/what-is-ether page #16389

corwintines · 2025-09-29T22:02:49Z

Creates new /what-is-ether page

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wackerow

Thanks @corwintines! Left a few code-related comments... @konopkja also left a handful of content-related comments, but overall looking good 🚀

app/[locale]/ethereum-history-founder-and-ownership/page.tsx

src/intl/en/page-what-is-ether.json

app/[locale]/what-is-ether/page.tsx

wackerow · 2025-10-28T23:29:23Z

src/intl/en/page-what-is-ether.json

+  "page-what-is-ether-l2s-description-4": "L2 <strong>transfers can cost as little as $0.04</strong>, bringing Ethereum to millions more users through integrations with companies like Robinhood, PayPal, and Shopify.",
+  "page-what-is-ether-what-is-the-eth-supply": "What is the ETH supply?",
+  "page-what-is-ether-what-is-the-eth-supply-description-1": "Unlike Bitcoin's fixed 21 million cap, ETH has dynamic supply mechanics:",
+  "page-what-is-ether-what-is-the-eth-supply-description-2": "New ETH is issued to reward network validators",


Would be nice to adjust wording to convey that this is rate-limited and based on amount of ETH staked.

Perhaps:

New ETH is issued to reward network validators at a limited rate calculated by the protocol

May be too much for here though

sounds good to me

src/intl/en/page-what-is-ether.json

wackerow · 2025-10-28T23:36:56Z

src/intl/en/page-what-is-ether.json

+  "page-what-is-ether-breakdown-description-3": "<strong>Smart contracts</strong>: Significant amounts in smart contracts including DeFi protocols",
+  "page-what-is-ether-breakdown-description-4": "<strong>Ethereum Foundation</strong>: Holds <ef>less than 0.3%</ef> of supply (down from 9% in 2014)",
+  "page-what-is-ether-who-holds-most": "Who holds the most?",
+  "page-what-is-ether-who-holds-most-description-1": "The largest address is the Beacon Deposit contract, representing millions of stakers rather than a single entity.",


Hm, this is fuzzy... ETH in the deposit contract does not count to total supply... it's a one-way bridge... deposits are effectively burned, and the beacon chain mints an equivalent amount in exchange, designates it to a specific account, and takes over accounting for this ETH. This is not "owned" by the contract or any single entity, it's re-allocated amongst individual validator accounts.

That contract is up-only and could theoretically have unlimited ETH if folks continued to deposit to a validator, withdrawal it back to another account, and re-deposit it. Same ETH, but that contract will continue to inflate.

Would not cite this here.

hmm @mnelsonBT if we wanted to change this small section "Who holds the most" , what would you do with it?

src/intl/en/page-what-is-ether.json

Co-authored-by: wackerow <[email protected]>

src/intl/en/page-what-is-ether.json

mnelsonBT · 2025-10-29T18:27:31Z

src/intl/en/page-what-is-ether.json

+  "page-what-is-ether-how-much-does-it-cost-to-send-eth-description-1": "Ethereum transactions require transaction <strong>fees paid in ETH</strong> and calculated in a unit called gas. Fees fluctuate based on network demand, with off-peak periods offering lower costs.",
+  "page-what-is-ether-l2s": "Enter L2s: Scaling Ethereum",
+  "page-what-is-ether-l2s-description-1": "As Ethereum's popularity grows, keeping transaction fees low becomes challenging. Layer 2 (L2) networks address this issue.",
+  "page-what-is-ether-l2s-description-2": "L2s like <optimism>Optimism</optimism> and <arbitrum>Arbitrum</arbitrum> offer <strong>5-10x cheaper fees</strong> while inheriting Ethereum's security. They process transactions off-chain and post summaries to Ethereum.",


Suggested change

"page-what-is-ether-l2s-description-2": "L2s like <optimism>Optimism</optimism> and <arbitrum>Arbitrum</arbitrum> offer 5-10x cheaper fees while inheriting Ethereum's security. They process transactions off-chain and post summaries to Ethereum.",

"page-what-is-ether-l2s-description-2": "L2s like <optimism>Optimism</optimism> and <arbitrum>Arbitrum</arbitrum> offer 10-100x cheaper fees while inheriting Ethereum's security. They process transactions off-chain and post data to Ethereum.",

