Ethereum celebrated its 8th birth anniversary yesterday. The cryptocurrency was launched on July 30, 2015, by Vitalik Buterin. Ethereum has since emerged as the world’s second-largest cryptocurrency and paved the way for decentralized applications (DApps).
It allows developers to create various applications and protocols on its blockchain. This dynamic ecosystem has attracted countless innovators and entrepreneurs in the development of decentralized finance (DeFi), non-fungible tokens (NFTs), and more.
One of the key highlights of Ethereum’s journey has been the rise of decentralized finance. It has disrupted traditional financial services. This sector’s rapid growth has attracted billions of dollars in investment and captured the attention of both retail and institutional investors worldwide.
Changpeng Zhao, the charismatic CEO of Binance, the largest cryptocurrency exchange globally, shared on Twitter, a photo of younger Buterin and him. He fondly remembered the time when Buterin was laying down the foundations of Ethereum and humorously reflected on his missed opportunity to invest. “If I had bought ETH then, I might not have had the need or drive to start Binance. Who knows?” he said.
Furthermore, the NFT craze, which gained immense popularity in 2021, owes much of its success to Ethereum. NFTs allow creators to sell unique digital assets directly to collectors, creating new revenue streams and empowering artists.
As Ethereum enters its 9th year, it continues to face competition from other blockchain platforms. However, its established network effect, the active development community, and a rich ecosystem are powerful advantages that keep it at the forefront of innovation.