Ethereum turns 10: From scrappy experiment to Wall Street’s invisible backbone
CANNES — Ten years ago, Vitalik Buterin and a small band of developers huddled in a drafty Berlin loft strung with dangling lightbulbs, laptops balanced on mismatched chairs and chipped tables. They weren’t corporate titans or venture-backed founders — just idealists working long nights to push a radical idea into reality.
From that sparse office, they launched “Frontier,” Ethereum‘s first live network. It was bare-bones — no interface, no polish, nothing user-friendly. But it could mine, execute smart contracts, and let developers test decentralized applications. It was the spark that transformed Ethereum from an abstract concept into a living, breathing system.
Bitcoin had captured headlines as “digital gold,” but what they built was something else entirely: programmable money, a financial operating system where code could move funds, enforce contracts, and create businesses without banks or brokers.
One year earlier and 520 miles away in Zurich, Paul Brody got a call from IBM security: A kid was wandering the lab unattended.
“That’s not a child,” Brody told them. “That’s Vitalik. He’s a grown-up — he just looks really young.”
Paul Brody and Vitalik Buterin with IBM and Samsung executives at CES 2015, where IBM unveiled its first blockchain prototype built on Ethereum’s early code.
Paul Brody
At the time, Buterin was building the bones of Ethereum. The blockchain was still in its alpha stage, an early version of what would become a $420 billion platform rewiring Wall Street and powering decentralized finance, NFTs, and tokenized markets across the globe.
Brody, then leading a research team at IBM, remembers how quickly the idea clicked.
“One of the guys on the research team came to me and said, ‘I’ve met this really interesting guy. He’s got a really cool idea…It’s like a version of bitcoin, but we’re going to make it much faster and programmable,'” he said. “And when he said that to me, I thought, ‘That’s it. That is what I want. That is what we need.'”
With Buterin’s help, IBM built its first blockchain prototype on Ethereum’s early code, unveiling it at CES in 2015 alongside Samsung. “That was how I ended up down this path,” Brody said. “I was done with all other technology and basically made the switch to blockchain.”
Even now, as EY’s global blockchain leader, Brody remembers feeling a pang of envy. “This is a kid, and it doesn’t matter,” he said. “I was jealous of Vitalik… to be able to do that.”
He added, “I don’t think opportunities like that could have been surfaced when I was that age.”
Now, a decade later, that experiment has quietly rewired global markets.
Ethereum co-founder Vitalik Buterin delivers a keynote at ETHCC, laying out the network’s next steps — and its values test — as institutional adoption accelerates.
EthCC
“It’s very impressive, just how much the space has succeeded and grown into, beyond pretty much anyone’s expectations,” Buterin told CNBC in Cannes on the sidelines of the blockchain’s flagship event in Europe.
Buterin said the change over the past decade has been staggering. Ten years ago, he recalled, the crypto community was “just a very small space,” with only a handful of people working on bitcoin and a few other projects.
Since then, Ethereum has become “this big thing,” Buterin reflected, with major corporations now launching assets on both its base layer and layer-two networks. Parts of national economies are beginning to run on Ethereum infrastructure, a far cry from its cypherpunk origins.
But Buterin warned that mainstream adoption brings risks as well as benefits. One concern is that if too few issuers or intermediaries dominate, they could become “de facto controllers of the ecosystem.” He described a scenario where Ethereum might appear open, but, in practice, all the keys are managed by centralized providers.
“That’s the thing that we don’t want,” he said.
Prague to the Riviera
Two years earlier in Prague, CNBC met Buterin at Paralelní Polis, a sprawling industrial complex turned anarchist tech hub in the city’s Holešovice district. The building’s labyrinthine staircases and shadowed corridors felt like a physical map of the crypto world itself — part resistance movement, part experiment in reimagining power.
It was a place built on Václav Benda’s concept of a “parallel society,” where decentralized technologies offered refuge from state surveillance and control. It’s the kind of place where Buterin, a self-described nomad, found himself at home among cypherpunks and cryptographic idealists.
At the time, Buterin described crypto’s greatest utility not in speculative trading, but in helping people survive broken financial systems in emerging markets.
ETHPrague 2023 was held at Paralelní Polis in the Czech Republic.
