market of L2s handling the bulk of the world’s computational activity.

Chapter 10: 2024 – The Suit and Tie Arrive: Wall Street Embraces Ethereum

The year 2024 will be remembered as the moment Ethereum definitively broke into the mainstream of traditional finance. After years of regulatory hurdles, two landmark developments—one regulatory and one technical—converged to open the floodgates for Wall Street capital.

The most significant event was the U.S. SEC’s approval of spot Ethereum exchange-traded funds (ETFs) on May 23, 2024, with trading commencing in July. This decision was a watershed moment, providing a regulated, accessible, and familiar investment vehicle for investors to gain exposure to ETH without the complexities of self-custody. Major asset managers like BlackRock launched their own ETH ETFs, and the response was immediate. Inflows surged, reaching a historic $5.43 billion in July alone, and by the end of that month, spot ETH ETFs collectively held over $21 billion in assets, a development that signaled a new era of institutional adoption.

Just as the ETF solved the institutional access problem, a critical technical upgrade solved the cost problem. The “Dencun” hard fork, which went live in March 2024, introduced EIP-4844, also known as “proto-danksharding.” This upgrade created a new, dedicated channel for Layer 2 rollups to post their transaction data to the Ethereum mainnet using temporary data packets called “blobs,” a far more efficient and cheaper method.

The impact on the user experience was immediate and dramatic. Transaction fees on L2 networks like Arbitrum, Optimism, and Base plummeted, in many cases by a factor of 10 to 100. For the first time, conducting transactions on Ethereum’s L2 ecosystem became economically viable for a wide range of applications, with costs dropping to fractions of a cent.

The synergy between these two events was powerful. The ETF provided Wall Street with a simple, regulated way to invest in ETH as an asset, while the Dencun upgrade made the Ethereum network itself a cost-effective platform for institutions to actually use. This dual breakthrough marked the true beginning of Ethereum’s integration into the global financial system.

Chapter 11: 2025 – The Decade of Utility: A Global Settlement Layer

In its tenth year, Ethereum’s evolution culminated in a series of developments that solidified its transition from a speculative technology to a practical, utility-driven global settlement layer.

A key milestone was the “Pectra” upgrade, which went live in the first half of 2025. This upgrade focused heavily on improving the user and validator experience. A headline feature was the implementation of EIP-7702, which introduced a form of “account abstraction” that allows standard user wallets to temporarily act like smart contracts. This unlocked a host of user-friendly features, such as paying for transaction fees with tokens other than ETH and enabling social recovery mechanisms—all critical for onboarding non-technical users, as explained in guides to the Pectra upgrade. For institutional players, Pectra included EIP-7251, which raised the maximum effective stake for a single validator from 32 ETH to 2,048 ETH, greatly simplifying operations for large-scale staking providers.

This technical maturity was met with significant regulatory progress. In June 2025, the U.S. Senate passed the “Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act.” This legislation provided the first clear regulatory framework for dollar-backed stablecoins, a multi-hundred-billion-dollar market predominantly built on Ethereum. This newfound clarity gave a green light to major financial institutions like BlackRock and JPMorgan to expand their offerings in tokenized treasuries and on-chain fund administration.

Perhaps the most significant signal of Ethereum’s maturation was its emergence as a corporate treasury asset. A growing number of public companies began adding ETH to their balance sheets, not merely as a speculative investment but as a productive, yield-bearing asset via staking. This recognized ETH’s unique position as an asset that is both a claim on a decentralized computing network and an instrument that can generate cash flow, akin to a dividend-paying stock or bond.

By its tenth anniversary, the narrative had come full circle. The ambitious “world computer” of 2015 had become the practical “global settlement layer” of 2025, underpinned by technical refinement, legal certainty, and its formal adoption as a productive asset by the very institutions it was once poised to disrupt.

Conclusion: The Next Ten Years – Ethereum’s Unfinished Ledger

As Ethereum closes the ledger on its first decade, its transformation from a theoretical concept into a foundational layer of the digital economy is undeniable. It has survived near-death experiences, navigated the extremes of market cycles, and consistently executed on an ambitious technical roadmap, demonstrating a level of resilience unique to decentralized protocols.

Yet, the work is far from complete. Co-founder Vitalik Buterin himself has stated that even after the Merge, Ethereum is only about “55 percent complete.” The official Ethereum roadmap stretches far into the future, with planned phases like “The Surge,” which aims to achieve over 100,000 transactions per second via rollups; “The Verge,” which will use advanced cryptography to make it easier for anyone to run a node; and “The Purge,” which will simplify the protocol by removing technical debt. These upgrades are designed to fulfill Ethereum’s ultimate promise of becoming a truly scalable, secure, and decentralized platform for global coordination.

Significant challenges remain. The rise of liquid staking protocols presents a persistent risk of centralization at the consensus layer. The competitive landscape of Layer 1 blockchains is more intense than ever. And the global regulatory environment remains a complex and unpredictable patchwork that will continue to shape the ecosystem’s evolution.

The story of Ethereum’s next ten years will likely be defined by a fundamental tension. As it becomes further integrated into the global financial system, it will face increasing pressure to conform to the norms of that system. The greatest question for the next decade is whether Ethereum can successfully navigate this integration, scaling its technology to a global level while retaining the core cypherpunk values of decentralization, permissionless innovation, and censorship resistance that made it so revolutionary in the first place. The ledger on that question remains very much open.

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