5-10x is way under the reality post-4844... I think the actual here with current network dynamics is 50-100x cheaper, but using 10 provides more flexibility if that changes in the future

src/intl/en/page-what-is-ether.json

mnelsonBT · 2025-10-29T18:56:34Z

src/intl/en/page-what-is-ether.json

+  "page-what-is-ether-breakdown-description-3": "<strong>Smart contracts</strong>: Significant amounts in smart contracts including DeFi protocols",
+  "page-what-is-ether-breakdown-description-4": "<strong>Ethereum Foundation</strong>: Holds <ef>less than 0.3%</ef> of supply (down from 9% in 2014)",
+  "page-what-is-ether-who-holds-most": "Who holds the most?",
+  "page-what-is-ether-who-holds-most-description-1": "The largest address is the Beacon Deposit contract, representing millions of stakers rather than a single entity.",


Here is a specific edit to this section:

Suggested change

"page-what-is-ether-who-holds-most-description-1": "The largest address is the Beacon Deposit contract, representing millions of stakers rather than a single entity.",

"page-what-is-ether-who-holds-most-description-1": "The wallet address with the highest ether balance is the [Beacon Deposit contract](https://ethereum.org/glossary/#deposit-contract), but it doesn't represent a pool of 'held' funds. It's the entry point for staking, so its ETH balance represents the total amount of ETH that has been staked by millions of individuals to help secure the Ethereum network.",

That said @konopkja - I find this section quite odd, and I don't understand what value it would provide to any person reading this page.

I'm guessing the reason that this section was added was to capitalize on the "who holds the most ETH" search query (not to provide direct value to the reader).
Even in that light, there are some issues:

As discussed RE: the wallet page updates, a wallet "holding" an asset doesn't translate outside of English

The h2 used here is ""Who holds the most?"," which doesn't include the critical ETH/ether/Ethereum keyword

I don't have access to the original SEO brief in Notion, so I can't see how they ranked the keywords for this page. But I just quickly checked "who holds the most ETH" in the free keyword checker tools on ahrefs + semrush and they both showed 0 data/results; for "who holds the most ethereum" semrush shows a global monthly search volume of 20 searches, and ahrefs shows 0 data/results.

Doesn't make sense to me that the title is "who holds the most ETH" and then the description is "this wallet, but it doesn't actually hold any ETH"

In terms of capitalizing on the search term, I think this top resource is much more interesting and useful: https://info.arkm.com/research/who-owns-the-most-ethereum-2025-vitalik-bitmine I am guessing we wouldn't want to publish individual names on this site, though?

Overall, I would strongly recommend we remove this section. I question both its value for SEO + its value for readers. But I would defer to you both if there's any additional context missing here.

I'm guessing the reason that this section was added was to capitalize on the "who holds the most ETH" search query
-> yes

i am fine removing it then, but i think this

"strategicethreserve.xyz hosts a list of major ETH holders that's updated regularly."

may be useful link, what do you think?

Ok, thank you for clarifying!

My apologies @konopkja - this reply from you made me realize that the suggestions/comments on this PR don't show up in order here like they do when reviewing the main file "src/intl/en/page-what-is-ether.json". I'll try to group these comments in a more orderly fashion moving forward.

Agreed, I think linking out to a resource that has a more full list is more useful!
I'm fine with keeping the strategiceth link, but I also suggested an alternative link we could use in this comment: #16389 (comment)

I defer to you on which link you think would be best! Overall I agree with keeping that bit on the page, though.

src/intl/en/page-what-is-ether.json

Co-authored-by: wackerow <[email protected]>

Co-authored-by: mnelsonBT <[email protected]>

Co-authored-by: Melissa Nelson <[email protected]>

…org-website into what-is-ether

wackerow

^ Oops, looks like a few strings got mis-aligned here

Otherwise left a few other final comments, some content some dev related... after that I think it's ready to go!

cc: @mnelsonBT @konopkja @corwintines

wackerow · 2025-11-30T15:30:28Z

src/intl/en/page-what-is-ether.json

+  "page-what-is-ether-meta-description": "Ether (ETH) is Ethereum's native cryptocurrency. Learn what it's used for, how and where to buy it, how much of it there is and what affects its price.",
+  "page-what-is-ether-twitter-meta-description": "Ether (ETH) is Ethereum's native cryptocurrency. Learn what it's used for, how and where to buy it, how much of it there is and more.",
+  "page-what-is-ether-title": "What is Ether (ETH)?",
+  "page-what-is-ether-hero-description-1": "Ether (ETH) is the native cryptocurrency that powers the Ethereum network. It's used to pay transaction fees (known as 'gas') for using the network and the applications built on top of it, to secure the network through staking, and serves as digital money for payments and investments. ETH is one of the largest cryptocurrencies by market capitalization.",