Pavel Sinagl
“The stuff that we often find a bit basic and boring is exactly the stuff that brings lots of value,” he told CNBC at the time. “Just being able to plug into the international economy — these are things that they don’t have, and these are things that provide huge value for people there.”
Even in Prague, where coders worked to make payments fast and censorship-resistant, the technology felt like a resistance movement — privacy-preserving, anti-authoritarian, a lifeline in countries where banking collapses were common and money couldn’t be trusted.
This year, Buterin keynoted Ethereum’s flagship conference at the Palais des Festivals — the same red carpet venue that hosts movie stars each spring.
It was a fitting symbol of Ethereum’s journey: from underground hacker dens to a network that governments, banks, and brokerages are now racing to build upon.
Brody, who currently leads blockchain strategy at EY, says what matters most is how deeply Ethereum is integrating into traditional finance. “The global financial system is really nicely described as a whole network of pipes,” he said.
“What’s happening now is that Ethereum is getting plumbed into this infrastructure,” Brody continued, noting that until recently, crypto operated on entirely separate rails from traditional finance.
Now, he said, Ethereum is being wired directly into core transaction systems, setting the stage for massive financial flows — from investors to everyday savers — to migrate away from older mechanisms toward Ethereum-based platforms that can move money faster, at lower cost, and with more advanced functionality than legacy systems allow.
Becoming the plumbing of Wall Street
Stablecoins — digital dollars that live on Ethereum — power trillions in payments, tokenized assets and funds are moving on-chain, and Robinhood recently rolled out tokenized U.S. equities via Arbitrum, an Ethereum-based layer two.
Circle’s USDC — the second-largest stablecoin — still settles around 65% of its volume on Ethereum’s rails. According to CoinGecko’s latest “State of Stablecoins” report, Ethereum accounts for nearly 50% of all stablecoin activity.
Between Circle’s IPO and the stablecoin-focused GENIUS Act, now signed into law by President Donald Trump, regulators have new reason to engage with, rather than fight, this transformation.
Data from Deutsche Bank shows stablecoin transactions hit $28 trillion last year — more than Mastercard and Visa combined. The bank itself has announced plans to build a tokenization platform on zkSync, a fast, cost-efficient Ethereum layer two designed to help asset managers issue and manage tokenized funds, stablecoins, and other real-world assets while meeting regulatory and data protection requirements.
Digital asset exchanges like Coinbase and Kraken are racing to capture this crossover between traditional securities and crypto.
As part of its quarterly earnings release, Coinbase said this week it’s launching tokenized stocks and prediction markets for U.S. users in the coming months, a move that would diversify its revenue stream and bring it into more direct competition with brokerages like Robinhood and eToro.
Kraken announced plans to offer 24/7 trading of U.S. stock tokens in select overseas markets.
BlackRock‘s tokenized money market fund, BUIDL, launched on Ethereum last year, offering qualified investors on-chain access to yield with real-time redemptions settled in USDC.
Even as newer blockchains tout faster speeds and lower fees, Ethereum has proven its staying power as the trusted network for global finance. Buterin told CNBC in Cannes that there’s a misconception about what institutions actually want.
“A lot of institutions basically tell us to our faces that they value Ethereum because it’s stable and dependable, because it doesn’t go down,” he said.
He added that firms frequently ask about privacy and other long-term features — the kinds of concerns that institutions, he said, “really value.”
Institutions are choosing various layer twos to meet specific needs — Robinhood uses Arbitrum, Deutsche Bank zkSync, Coinbase and Kraken Optimism — but they all ultimately settle on Ethereum’s base layer.
“The value proposition of Ethereum is its global reach, its huge capital flows, its incredible programmability,” Brody said.
He added that the fact it isn’t the fastest blockchain or the one with the quickest settlement times “is secondary to the fact that it’s overall the most widely adopted and flexible system.”
Brody also believes history points toward consolidation. He said that in most technology standards wars, one platform ultimately dominates. In his view, Ethereum is likely to become that dominant programmability layer, while Bitcoin plays a complementary role as a risk-off, scarcity-driven asset.
Engineers, he said, “love to work on a standard… to scale on a standard,” and Ethereum has become precisely that.
