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
TELO Trucks, the maker of a super small electric pickup truck, announced that they raised $20 million, and Tesla co-founder Marc Tarpenning was among the lead investors.
At Electrek, we have been closely covering TELO’s journey over the last few years. Our resident small EV-lover, Jamie, got a close look at the first pre-production prototype earlier this year.
TELO aims to bring to production a small electric truck, the MT1, that is no larger than a Mini, yet still packs a ton of utility, with a base price of $41,000 (before incentives, if any) and a range of 260 miles.
- Seating for 5 adults
- A 5-foot bed that extends to 8 feet with a folding mid-partition
- Once extended, the bed has space to fit plywood flat on the floor (not over wheel wells)
- All-wheel drive
- Up to 350 miles of range
- Exceptional navigability for high-density towns and cities
The company had raised only $8 million to date, which is really nothing in the capital-intensive world of electric vehicles, but the team still managed to produce two working pre-production prototypes.
Now, TELO announced that it raised $20 million in its Series A round of funding.
The round was led by Yves Behar, a renowned industrial designer and co-founder of TELO, and Marc Tarpenning, one of the two original co-founders of Tesla and a Venture Partner at Spero Ventures.
TO VC, E12 Ventures, Neo, Marc Benioff, Uncorrelated Ventures, Nova Threshold, MCJ, and others have also participated in the round.
Behar commented on the news:
“I have great confidence in the TELO team as we build a future-proof vision for mobility. The MT1 proves that innovation can deliver smarter design, greater practicality, and uncompromised capability, shaping how we’ll all move tomorrow.”
Tarpenning added:
“TELO has the vision, product, capital efficiency, and manufacturing strategy to make the next great transportation company.”
Capital efficiency is the name of the game. While $20 million is more than twice the money in the bank than TELO ever had, they plan to reach “production readiness and pass all federal requirements to get the TELO MT1 on the road” with that money, which would be extremely impressive.
TELO now has over 12,000 orders for its small electric pickup truck.
The company is also planning to incorporate Aptera’s solar technology on its vehicles.
Electrek’s Take
Tarpenning, now that’s a name I haven’t heard in a long time. I’m happy to see him still involved in the EV world. He and Eberhard, with their presentations on the founding of Tesla and its aftermath, played a significant role in convincing me that battery-powered electric vehicles are the future of transportation.
I do like the TELO project. This form factor really doesn’t exist in this part of the world, and I really don’t see any reason why.
Now, $30 million raised to reach production in the EV world is ridiculously low, but it’s not impossible.
Joshua Phitoussi, Managing Partner at TO VC, who participated in the round, said it best: “disciplined scale-up is the name of the game in auto manufacturing.” You can make it work if you remain liquid and track your costs like your life depends on it.
You have to design for manufacturability.
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Volvo launched the new and improved 2026 Volvo EX90 on Monday. The upgraded EX90 is smarter, delivers faster charging times, and Volvo is rolling out the improvements to current owners, for free.
Meet the upgraded 2026 Volvo EX90
First unveiled in 2022, the EX90 was one of the most highly anticipated electric vehicles. Although it was initially scheduled to launch in early 2024, Volvo delayed it several times, saying that it needed more time to work through software issues.
Volvo finally began production of the EX90 at its Charleston, South Carolina, plant in mid-2024, followed by the first customer deliveries later that year.
After rolling out in the US and Europe, Volvo said the three-row electric SUV would be missing key features at first, including Apple CarPlay. Shortly after, complaints began to appear in online forums regarding glitchy software and other issues.
Despite the issues, the electric family hauler remains a stunning SUV (see our review of it), and Volvo is promising to get it right this time around.
Volvo opened orders for the upgraded 2026 EX90 on Monday, which fixes the biggest issues that haunted the outgoing model.
The 2026 Volvo EX90 is now based on the company’s advanced new 800V platform, up from the 400V system in the 2025 model year. In addition to improvements to its in-house battery management software, Volvo said the upgrades deliver significantly faster charging speeds, with the ability to add up to 250 km (155 miles) of range in just 10 minutes.
Other new features include a host of safety alerts for road conditions, hazards, and more. Volvo also improved the automatic emergency steering function and Park Pilot assist.
Like the new ES90, the 2026 Volvo EX90 now comes with a high-tech electrochromic panoramic roof that allows you to adjust the transparency.
With an upgrade to its core computer, a dual NVIDIA DRIVE AGX Orin-based system, the new 2026 Volvo EX90 now has 500 TOPS (Trillion Operations Per Second) of computing power. To put that into perspective, Apple claims the iPhone 16 is capable of 35 TOPS.