Non-blocking suggestion: "digital money" feels less impactful than potentially emphasizing that it's a decentralized currency, or money without central control

Consider

Suggested change

"page-what-is-ether-hero-description-1": "Ether (ETH) is the native cryptocurrency that powers the Ethereum network. It's used to pay transaction fees (known as 'gas') for using the network and the applications built on top of it, to secure the network through staking, and serves as digital money for payments and investments. ETH is one of the largest cryptocurrencies by market capitalization.",

"page-what-is-ether-hero-description-1": "Ether (ETH) is the native cryptocurrency that powers the Ethereum network. It's used to pay transaction fees (known as 'gas') for using the network and the applications built on top of it, to secure the network through staking, and serves as non-centrally controlled money for payments and investments. ETH is one of the largest cryptocurrencies by market capitalization.",

or

Suggested change

"page-what-is-ether-hero-description-1": "Ether (ETH) is the native cryptocurrency that powers the Ethereum network. It's used to pay transaction fees (known as 'gas') for using the network and the applications built on top of it, to secure the network through staking, and serves as digital money for payments and investments. ETH is one of the largest cryptocurrencies by market capitalization.",

"page-what-is-ether-hero-description-1": "Ether (ETH) is the native cryptocurrency that powers the Ethereum network. It's used to pay transaction fees (known as 'gas') for using the network and the applications built on top of it, to secure the network through staking, and serves as money without central control for payments and investments. ETH is one of the largest cryptocurrencies by market capitalization.",

wackerow · 2025-11-30T15:41:25Z

app/[locale]/what-is-ether/_components/GasTable.tsx

+      <TableBody>
+        <TableRow>
+          <TableCell>{t("page-what-is-ether-gas-table-row-1-1")}</TableCell>
+          <TableCell>{calculateCost(21000)}</TableCell>


I think we need to adjust this to account for small fees so it doesn't read as if it's free.

In calculateCost, I'd suggest importing and using the existing formatSmallUSD:

// src/lib/utils/numbers.ts export const formatSmallUSD = (value: number, locale: string): string => { return new Intl.NumberFormat(locale, { style: "currency", currency: "USD", notation: "compact", minimumSignificantDigits: 2, maximumSignificantDigits: 2, }).format(value) }

...or indicating <$0.01, but would still suggest using the Intl approach for i18n purposes

wackerow · 2025-11-30T15:42:53Z

src/intl/en/page-what-is-ether.json

+  "page-what-is-ether-how-much-does-it-cost-to-send-eth-description-1": "Ethereum transactions require transaction <strong>fees paid in ETH</strong>. The fee is calculated based on the computational work required (measured in 'gas'), and the network's current demand. The price of gas fluctuates with network traffic, making transactions lower-cost during off-peak periods.",
+  "page-what-is-ether-l2s": "Enter L2s: Scaling Ethereum",
+  "page-what-is-ether-l2s-description-1": "As Ethereum's popularity grows, keeping transaction fees low becomes challenging. <strong>Layer 2 (L2)</strong> networks address this issue.",
+  "page-what-is-ether-l2s-description-2": "L2s like <optimism>Optimism</optimism> and <arbitrum>Arbitrum</arbitrum> offer <strong>10-100x cheaper fees</strong> while inheriting Ethereum's security. They process transactions off-chain and post data to Ethereum.",


Suggested change

"page-what-is-ether-l2s-description-2": "L2s like <optimism>Optimism</optimism> and <arbitrum>Arbitrum</arbitrum> offer 10-100x cheaper fees while inheriting Ethereum's security. They process transactions off-chain and post data to Ethereum.",