Tomasz Stańczak, the newly appointed co-executive director of the Ethereum Foundation, in Cannes for Europe’s largest annual gathering for the blockchain.
MacKenzie Sigalos
Tomasz Stańczak, the newly appointed co-executive director of the Ethereum Foundation, sees the same pattern from inside the ecosystem.
“Institutions choose Ethereum over and over again for its values,” Stańczak said. “Ten years without stopping for a moment. Ten years of upgrades with a huge dedication to security and censorship resistance.”
When institutions send an order to the market, they want to be sure that it’s treated fairly, that nobody has preference, and that the transaction is executed at the time when it’s delivered. “That’s what Ethereum guarantees,” added Stańczak.
Those assurances have become more valuable as traditional finance moves on-chain.
Scaling without losing its soul
Ethereum’s path hasn’t been smooth. The network has weathered spectacular booms and busts, rivals promising faster speeds, and criticism that it’s too slow or expensive for mass adoption. Yet it has outlasted nearly all early competitors.
In 2022, Ethereum replaced its old transaction validation method, proof-of-work — where armies of computers competed to solve puzzles — with proof-of-stake, where users lock up their ether as collateral to help secure the network. The shift cut Ethereum’s energy use by more than 99% and set the stage for upgrades aimed at making apps faster and cheaper to run on its base layer.
Ethereum co-founder Vitalik Buterin in Prague, where he finds refuge with like-minded programmers looking to change the world through cryptography-powered technology.
CNBC
The next decade will test whether Ethereum can scale without compromise.
Buterin said the first priority is getting Ethereum to “the finish line” in terms of its technical goals. That means improving scalability and speed without sacrificing its core principles of decentralization and security — and ideally making those properties even stronger.
Zero-knowledge proofs, for example, could dramatically increase transaction capacity while making it possible to verify that the chain is following the rules of the protocol on something as small as a smartwatch.
There are also algorithmic changes the team already knows are needed to protect Ethereum against large-scale computing attacks. Implementing those, Buterin said, is part of the path to making Ethereum “a really valuable part of global infrastructure that helps make the internet and the economy a more free and open place.”
Buterin believes the real change won’t come with fireworks. He said it may already be unfolding years before most people recognize it.
“This type of disruption doesn’t feel like overturning the existing system,” he said. “It feels like building a new thing that just keeps growing and growing until eventually more and more people realize you don’t even have to look at the old thing if you didn’t want to.”
Brody can already see hints of that future. Wire transfers are moving on-chain, assets like stocks and real estate are being tokenized, and eventually, he said, businesses will run entire contracts — the money, the products, the terms and conditions — automatically on a single, shared infrastructure.
That shift, Brody added, won’t simply copy old financial systems onto new technology.
“One of the lessons from technology adoption is that it’s not that we replace like for like,” he said. “When new things come along, we tend to build on a new technology infrastructure. My key hypothesis is that as we build new financial products, it will be attractive to build them on blockchain rails — and we’ll try to do things on blockchain rails that we can’t do today.”
If Brody and Buterin are right, the real disruption won’t make headlines. It’ll simply become the way money moves, unseen and unstoppable.
WATCH: Robinhood hits record high as OpenAI, SpaceX go on-chain
When innovative EV charging startup FreeWire shut its doors last year, it looked like its clever, infrastructure-light EVSE concept might vanish along with it. Now, Orange EV has taken up the cause, and it’s bringing the battery-based charging tech back with an all-new name. Meet the Orange Juicer. (!)
The FreeWire concept was, if you’ll forgive the effusiveness, fantastic. Basically, they integrated a li-ion battery back into a vertical cabinet that could be effectively “trickle charged” with a standard 110 or 220 AC connection, then “dump” that charge into an EV very quickly – enabling up to 200 kW of DC fast charging without the need for expensive utility and infrastructure.
But, while most people the FreeWire concept might have great for rural gas stations that rarely saw EVs and didn’t need constant access to hundreds of kW of power, the engineers at Orange EV saw something different.
“As more customers accelerate adoption of Orange EV trucks and electrify other site equipment, we’ve seen infrastructure upgrades cause serious holdups,” Orange EV founder and president, Kurt Neutgens, told Charged. “The Orange Juicer solves that challenge, giving fleets a fast, scalable and cost-effective charging platform that utilizes existing on-site power.”
