Ethereum Turns 11: How The World’s Second-Biggest Crypto Has Evolved

Ethereum completed 11 years on July 30, 2026, marking another milestone for the Blockchain network launched in 2015. Its native cryptocurrency, Ether (ETH), continues to rank as the world’s second-largest cryptocurrency by market capitalisation after Bitcoin. Since its launch, Ethereum has enabled smart contracts which have supported the development of decentralised applications across decentralised finance (DeFi), non-fungible token (NFTs) and Web 3.0.

How Ethereum Was Launched

Ethereum was conceived by programmer Vitalik Buterin in 2013 and was later co-founded by a group of developers and entrepreneurs which includes Gavin Wood, Joseph Lubin and Anthony Di Iorio. While several co-founders later moved on to other ventures, Buterin continues to play an active role in Ethereum’s development.

The journey from concept to launch took nearly 20 months. Buterin published the Ethereum whitepaper in November 2013, outlining a Blockchain capable of supporting smart contracts and decentralised applications.

After unveiling the project publicly in early 2014 and completing a crowd-funding campaign later that year, the Ethereum team launched the Olympic testnet in April 2015. The Ethereum mainnet officially went live on July 30, 2015 with the mining of its genesis block, while the Homestead upgrade in March 2016 marked the network’s transition towards broader adoption.

How Ethereum Has Evolved

Ethereum has seen several network upgrades over the years while supporting a growing range of Blockchain-based applications. Experts believe the network remains one of the key platforms in the digital asset ecosystem.

Vikaas M Sachdeva, chief executive officer, BitDelta India, a crypto exchange, said, “Ethereum’s biggest achievement has been proving that Blockchain can be much more than a way to transfer value.” He added that by introducing smart contracts, Ethereum opened the door to innovations, such as DeFi, Stablecoins, tokenisation, NFTs and thousands of decentralised applications. He further noted that Ethereum’s transition to Proof-of-Stake made the network significantly more energy-efficient.

The network’s technological upgrades have also helped reinforce its position within the cryptocurrency ecosystem.

Vikas Gupta, country manager, Bybit India, a crypto exchange, said that the Ethereum network’s transition to Proof-of-Stake through The Merge in 2022 reduced its energy consumption by more than 99 per cent while maintaining security and decentralisation. He added, “It remains the largest smart contract Blockchain by total value locked (TVL) and developer activity.” According to him, the network has built a thriving ecosystem that continues to power innovation across Web3.0.

What Could Drive Ethereum’s Price Ahead

While Ethereum’s technological developments have shaped its role in the Blockchain ecosystem, its market performance remains a key focus for investors. Ethereum is currently trading at $1,917, with a market capitalisation of approximately $231 billion. The cryptocurrency remains about 61 per cent below its all-time high of $4,953.73.

Edul Patel, CEO of Mudrex, a crypto exchange, said, “The biggest driver of Ethereum’s price over the next 12 months will be institutional adoption, rather than retail speculation.”

He added that spot Ethereum exchange-traded funds (ETFs), corporate treasury allocations and staking-enabled investment products are expanding institutional participation, while Ethereum’s role in DeFi and the broader on-chain economy could continue to support its long-term value.