"page-what-is-ether-l2s-description-2": "L2s like <optimism>Optimism</optimism> and <arbitrum>Arbitrum</arbitrum> offer 10-100x cheaper fees while inheriting Ethereum's security. They process transactions offchain and post data to Ethereum.",

wackerow · 2025-11-30T15:44:17Z

src/intl/en/page-what-is-ether.json

+  "page-what-is-ether-l2s-description-1": "As Ethereum's popularity grows, keeping transaction fees low becomes challenging. <strong>Layer 2 (L2)</strong> networks address this issue.",
+  "page-what-is-ether-l2s-description-2": "L2s like <optimism>Optimism</optimism> and <arbitrum>Arbitrum</arbitrum> offer <strong>10-100x cheaper fees</strong> while inheriting Ethereum's security. They process transactions off-chain and post data to Ethereum.",
+  "page-what-is-ether-l2s-description-3": "Think of them as express lanes that provide faster, cheaper transactions alongside Ethereum's main highway.",
+  "page-what-is-ether-l2s-description-4": "L2 <strong>transfers can cost as little as less than $0.01</strong>, bringing Ethereum to millions more users through integrations with companies like Robinhood, PayPal, and Shopify.",


Suggested change

"page-what-is-ether-l2s-description-4": "L2 transfers can cost as little as less than $0.01, bringing Ethereum to millions more users through integrations with companies like Robinhood, PayPal, and Shopify.",

"page-what-is-ether-l2s-description-4": "L2 transfers typically cost less than $0.01, bringing Ethereum to millions more users through integrations with companies like Robinhood, PayPal, and Shopify.",

(Though Mainnet is also <$0.01 lately as well)

wackerow · 2025-11-30T15:46:45Z

src/intl/en/page-what-is-ether.json

+  "page-what-is-ether-what-is-the-distribution-of-eth-description-1": "Ownership is widely distributed across <etherscan>tens of millions of addresses</etherscan>, preventing concentration of control and enhancing decentralization.",
+  "page-what-is-ether-breakdown": "A breakdown of ether distribution",
+  "page-what-is-ether-breakdown-description-1": "<strong>Staked ether</strong>: Tens-of-millions of ETH <beaconchain>locked</beaconchain> for network security",
+  "page-what-is-ether-breakdown-description-2": "<strong>Exchanges</strong>: Centralized platforms <unchained>hold 13-16%</unchained> of supply",


Non-blocking suggestion:

Suggested change

"page-what-is-ether-breakdown-description-2": "Exchanges: Centralized platforms <unchained>hold 13-16%</unchained> of supply",

"page-what-is-ether-breakdown-description-2": "Exchanges: Centralized platforms <unchained>hold 13-16%</unchained> of supply for their users",

wackerow · 2025-11-30T15:55:51Z

src/intl/en/page-what-is-ether.json

+  "page-what-is-ether-who-holds-most": "Who holds the most?",
+  "page-what-is-ether-who-holds-most-description-1": "The Ethereum addresses with the highest ETH balances are typically not individuals. The vast majority of ether visible in the \"top\" Ethereum addresses represents the collective, pooled funds of many different people and entities, not the holdings of a single individual. ",
+  "page-what-is-ether-who-holds-most-description-2": "The highest-balance ETH accounts typically include:",
+  "page-what-is-ether-who-holds-most-description-3": "The Beacon Chain Deposit Contract: The deposit contract's balance represents all of the ETH that has been <staked>staked</staked> to help secure the Ethereum network. While this is the Ethereum address with the largest ETH balance, it does not represent an accessible Ethereum wallet account. It is a smart contract that accepts deposits of ETH as the first step to participate in staking, then manages the balances of that ether across the network's active validators. The ETH balance in the contract is owned and controlled by millions of stakers and node operators around the world.",


The ETH balance in the contract is owned and controlled by millions of stakers and node operators around the world.

😕 It really isn't though... Quick example:

10 million ETH are deposited

10 million ETH is allocated to beacon chain validator accounts, while balance of deposit contract remains 10 million

That 10 million ETH is exited and withdrawn to regular accounts (those validator balances go to zero, but the deposit contract still says 10 million)

Repeat those steps 10 times

Deposit contract says 100 million ETH, yet nobody owns any of it, nor does that 100 million actually mean anything for the total ETH in existence

This is tricky, since block explorers don't really distinguish this nuance. It's literally just a one-way bridge that might as well have a balance of zero.