“Fast” is the key word here. As the lower TCO and improved uptime promises of Orange EV’s electric terminal tractors get proven out again and again by customers like DHL and YMX, more companies are turning to Orange to help electrify their operations – but getting adequate charging to their truck depots has slowed that growth.
“Limits on grid capacity are the most significant source of delay, especially when installing DC fast chargers,” writes Esther Conrad, Research Manager for the Bill Lane Center for the American West at Stanford University. “Multiple jurisdictions, both large and small, reported long delays on the part of the utility to provide adequate electricity to a site. Timeframes can be on the order of months or even multiple years for large installations.”
Months or years is more than enough time for a skittish customer to second-guess an expensive vehicle fleet purchase, so Kurt Neutgens did what he apparently does best: found an engineering solution that was laser-focused on the problem, and acted.
Orange EV formed a new division called Optigrid, bought FreeWire’s battery-backed DC fast charging back from the brink, and repackaged it as the Orange Juicer to specifically address the problems facing fleets struggling to get adequate grid power to their sites.
The result is an EV charging solution that’s perfect for the way terminal trucks operate, and one that can be up and running in a matter of weeks instead of months or years.
“Fleet operators are tired of waiting on infrastructure that doesn’t match their electrification schedule,” said Tyler Phillipi, CEO of OptiGrid. “The Orange Juicer gives them the power to deploy today, with charging performance that rivals high-capacity systems but requires just a fraction of the grid input.”
The first Orange Juicers are expected to reach customer sites in Q4 of this year.
Electrek’s Take
Despite the progress made in recent years, there are still some wacky assumptions being made out there – from the idea that you must have on-site DC fast charging to successfully deploy an EV fleet to the even wackier notion that you need a dedicated charger for each EV. Orange, on the hand, doesn’t make such sweeping statements. Instead, they’re listening to customers’ needs, understanding what really needs to happen in order to successfully deploy their products, and delivering a better TCO with lower costs … even without government incentives.
“In a two-shift operation over a 10-year period, our customers are experiencing a $500,000 benefit per truck,” Neutgens told Freight Waves. “That’s full price, no incentives.”
Over at The Heavy Equipment Podcast, we had a chance to talk to Kurt ahead of last year’s ACT Expo for clean trucking. On the show (available here), Kurt explained how his experience at Ford helped inform his design ideology, and that the Orange EV was designed to be cost competitive with diesel options, even without subsidies.
Give it a listen, then let us know what you think of Orange EV’s holistic electrification solution for logistics fleets in the comments.
SOURCE | IMAGES: OptiGrid, via Charged EV, FreightWaves.
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The Sindh government in Pakistan has just launched a bold new initiative aimed at transforming mobility for women: a fleet of free pink electric scooters for female students and working women. Called the Free Pink EV Scooty Scheme, the program is designed to offer women across the province a safer, more dignified, and cost-effective way to get to school or work without relying on crowded, often unsafe public transportation.
Like many countries in the region, Pakistan is a deeply patriarchal society, not historically known for gender equality or freedom. That has meant that despite women technically having equal standing under the law, they often face significant challenges accessing safe and reliable transportation, let alone gaining higher education or entering the workforce.
Announced by Sindh Transport Minister Sharjeel Memon, the initiative goes beyond transportation to empower women seeking to enroll in education or join the workforce in the nation’s second-largest province.
Eligible participants include women who are permanent residents of Sindh, hold a valid driver’s license (car or motorcycle), and are either employed or in school. Winners will be selected via a public, lottery-style balloting system conducted in front of media and overseen by multiple government departments. To ensure safety, selected applicants will also need to pass a road skills test before riding off.
“We have ensured a transparent and merit-based selection process so that the maximum number of women can benefit,” said Sindh Minister of Transport Sharjeel Memon, who emphasized that the project will cut commuting costs, save time, and increase safety for women on the move.
But the program doesn’t stop at just handing over keys. It includes full registration, insurance, helmets, and even rider training. Riders will also have access to an expanding network of EV charging stations throughout Sindh, making this a fully supported electric mobility solution.