The upgrade is not just for new buyers, either. Volvo is offering owners of the 2025 EX90 a one-time upgrade, free of charge. Current owners can receive the upgrades through a scheduled service visit.
With the 2026 model year coming and the $7,500 federal EV tax credit set to expire on Sept 30, Volvo is currently offering a few deals that might be worth checking out. The 2025 EX90 is listed for lease at $869 per month, while the smaller EX30 is available for just $399 per month. Looking to test one out for yourself? You can use our links below to find Volvo EX90 and EX30 models near you.
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A company that recently installed charging points for every parking spot in a 90-unit condo complex at a cost of just $405/unit is back, with a newly updated charger with more capabilities that should make apartment charging even easier.
You may remember a post we did about how a condo complex installed an EV charger in every parking spot for just $405/unit, after a utility incentive that covered $2k per unit.
The basic idea was, through use of a low-cost (and lower speed) charging outlet, a budget installation could meet the needs of most drivers at a much more affordable rate than putting whiz-bang dedicated fast chargers with dedicated service for every unit at higher cost. And by installing it for every unit, the project would benefit from economies of scale.
The chargers are capable of charging at “level 2” speeds, but will often throttle down to lower speeds based on availability of electrical capacity.
Finally, with available incentives from a local utility, the complex was able to bring the cost down to almost nothing. At $405/unit, that’s less than a single month’s worth of the complex’s HOA fees.
At the time, with 90 units, it might have been the largest apartment EV charging project in the nation with “100% coverage,” that is, where all parking spots in the complex are covered by EV chargers.
But now Pando’s offering is getting an upgrade with a bunch of new features, but also a higher price.
Pando’s new “Gen2 Smart Outlet” starts at $649 per unit, whereas the Gen 1 started at $599 and is currently discounted to $449. But it will be phased out in favor of the new tech.
The new smart outlet has better tap-to-charge integration, allowing easy starting of charging sessions without having to pull out your phone to start the charge from Pando’s app. It also improves connectivity, so there’s less chance the system will lose contact with home base, with a stronger antenna and the ability to use a driver’s phone as a wi-fi bridge. Finally, it has a manual mode that doesn’t require any connection to cloud services in case the charger is in a really difficult spot to reach wirelessly.
In addition, Pando is announcing the Pando+ Modular Charger, which has all the features of the Gen2 but with an included modular cable attached, for sites that would rather include a cable instead of having drivers bring their own. But, in order to solve the reliability problems associated with maintaining a cable attached to a charging station, the cable is easy to swap out and doesn’t require an electrician to do so.
The Pando+ charger also interfaces with a new feature called “Pando Pulse” which can dynamically manage building loads, understanding just how much electricity is available to push to the chargers. It can then set charging speeds based on how much electricity is available, better ensuring that everyone gets the electrons they need when they need them.
Electrek’s Take
These options are more for building managers than renters, but this is just another step towards helping to make charging easier for apartment-dwellers. If you’re looking for more resources for apartment EV charging, either as a owner or a renter, find more on that here.
I’ve long said that the only real problem with EVs is charging for people who don’t have access to their own garage. Whether this be apartment-dwellers, street-parkers or the like, the electric car charging experience is often less-than-ideal outside of single family homes, at least in North America.
There are workarounds available, like charging at work, or using Superchargers in “third places” where you often spend time, but these still aren’t optimal. The best bet is just to charge your car wherever it spends most of its time, which is your home. When you do that, EVs outshine everything in convenience.
So there’s a need for solutions in this space, and Pando’s seemed like a pretty good one when I first heard of it, and seems even better now with these new upgrades. My one misgiving when I first heard about it was the need to use Pando’s app, but it seems like these upgrades will have full tap-to-charge functionality, directly from Apple/Google wallet, without the need to have cell service enter the equation. That’s a huge plus for usability and reliability.
Other companies do have similar solutions, like a 143-unit project that just broke ground yesterday at Bayview Condos in Millibrae, CA. This one will apparently cost nothing out of pocket for the HOA, thanks to the same utility incentive from the same utility, Peninsula Clean Energy. It uses GoPowerEV chargers, a competitor to Pando, and we’re sure we’ll hear more about it as the project proceeds.
Hopefully the more competition we see in this space, and the more big projects like these get off the ground successfully and at low cost, the more we can finally move towards solving the problem of apartment charging once and for all.
And, frankly, we also need legislation/building codes to hop in and require this sort of thing, so it becomes the rule rather than the exception and apartment dwellers can feel secure that they’ll be able to find a place to charge. And the lower install costs get, the more realistic a legislative requirement would be.
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