From its humble beginnings to becoming a global leader in smart contract deployment, Ethereum’s journey has been incredible. The second-largest cryptocurrency, Ethereum, is celebrating its ninth birthday today. It has paved the way for notable growth in the crypto industry.
Ethereum Milestones and Market Impact
Eth’s growth is evident in its impressive statistics. According to DefiLlama, the blockchain has nearly $60 billion in total value locked, over $78 billion in stablecoin market cap, and more than 98 million on-chain holders. The successful transition from proof-of-work to proof-of-stake has attracted institutional investors. Over 35 million ETH have been staked, mainly due to this.
The recent approval of spot Ether ETFs in the United States marks a major milestone in mainstream adoption. This development has changed the market outlook for the Ethereum ecosystem, with notable cash inflows into ETF products.
Happy 9th birthday, Ethereum!
Looking forward to seeing what the next decade brings. pic.twitter.com/bXq56mIff7
— vitalik.eth (@VitalikButerin) July 30, 2024
Vitalik Buterin, Ether’s co-founder, will speak at the EDCON 2024 conference in Tokyo. He will outline his vision for the network’s next decade. This comes at a crucial time as Eth faces competition from other layer-one blockchains like Solana. Looking ahead, Ether’s legal clarity in major economies is expected to drive exponential adoption, and the network’s role in global geopolitics and local politics is set to grow.
According to CoinMarketCap data, Eth’s price has surged by an astounding 789,000% since its inception. As the network celebrates the launch of its ETF, investors should wait and watch to see whether it can replicate Bitcoin and hit new all-time highs.
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