By investing in personal electric transportation for women, the government hopes to improve access to education and employment, reduce reliance on gas-powered public transport, and promote sustainability. It’s a major step for a region where mobility remains a significant barrier to opportunity for many women, and one that may serve as a model for similar programs across the Middle East, South Asia, and beyond.
Electrek’s Take
I think the fact that electric scooters are being used as a tool to provide transportation equality and increased accessibility is a great thing here, and highlights the importance of these types of vehicles in the broader mobility ecosystem. The whole “let’s give the women a bunch of pink scooters” definitely sounds like an idea thought up by a man, but I think their hearts were in the right place.
In much of Pakistan, especially in conservative and rural areas, women face significant challenges in accessing safe and reliable transportation. Public transport can be overcrowded, unsafe, or socially restrictive for women, which in turn limits their access to education and employment opportunities. By offering these free e-scooters, the government is trying to empower women with greater autonomy and freedom of movement, thereby increasing their participation in both the academic and economic spheres.
There are obviously huge strides that still need to be made in many similar countries in order for women to feel safe when out of the home, let alone have access to employment and educational opportunities, but it sounds like this program is working towards addressing those issues.
Note: The lead image is AI-generated, but then again, so is the Sindh Government’s image. So we’re just sort of sticking with the theme, there.
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Environment
Altman, Huang and the last-minute negotiations that sealed the $100 billion OpenAI-Nvidia deal
Sam Altman, CEO of OpenAI (L), and Jensen Huang CEO of Nvidia.
Reuters
ABILENE, Texas – Sam Altman had a deadline. OpenAI’s CEO was headed to Texas to unveil his company’s next big infrastructure push, and Nvidia CEO Jensen Huang wanted in on the action.
Through a series of hurried negotiations, late-night calls and last-minute contract tweaks, the two giants of artificial intelligence struck a $100 billion partnership on Monday, hours before Altman boarded his flight to Abilene, a city of about 130,000 residents roughly 180 miles west of Dallas.
It helped that Huang and Altman had been part of President Donald Trump’s state visit to the U.K. a week earlier, allowing the president to be briefed on the agreement days in advance.
The deal, which Huang described to CNBC as “monumental in size,” marks a watershed moment in the tech industry, as capital and influence are increasingly concentrated in the hands of the two companies closest to the heart of the artificial intelligence boom.
Huang now presides over the world’s most valuable public company, worth nearly $4.5 trillion after gaining $170 billion following Monday’s announcement, while Altman runs the most prominent startup on the planet, valued at half a trillion dollars.
OpenAI’s ascent to the forefront of generative AI has relied on Nvidia’s high-powered graphics processing units (GPUs). Now the companies are more intimately linked than ever, as they plan to carve a path to jointly building the next wave of AI supercomputing facilities.
“You should expect a lot from us in the coming months,” Altman told CNBC’s Jon Fortt in an interview at Nvidia’s Silicon Valley headquarters on Monday. “There are three things that OpenAI has to do well: we have to do great AI research, we have to make these products people want to use, and we have to figure out how to do this unprecedented infrastructure challenge.”
Altman and Huang negotiated their pact largely through a mix of virtual discussions and one-on-one meetings in London, San Francisco, and Washington, D.C., with no bankers involved, according to people close to the talks who declined to be named because they weren’t authorized to speak publicly on the matter.
The arrangement calls for Nvidia to invest $10 billion at a time in OpenAI, the company behind ChatGPT. As the buildout unfolds, Nvidia will also supply the cutting-edge processors powering a host of new data centers.
While OpenAI gets more intimate with Nvidia, it has to maneuver through a number of high-stakes relationships with other key partners.
OpenAI only informed Microsoft, its principal shareholder and primary cloud provider, a day before the deal was signed, the people familiar with the matter said. Earlier this year, Microsoft lost its status as OpenAI’s exclusive provider of computing capacity.
The pact also comes less than two weeks after a disclosure from Oracle indicated that OpenAI agreed to spend $300 billion in computing power with the company over about five years, starting in 2027. At the start of the year, OpenAI joined Stargate, a multibillion-dollar project announced by President Trump and backed by Oracle and SoftBank, to build out next-generation AI infrastructure.
