Ethereum (ETH) remains one of the most influential digital assets in the blockchain space, consistently holding its position as the second-largest cryptocurrency by market capitalization. As of today, 1 ETH is valued at ¥14,268.74 CNY (approximately $2,087.33 USD), with a 24-hour trading volume exceeding ¥98.7 billion CNY. The network’s market cap stands at an impressive ¥1.715 trillion CNY, supported by a circulating supply of 120,214,447 ETH. Over the past 24 hours, Ethereum has seen a slight dip of 1.40%, though it maintains strong momentum with a +12.00% gain over the past seven days.
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What Is Ethereum (ETH)?
Ethereum is a decentralized, open-source blockchain platform designed to enable smart contracts and decentralized applications (dApps). Unlike Bitcoin, which primarily functions as digital money, Ethereum serves as a foundational layer for a wide range of blockchain-based innovations — from decentralized finance (DeFi) to non-fungible tokens (NFTs) and Web3 infrastructure.
The concept was first introduced in 2013 by Vitalik Buterin, a Russian-Canadian programmer, through a whitepaper outlining a platform capable of executing programmable contracts. In 2014, the project raised $18.3 million in Bitcoin** during a public crowdfunding campaign, selling over 60 million ETH at an initial price of **$0.311 per token. This early investment has yielded extraordinary returns, with annualized growth surpassing 270% since launch.
The Ethereum mainnet officially launched on July 30, 2015, under the codename “Frontier.” Since then, the network has undergone multiple upgrades — including Constantinople, Istanbul, Berlin, and the pivotal London hard fork — all aimed at improving scalability, security, and sustainability.
Who Are the Founders of Ethereum?
Ethereum boasts eight co-founders, a rare number in the crypto world, reflecting its collaborative genesis:
- Vitalik Buterin: Visionary and primary author of the Ethereum whitepaper.
- Gavin Wood: Wrote the first technical implementation in C++, created Solidity (Ethereum’s smart contract language), and served as the first CTO of the Ethereum Foundation.
- Joseph Lubin: Canadian entrepreneur who helped fund early development and later founded ConsenSys, a major Ethereum software development studio.
- Charles Hoskinson: Played a key role in establishing the legal framework; later went on to create Cardano.
- Anthony Di Iorio: Early financial backer and developer.
- Mihai Alisie: Assisted in founding the Ethereum Foundation.
- Amir Chetrit: Co-initiator of the project but left during early development.
These individuals laid the groundwork for what has become the most widely used smart contract platform globally.
Core Features of Ethereum
Smart Contracts and dApps
Ethereum revolutionized blockchain technology by introducing smart contracts — self-executing agreements that run exactly as programmed without intermediaries. These contracts power everything from lending protocols to prediction markets.
ERC-20 and Token Ecosystem
One of Ethereum’s most impactful contributions is the ERC-20 token standard, which allows developers to launch new cryptocurrencies on the Ethereum blockchain. To date, over 280,000 ERC-20 tokens have been issued, including major projects like USDT, BNB, and LINK.
Ethereum Name Service (ENS)
Managing long hexadecimal wallet addresses like 0xDC25...ADA8 can be error-prone. The Ethereum Name Service (ENS) solves this by assigning human-readable names such as alice.eth. ENS operates using two core smart contracts:
- Registry: Stores domain ownership and resolver info.
- Resolver: Translates names into addresses and vice versa.
ENS also supports traditional domains like .com and .org, bridging Web2 and Web3 identity systems.
Understanding EIP-1559 and Fee Burning
The London hard fork in August 2021 introduced EIP-1559, a major upgrade that transformed how transaction fees work. Instead of a volatile "first-price auction" model, EIP-1559 implements:
- A dynamically adjusted base fee, burned (removed from circulation) with every transaction.
- An optional priority fee (tip) paid directly to validators for faster processing.
This mechanism reduces fee volatility and introduces deflationary pressure: as more transactions occur, more ETH is burned. In fact, within two months of implementation, over $1 billion worth of ETH was burned, marking a shift toward potential long-term scarcity.
