Ethereum at 10: How Far Has the Largest Smart Contract Platform Come?

How Did Ethereum Start, and What Was Its Original Vision?

Back in 2015, a 21-year-old Vitalik Buterin proposed ethereum as more than just a cryptocurrency—it was a platform for decentralized applications (dApps). Unlike Bitcoin, which focused solely on peer-to-peer payments, Ethereum introduced smart contracts, self-executing agreements written in code. The idea was simple but groundbreaking: a global computer anyone could use without intermediaries.

What Were Ethereum’s Biggest Breakthroughs?

Ethereum’s first major leap was the launch of its mainnet in July 2015. But the real game-changer came in 2020 with Ethereum 2.0, transitioning from energy-intensive proof-of-work (PoW) to proof-of-stake (PoS). This upgrade slashed energy use by 99.95%, according to the Ethereum Foundation. Then there was the 2023 “Shapella” upgrade, enabling staked ETH withdrawals—finally giving investors liquidity without selling.

How Has DeFi Shaped Ethereum’s Growth?

Decentralized finance (DeFi) turned Ethereum into Wall Street’s wilder cousin. Platforms like Uniswap and Aave emerged, offering lending, trading, and yield farming without banks. At its peak in late 2024, DeFi protocols on Ethereum locked over $100 billion in value (CoinMarketCap data). Even traditional finance took notice—BlackRock tokenized a money market fund on Ethereum in 2024.

What Challenges Has Ethereum Faced?

Scaling issues plagued Ethereum for years. Remember the CryptoKitties craze in 2017? The network clogged up, and transactions became absurdly expensive. Layer-2 solutions like Optimism and Arbitrum later eased congestion, but gas fees still spike during bull markets. Then there was the Merge’s delay—originally slated for 2019, it finally happened in 2022. Worth the wait? Absolutely.

How Does Ethereum Compare to Competitors Like Solana or Cardano?

Ethereum’s “first-mover advantage” is its secret sauce. While Solana boasts 50,000 TPS (transactions per second) and cardano touts academic rigor, neither matches Ethereum’s developer community. Over 4,000 dApps run on Ethereum versus Solana’s 1,200 (State of the DApps, 2025). As BTCC analyst Mark puts it: “Ethereum is like New York City—expensive, crowded, but where the action is.”

What’s Next for Ethereum?

The upcoming “Dencun” upgrade in Q4 2025 aims to further reduce fees via proto-danksharding. Meanwhile, institutional adoption grows—Franklin Templeton uses Ethereum for its blockchain money fund. Could Ethereum flip bitcoin in market cap? Some traders on BTCC are betting on it, but remember: this article does not constitute investment advice.

Ethereum FAQs

When did Ethereum switch to proof-of-stake?

The Merge occurred on September 15, 2022, merging Ethereum’s execution LAYER with the new PoS Beacon Chain.

Can Ethereum be mined now?

Nope—mining ended with The Merge. Validators now secure the network by staking ETH.

What’s Ethereum’s current supply?

As of July 2025, circulating supply is ~122 million ETH, with a modest 0.5% annual inflation rate post-Merge (Ultra Sound Money data).