The tumultuous story of Ethereum Classic (ETC)!!

The story of ETC dates back to the 'DAO incident' in 2016.

In April 2016, the project The DAO was established on Ethereum, raising about 14% of the total circulating supply of ETH in May. In June, a hacker exploited a contract vulnerability to attack The DAO, stealing 3.5 million ETH, worth approximately 50 million USD.

In response to this attack, the Ethereum community proposed two solutions: one was to modify the code through a hard fork to roll back transactions and recover losses; the other was to maintain the immutability of the blockchain without code modifications. Ultimately, those in favor of the hard fork prevailed, and in July 2016, Ethereum completed the hard fork, resulting in the creation of a new Ethereum (ETH) and Ethereum Classic (ETC). ETC is maintained by a team led by Igor Artamonov, adhering to the principle of 'code is law' and preserving the original transaction history.

In the early stages of its launch, ETC performed poorly, hitting an all-time low of $0.45 in July 2016. In March 2017, ETC established a deflationary model with a fixed total supply of 210 million coins, and Grayscale also set up an ETC trust fund. In November 2017, the first global summit for ETC was held in Hong Kong, which propelled its price upward. By January 2018, the price of ETC surged to $45, but then fell sharply.

In December 2018, the ETCDEV development team ceased operations due to funding issues. In January 2019, the ETC network suffered a 51% double-spend attack, resulting in the loss of 54,200 ETC. Although the attacker later returned the funds, ETC's reputation took a significant hit.

In 2021, ETC emerged from the bear market, with its price soaring to $167, setting a new all-time high, but it subsequently continued to decline. As of December 18, 2024, the price of ETC is approximately $31.67, with a market cap of about 34.61 billion RMB.