wackerow · 2025-11-30T16:01:50Z

src/intl/en/page-what-is-ether.json

+  "page-what-is-ether-what-makes-eth-valuable-description-4": "<strong>Store of value</strong>: Many view ETH as \"digital oil\"—a scarce asset with real utility powering the digital economy.",
+  "page-what-is-ether-what-makes-eth-valuable-description-5": "<strong>Supply dynamics</strong>: Fee burning creates deflationary pressure during high usage periods. Since 2021, <ultrasound>millions of ETH have been permanently removed</ultrasound> from circulation.",
+  "page-what-is-ether-what-is-wrapping-eth": "What is wrapping ETH?",
+  "page-what-is-ether-what-is-wrapping-eth-description-1": "Wrapped ETH (WETH) is an ERC-20 token that represents ETH on a 1:1 basis. Many decentralized apps and L2 networks are built to handle ERC-20 tokens, but native ETH itself is not an ERC-20 token. ‘Wrapping' (locking in a smart contract) ETH, and issuing an ERC-20 representation of that locked ETH (WETH), allows ether to be used across any apps and L2s that can only accept ERC-20 tokens. ",


Suggested change

"page-what-is-ether-what-is-wrapping-eth-description-1": "Wrapped ETH (WETH) is an ERC-20 token that represents ETH on a 1:1 basis. Many decentralized apps and L2 networks are built to handle ERC-20 tokens, but native ETH itself is not an ERC-20 token. ‘Wrapping' (locking in a smart contract) ETH, and issuing an ERC-20 representation of that locked ETH (WETH), allows ether to be used across any apps and L2s that can only accept ERC-20 tokens. ",

"page-what-is-ether-what-is-wrapping-eth-description-1": "Wrapped ETH (WETH) is an ERC-20 token that represents ETH on a 1:1 basis. Many decentralized apps and L2 networks are built to handle ERC-20 tokens, but native ETH itself is not an ERC-20 token. ‘Wrapping' means locking ETH in a smart contract, and issuing an ERC-20 representation of that locked ETH (WETH), allowing it to be used across any apps and L2s that can only accept ERC-20 tokens.",

corwintines added 4 commits September 24, 2025 08:12

page setup

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Merge branch 'ethereum-history-and-founder' into what-is-ether

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abstract HighlightCard

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what is ether page

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corwintines requested review from minimalsm, pettinarip and wackerow as code owners September 29, 2025 22:02

github-actions bot added content 🖋️ This involves copy additions or edits tooling 🔧 Changes related to tooling of the project translation 🌍 This is related to our Translation Program labels Sep 29, 2025

corwintines and others added 12 commits September 29, 2025 16:21

column header

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deprecate old markdown versions

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remove old /eth page

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Merge branch 'what-is-ether' of https://github.com/ethereum/ethereum-…

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	"page-what-is-ether-l2s-description-2": "L2s like <optimism>Optimism</optimism> and <arbitrum>Arbitrum</arbitrum> offer <strong>5-10x cheaper fees</strong> while inheriting Ethereum's security. They process transactions off-chain and post summaries to Ethereum.",
	"page-what-is-ether-l2s-description-2": "L2s like <optimism>Optimism</optimism> and <arbitrum>Arbitrum</arbitrum> offer <strong>10-100x cheaper fees</strong> while inheriting Ethereum's security. They process transactions off-chain and post data to Ethereum.",

	"page-what-is-ether-l2s-description-4": "L2 <strong>transfers can cost as little as less than $0.01</strong>, bringing Ethereum to millions more users through integrations with companies like Robinhood, PayPal, and Shopify.",
	"page-what-is-ether-l2s-description-4": "L2 <strong>transfers typically cost less than $0.01</strong>, bringing Ethereum to millions more users through integrations with companies like Robinhood, PayPal, and Shopify.",

	"page-what-is-ether-breakdown-description-2": "<strong>Exchanges</strong>: Centralized platforms <unchained>hold 13-16%</unchained> of supply",
	"page-what-is-ether-breakdown-description-2": "<strong>Exchanges</strong>: Centralized platforms <unchained>hold 13-16%</unchained> of supply for their users",

/what-is-ether page #16389

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konopkja Oct 29, 2025 • edited Loading Uh oh! There was an error while loading. Please reload this page.

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wackerow Nov 30, 2025 • edited Loading Uh oh! There was an error while loading. Please reload this page.

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corwintines commented Sep 29, 2025 •

edited by wackerow

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netlify bot commented Sep 29, 2025 •

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konopkja Oct 29, 2025 •

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wackerow Nov 30, 2025 •

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