Vitalik Buterin, a co-founder and core Ethereum (ETH) network developer, will lead the Ether community in celebrating 9 years of tangible growth and adoption. In an X post, Buterin celebrated Ethereum’s ninth birthday.
“Looking forward to seeing what the next decade brings,” Buterin noted.
Meanwhile, Buterin will present at the EDCON 2024 conference in Tokyo later today. During the main event, ‘The Next 10 Years of Ethereum, ’ Buterin is expected to highlight Ethereum’s role as a globally traded commodity.
Major Developments in the First Decade for Ethereum
Following the invention of smart contracts, the Ethereum network has grown to a major Web3 hub. As a result, it has attracted notable attention from institutional investors and retail traders worldwide.
At its infancy, the Ethereum network used a proof-of-work consensus mechanism similar to Bitcoin. However, the Merge event successfully transitioned the Ethereum network to the current proof-of-stake (PoS) consensus mechanism.
Consequently, more than 35 million Ether has been staked to secure the network.
The Ethereum network has undergone several other upgrades, including the London hard fork and the recent Dencun upgrade.
Over time, the Ethereum network has achieved ultra-sound money status, mostly due to its deflationary nature.
The highlight of Ethereum’s first decade of development has been the approval of spot Ethereum ETFs in several jurisdictions, led by the United States.
Ether Price Action
In the last nine years, Ethereum’s price has grown from trading around 43 cents to about $3,336 at the time of this report, representing a growth of more than 770,000 percent. The astronomical growth in Ethereum price is largely attributed to the mainstream adoption of Web3 protocols and digital assets.
In the midterm, Ethereum price is expected to consolidate in the same range before reaching its all-time high. With August expected to be a choppy month for the entire crypto industry, fueled by the upcoming FOMC statement, Michaël van de Poppe expects Ether’s price to drop towards $2,563 if the support level around $3,136 does not hold.
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