Ethereum wasn’t designed once and then left unchanged; it has evolved through successive hard-fork upgrades. From the launch of the mainnet to the switch to proof of stake and then reducing costs for layer 2 networks, each stage has addressed different challenges.
$ETH Since the mainnet launched in 2015, it has been Ethereum’s native coin for paying gas fees. Current: 2236.27 (24h -0.19%).
The beginning: the white paper and mainnet:
The Ethereum white paper was written in late 2013, and a 42-day public sale of Ether began in July 2014. On July 30, 2015, Frontier, the first version of the Ethereum mainnet, went live, allowing developers to deploy smart contracts on it.
On July 20, 2016, Ethereum hard-forked at block 1,920,000 in response to The DAO incident. The original chain, which did not follow the fork, continued running and became what is now Ethereum Classic (ETC).
Changes to fees and consensus:
On August 5, 2021, the London upgrade went live. EIP-1559 split transaction fees into a base fee and a tip, with the base fee being burned.
On December 1, 2020, the Beacon Chain launched as the proof-of-stake consensus layer. The Merge was completed on September 15, 2022, switching Ethereum from proof of work to proof of stake and ending mining on the chain. The Shanghai upgrade (Shapella) enabled staking withdrawals on April 12, 2023.
Reducing costs for layer 2 networks:
The Cancun upgrade (Dencun) on March 13, 2024, introduced blob data (EIP-4844), significantly reducing the cost for layer 2 networks to submit data to the mainnet. The Pectra upgrade on May 7, 2025, increased the number of blobs each block can hold and also allowed regular wallet addresses to delegate execution to contract code (EIP-7702).
The Fusaka upgrade on December 3, 2025, introduced PeerDAS: nodes no longer need to download all blob data; they can confirm data availability through sampling, laying the groundwork for further increases in data capacity.
How upgrades are rolled out:
Each Ethereum upgrade typically bundles multiple EIPs. They are tested through several rounds on testnets, and once stability is confirmed, a mainnet activation time is set. Node operators need to update their clients in advance; ordinary users do not need to do anything with the ETH they hold.
The practical takeaway:
Keep these milestones in mind: the mainnet launch in 2015, the London upgrade in 2021, the Merge in 2022, and the Cancun upgrade in 2024. Understanding what problem each one addressed gives you a good sense of Ethereum’s direction over the years. Every potential return comes with corresponding risks, so think carefully about how much you could lose in the worst case.
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It’s your money—think it through before you act.