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The Merge: Ethereum’s Shift to Proof-of-Stake
In September 2022, Ethereum completed The Merge, transitioning from energy-intensive Proof-of-Work (PoW) to environmentally sustainable Proof-of-Stake (PoS). This historic upgrade merged the original mainnet with the Beacon Chain, creating a new consensus system composed of:
- Consensus Layer: Manages validator coordination and chain finality.
- Execution Layer: Handles transactions and smart contract execution.
Key outcomes include:
- A 99.9% reduction in energy consumption (from ~112 TWh/year to just 0.01 TWh).
- A dramatic drop in new ETH issuance — often called the "triple halving" — reducing inflation by up to 90%.
- Introduction of staking rewards, currently yielding between 8%–12% APR, depending on network participation.
Note: The Merge did not increase transaction speed or lower gas fees — those improvements are targeted in future upgrades like sharding.
What Are “Ethereum Killers”?
The term "Ethereum killer" emerged around 2016–2017 to describe competing blockchains promising faster speeds and lower costs. Notable examples include:
- Solana (PoH): High throughput via Proof of History.
- Cardano (PoS): Academic approach with layered architecture.
- Binance Smart Chain (DPoS/PoA): Low fees through centralized validation.
- Avalanche & Fantom: Sub-second finality with custom consensus models.
Despite their innovations, none have dethroned Ethereum, which still dominates in:
- Total value locked (TVL) in DeFi
- NFT trading volume
- Developer activity
Ethereum’s robust ecosystem and continuous upgrades keep it ahead despite scalability challenges.
How Many ETH Are in Circulation?
As of now, approximately 120.2 million ETH are in circulation. Unlike Bitcoin’s fixed supply cap of 21 million, Ethereum has no hard supply limit. However, post-Merge economics have introduced deflationary mechanics:
- New ETH issuance is now minimal (~600k ETH/year).
- EIP-1559 burns base fees.
- Net supply can shrink during periods of high network usage.
This combination makes ETH potentially deflationary — a key factor driving investor confidence.
How to Secure the Ethereum Network?
Security is now maintained through staking, where users lock up ETH to become validators. Requirements:
- Minimum stake: 32 ETH
- Validators earn rewards for proposing and attesting blocks
- Rewards adjust based on total staked ETH (~8–12% APR currently)
Staked ETH was initially locked until the Shanghai upgrade in April 2023, which enabled withdrawals — increasing liquidity and participation.
Where Can You Buy Ethereum?
ETH is widely available across top exchanges such as:
- Binance
- Coinbase Pro
- OKX
- Kraken
- Huobi Global
These platforms support direct purchases with fiat or trading via ETH pairs like ETH/USD or ETH/CNY.
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Frequently Asked Questions (FAQ)
Q: What is the current price of 1 Ethereum in CNY?
A: As of today, 1 ETH equals approximately ¥14,268.74 CNY, with prices updated in real time based on global exchange data.
Q: Is Ethereum a good investment in 2025?
A: Many analysts believe so. With ongoing upgrades improving scalability and sustainability, combined with growing institutional interest, Ethereum remains a top-tier digital asset with strong long-term potential.
Q: Will Ethereum ever reach $5,000?
A: While price predictions vary, bullish scenarios driven by adoption in DeFi, NFTs, and enterprise blockchain use suggest that $5,000+ is plausible if market conditions remain favorable.
Q: How does staking Ethereum work?
A: By locking up at least 32 ETH as a validator, you help secure the network and earn staking rewards. Smaller investors can participate via staking pools offered by exchanges or services like Lido.
Q: Why did Ethereum remove the “2.0” branding?
A: To reduce confusion. The Ethereum Foundation now refers to the system as having two layers: the execution layer (mainnet) and the consensus layer (Beacon Chain), eliminating misleading versioning.
Q: Can I use Ethereum for everyday payments?
A: Technically yes — some merchants accept ETH directly — but high gas fees during peak times make stablecoins like USDT more practical for daily transactions.
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