Eth, the native token Ethereum is approaching his ATH. Let us remind you that this took place in November 2021, when the course of the second largest cryptocurrency reached about USD 4,900. From the beginning of this year, its price did not impress investors, but financial institutions such as Blackrock, Fidelity or JPMorgan are increasingly investing in ETH through ETF funds. Flowers for spotted ETFs of this cryptocurrency increased significantly in July, reaching billions of dollars. What’s more, companies such as Bitmine plan to purchase up to 5% of the total ETH supply, driving in addition. The favorable situation on the market caused an increase in the Ethereum exchange rate to over 4,700 USD, which can herald the achievement of the maximum historical value of this cryptocurrency in the coming days. On this occasion, we publish thoughts of Star XU, CEO OKX, which recently summed up the first 10th anniversary of Ethereum.
Author: Star XU, founder and CEO OKX
Ten years ago, Ethereum transformed the world – not only cryptocurrency, but also the way we imagine finances, applications and trust in itself. Today, when Ethereum celebrates his 10th anniversary, I wonder about the path we went together-not only as OKX, but as an industry based on open ideas, durable technology and bold visions of the future.
My first meeting with Vitalik
I remember my first meeting with Vitalik Buterin, before the official start of Ethereum. At that time he was an incredibly intelligent, modest and somewhat shy young man, walking after cryptocurrency meetings and explaining to anyone who wanted to listen to why programmable blockchains are the future. I admit that I did not quite understand the scale of his vision. I remember that he asked if we could introduce Ethereum to OKX and I was not entirely convinced. It seemed to be another Altcoin project – one of many at that time.
But Vitalik saw something we didn’t see. Already then he had a plan for what later became DEFI, DAO, NFT, Layer 2 solutions and the foundations of Onchain’s identity. This is one of the few moments in my life when I am glad that I was wrong. Observing how Ethereum is growing, gaining adoption and transforms into a settlement layer of the new internet, was extremely inspiring. I am proud that OKX could support this ecosystem in a significant way for the last decade.
Building trust in the Ethereum style
In OKX, we have always believed in the compliance of our technology with the values of Ethereum – openness, transparency and innovation. This is best seen in our system Proof of Reserveswhich we launched at the end of 2022.
Instead of relying on opaque audits or quarterly confirmations, we chose another path. We took advantage of evidence of zero knowledge (Zero-Knowledge Proofs)-the same cryptographic innovation, which Ethereum introduces in its ecosystem ZK Rollup-to create a trusted, verification framework acting in real time. This allows each user to check independently that his assets are fully secured, without violating privacy and without the need for blind trust.
We have already published 32 Next monthly proof of reserves And we intend to do it still. This is not a marketing campaign – it’s a philosophy. In an industry that develops quickly and sometimes spoils something, we want to be a permanent point: a platform that acquires trust and does not require it.
Our constant support for Ethereum and its creators
Over the years, we have done everything in our power to make Ethereum grow-from early introduction of hundreds of ERC-20 tokens, to investments in tools for developers, liquidity support and staking infrastructure. We have worked with DEFI protocols, NFT creators and developing Layer 2 networks to provide users around the world with greater access, speed and accessibility.
One of the most important and most exciting milestones was launching X layer – new Ethereum Layer 2 chain created using Polygon Chain Development Kit (CDK). Although X Layer is still in the initial phase compared to the more mature L2, it reflects the foundation of the long -term OKX vision. It combines the scalability and modularity of the Ethereum L2 architecture with liquidity, user base and product ecosystem, which OKX has been building for several years.
It is particularly important for us that X Layer can become a central element of our ecosystem – not only technically but also economically. We are working on Okbour ecosystem token has become a native gas token X Layer. Thanks to this, the infrastructure we support will be even more integrated with the community that supports it. By enabling users to pay for GAS OKB token, we create a coherent environment in which the usefulness, management and development of the network are directly related.
Our support for Ethereum scaling does not end with this. Wallet OKX Today it offers native support for over 100 chains, including key Ethereum L2, such as arbitrum, Optimism, Zksync, Linea and others. We have created intuitive cross-chain, intelligent routing systems and consolidated liquidity-all with one goal: facilitating access to Ethereum for everyone, everywhere.
We have recently introduced full support for EIP-7702improving the experience of Smart Contract portfolio users and introducing new layers of safety and composition. This is one of the many native updates for Ethereum that we will continue in the coming years.
The moment of re -meeting
Recently, Vitalik visited OKX offices and we had the opportunity to meet during token2049 in Singapore, where together with Haider we talked about the future of Ethereum.
It was surreal to sit next to the same person who once asked me to introduce ETH – and now discuss where Ethereum was going in his next decade. We talked about proof of stake, the evolution of Layer 2 and how centralized platforms, such as OKX, can support decentralized ecosystems without violating their fundamental principles.
This conversation reminded me of how far we have come – but also how much we are ahead of us. Ethereum built a foundation. Now we all – creators, users, stock exchanges, developers – we must transform this foundation into something really global, inclusive and durable.
Looking to the future – together
Ethereum has already again defined what is possible in finance, games, identities and software. But I believe that the next ten years will bring even more transformation. We will see fully autonomous onchain applications, digital identities, intelligent contracts directed by agents and safe financial “Torah” onchain, which will compete with the traditional system.
At OKX, we are fully involved in helping this future. We will continue to invest in Ethereum infrastructure, support roadmapa, offer safe staking and move the limits of transparency thanks to our Proof of Reserves based on ZK. We will support creators who shape tomorrow – and users who will live in it.
For Vitalik, Ethereum Foundation And everyone who contributed to this amazing journey: congratulations on the occasion of ten years. I also thank us all for reminding us that ideas can change the world – if we only believe in them enough to build them.
For the next decade of Ethereum.
Let’s keep building – together.
Star XU
Founder and CEO, OKX