Going forward, all of OpenAI’s infrastructure projects will fall under the Stargate umbrella.
Representatives from Microsoft, Oracle and SoftBank didn’t immediately respond to requests for comment.
Nvidia and OpenAI provided scant details about where and when the buildout will take place, other than to say that the first of the 10 gigawatt sites will go online in the back half of next year.
Executives said they’ve reviewed between 700 and 800 potential locations since unveiling Stargate in January. In the months that followed, they fielded a flood of proposals from developers across North America offering land, power, and facilities. That list has been narrowed as OpenAI weighs energy availability, permitting timelines, and financing terms, the company said.
In Monday’s announcement, OpenAI described Nvidia as a “preferred” partner. But executives told CNBC that it’s not an exclusive relationship, and the company is continuing to work with large cloud companies and other chipmakers to avoid being locked in to a single vendor.
OpenAI CEO Sam Altman and Nvidia CEO, Jensen Huang arrive to attend the State Banquet during U.S. President Donald Trump’s state visit, at Windsor Castle, in Windsor, Britain, September 17, 2025.
Phil Noble | Reuters
For Nvidia, the investment in OpenAI is historic in size, but it’s just a big piece of a rapidly expanding portfolio.
Last week, Nvidia put $5 billion into Intel as part of a joint venture to co-develop data center and PC chips with the troubled chipmaker. Nvidia also said it invested close to $700 million in U.K. data center startup Nscale, a move that resembles Nvidia’s backing of U.S. AI infrastructure provider CoreWeave, which held its IPO in March.
Tranches of money
The financing structure for the OpenAI deal is designed to avoid hefty dilution. The initial $10 billion tranche is locked in at a $500 billion valuation and expected to close within a month or so once the transaction has been finalized, people familiar with the matter said. Nine successive $10 billion rounds are planned, each to be priced at the company’s then-current valuation as new capacity comes online, they said.
The relationship between Nvidia and OpenAI long predates the launch of ChatGPT in 2022.
Back when OpenAI was still a small nonprofit research lab and Nvidia was best known for building graphics chips for video games, Huang personally delivered his company’s first DGX supercomputer to OpenAI’s office in 2016. At the time, the startup was located in San Francisco’s Mission District, in a building that’s now home to Elon Musk’s xAI.
Almost a decade and trillions of dollars in value later, Huang and Altman are perhaps the most significant power players in the tech industry.
In October of last year, Nvidia formalized its financial stake in OpenAI, joining a $6.6 billion funding round that valued the company at $157 billion. A month later, in Tokyo, OpenAI executives met with SoftBank CEO Masayoshi Son to brainstorm what to call their next phase of expansion. Out of that session came “Stargate,” a codename that has since become shorthand for OpenAI’s most ambitious buildout plans.
Stargate now encompasses every major deal for compute capacity, including this week’s partnership with Nvidia. Securing the rights to the name required some careful maneuvering, but OpenAI has embraced it as the banner for its long-term infrastructure strategy.
The $100 billion commitment from Nvidia represents only part of what’s required for the planned 10-gigawatt buildout. OpenAI will lease Nvidia’s chips for deployment, but financing the broader effort will require other avenues. Executives have called equity the most expensive way to fund data centers, and they say the startup is preparing to take on debt to cover the remainder of the expansion.
As OpenAI’s compute necessities increase, a big question is where the company will host its workloads, which have to date been largely housed in Microsoft Azure. Taking the work in-house would push OpenAI closer to operating as a first-party cloud provider, a market led by Amazon Web Services, followed by Azure, Google and Oracle.
Executives have openly floated the idea, suggesting it may not be far off. Some even indicated to CNBC that a commercial cloud offering could emerge within a year or two, once OpenAI has secured enough compute to cover its own needs. For now, demand for training frontier models leaves little capacity to spare, but OpenAI isn’t done looking for new opportunities.
As Altman and Huang hammered out details of the arrangement that was announced this week, OpenAI’s infrastructure team was in Tokyo meeting with SoftBank’s Son to discuss broader financing and manufacturing support.
The parallel talks underscored the scale of Altman’s ambition, and the web of global players now involved in bringing it to life.
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