[Crypto projects](https://revain.org/projects/) › Ethereum

# Ethereum (ETH): how it works, supply and reviews

Layer 1 blockchain

## In short

- **Type**: Public layer-1 blockchain with smart contracts
- **Maximum supply**: No fixed cap; supply changes with issuance to validators and fee burning
- **Risks and caveats**: ETH has no maximum supply; net issuance depends on staking rewards and fee burning.
- **Checked**: 28 October 2026

## On-chain stablecoin data

- **Organic stablecoin settlement, 30 days (2 October 2026 – 31 October 2026)**: US$502.42 bn in 22.2 million transfers; the scanner classes 74.4% of raw volume as inorganic (round trips, bot churn) and leaves it out
- **Issuer freezes on this network**: 100 issuer acts in 30 days; 3,843 addresses frozen now (PYUSD, USD1, USDC, USDT); balances last observed in them: US$3.26 bn

On-chain measurement by Stablecoin Scanner (ACHIVX), not a reserve or solvency claim. As of 31 October 2026. The scanner notes: every row is something the issuer did; it says nothing about who the address belongs to or why. [scanner page ↗](https://stablescan.achivx.com/ethereum)

## Key facts

- **Ticker**: ETH
- **Category**: Layer 1 blockchain
- **Network**: own blockchain
- **Launched**: 2015-07
- **Mining algorithm**: Ethash
- **Official site**: [ethereum.org](https://www.ethereum.org/)
- **Whitepaper**: [ethereum.org/whitepaper](https://ethereum.org/whitepaper/)
- **Source code**: [github.com/ethereum/go-ethereum](https://github.com/ethereum/go-ethereum)

Data: CoinGecko, 2026-10-27. Only projects that still trade with meaningful volume are listed.

## What is Ethereum

Ethereum is a public, decentralised blockchain and software platform for smart contracts and applications. Its native currency, ether (ETH), pays transaction fees and is staked by validators to secure the network.

## Network and consensus

| Parameter | Details |
|---|---|
| Type | Public layer-1 blockchain with smart contracts |
| Consensus | Proof of stake since The Merge on 15 September 2022; proof of work before that |
| Launched | 30 July 2015 (Frontier release) |
| Block time | Fixed 12-second slots; one validator is selected to propose a block in each slot |
| Programming language | Smart contracts are mostly written in Solidity or Vyper |
| Validators | Running a validator requires depositing 32 ETH; staking pools let users stake smaller amounts |

## Supply and issuance

| Parameter | Details |
|---|---|
| Maximum supply | No fixed cap; supply changes with issuance to validators and fee burning |
| Issuance | New ETH is issued to validators at a rate set by the protocol |
| Fee burn | Since the London upgrade (EIP-1559, 5 August 2021) each block's base fee is burned |
| Inflation | Net supply can rise or fall depending on network usage |
| Initial distribution | Ether was sold in a public sale that opened on 22 July 2014 and ran for 42 days |

## What ETH is used for

- Paying transaction fees (gas) on Ethereum and the applications built on it.
- Staking by validators to secure the network and earn rewards.
- Payments and transfers between users.

## Who develops and governs Ethereum

- **Founders**: Vitalik Buterin and a small team of co-founders
- **Foundation**: The Ethereum Foundation, a non-profit that funds development but does not control Ethereum
- **Governance**: Off-chain process: protocol changes are proposed as Ethereum Improvement Proposals (EIPs), which anyone can write
- **Open source**: Yes; client software such as go-ethereum is public on GitHub

## History

| Date | Event |
|---|---|
| 2014 | Ethereum whitepaper published. |
| 30 July 2015 | Mainnet launched with the Frontier release. |
| 1 December 2020 | The proof-of-stake Beacon Chain started producing blocks. |
| 5 August 2021 | London upgrade introduced EIP-1559 and the base-fee burn. |
| 15 September 2022 | The Merge moved Ethereum from proof of work to proof of stake. |
| 12 April 2023 | Shanghai/Capella (Shapella) upgrade enabled staking withdrawals. |
| 3 December 2025 | Fusaka (Fulu-Osaka) network upgrade activated. |

## Security and audits

- A public bug bounty programme covers the protocol, clients and language compilers, with rewards of up to USD 1,000,000.
- Validators who break protocol rules are slashed: they can lose part or, in a mass slashing event, all of their stake.

## Risks and caveats

- ETH has no maximum supply; net issuance depends on staking rewards and fee burning.
- Ethereum's own documentation notes that proof of stake is younger and less battle-tested than proof of work.
- Validators risk losing staked ETH through slashing penalties.

## Official links

- Website: [ethereum.org/en](https://ethereum.org/en/)
- Docs: [ethereum.org/en/developers/docs](https://ethereum.org/en/developers/docs/)
- Whitepaper: [ethereum.org/en/whitepaper](https://ethereum.org/en/whitepaper/)
- Source code: [github.com/ethereum](https://github.com/ethereum)
- Governance forum: [ethereum.org/en/governance](https://ethereum.org/en/governance/)

## Questions and answers

**What is Ethereum?**

Ethereum is a public, decentralised blockchain for smart contracts and applications. Its native currency is ether (ETH).

**Who created Ethereum?**

Ethereum was launched in July 2015 by Vitalik Buterin and a small team of co-founders. The non-profit Ethereum Foundation supports development but does not control the network.

**What is the maximum supply of ETH?**

ETH has no fixed cap. New ETH is issued to validators, while the base fee of every transaction is burned.

**How does Ethereum reach consensus?**

Since 15 September 2022 Ethereum uses proof of stake: validators deposit 32 ETH, and one validator is selected to propose a block in every 12-second slot.

## Sources

- [CoinGecko — Ethereum](https://www.coingecko.com/en/coins/ethereum)
- [ethereum.org — What is Ethereum?](https://ethereum.org/en/what-is-ethereum/)
- [ethereum.org — What is ether (ETH)?](https://ethereum.org/en/eth/)
- [ethereum.org — Proof-of-stake](https://ethereum.org/en/developers/docs/consensus-mechanisms/pos/)
- [ethereum.org — The Merge](https://ethereum.org/en/roadmap/merge/)
- [ethereum.org — How The Merge impacted ETH supply](https://ethereum.org/en/roadmap/merge/issuance/)
- [ethereum.org — Timeline of all Ethereum forks](https://ethereum.org/en/ethereum-forks/)
- [ethereum.org — Gas and fees](https://ethereum.org/en/developers/docs/gas/)
- [ethereum.org — Smart contract languages](https://ethereum.org/en/developers/docs/smart-contracts/languages/)
- [ethereum.org — Ethereum governance](https://ethereum.org/en/governance/)
- [ethereum.org — Ethereum Foundation](https://ethereum.org/en/foundation/)
- [ethereum.org — Bug Bounty Program](https://ethereum.org/en/bug-bounty/)
- [ethereum.org — Whitepaper](https://ethereum.org/en/whitepaper/)

## More in this section

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- [TRON (TRX)](https://revain.org/projects/tron/)
- [All Crypto projects →](https://revain.org/projects/)

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Page updated: 2026-11-01

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Source: https://revain.org/projects/ethereum/