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The crypto community celebrates Ethereum's 8th anniversary

The cryptocurrency community is celebrating the eighth anniversary of the Ethereum network's launch.

The Ethereum Foundation put the system online for the first time on July 30, 2015, pioneered by figures including co-founder Vitalik Buterin.

Ethereum has been integral in the evolution of digital finance and its native currency, Ether (ETH), has since grown to become the second-largest crypto asset in existence. The digital currency reached an all-time high of $4,878.00 in November 2021.

The platform currently holds a market capitalisation of $225 billion, with 1,900 monthly active developers.

Ethereum enables the creation of smart contracts and new blockchain-based applications which underpinned the Initial Coin Offering (ICO) boom in late 2017 and the subsequent explosion of decentralised finance (DeFi) protocols and development in 2020.

The latest significant system upgrade for Ethereum was "The Merge" in September 2022, which helped to transition the network from a Proof-of-Work to a Proof-of-Stake consensus mechanism.

This change decreased the network's energy usage and opened up staking opportunities validators and investors.