/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 <54227730+wackerow@users.noreply.github.com>

Co-authored-by: mnelsonBT <74370515+mnelsonBT@users.noreply.github.com>

Co-authored-by: Melissa Nelson <mfnpublishing@gmail.com>

…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

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

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

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

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": "<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",

See comment below - some changes pushed pre-devconnect don't seem to be reflected here

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.

Sure @wackerow - I think that is clear enough if we just delete "The ETH balance in the contract is owned and controlled by millions of stakers and node operators around the world."

And leave it as just:
"The Beacon Chain Deposit Contract: The deposit contract's balance represents all of the ETH that has been 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."

Yeah I'm aligned with that, thanks!

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

Co-authored-by: mnelsonBT <74370515+mnelsonBT@users.noreply.github.com>

wackerow

@corwintines Patched those final adjustments... don't see any other blockers so think this is ready to go and can iterate as-needed from there 🚀

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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redirects

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/eth -> /what-is-ether internal links

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nav

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Merge branch 'dev' into ethereum-history-and-founder

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

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add structured data

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Merge branch 'dev' into what-is-ether

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Merge branch 'dev' into what-is-ether

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refactor: use ui/alert; info banner deprecated

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wackerow requested changes Oct 28, 2025

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konopkja and others added 6 commits October 29, 2025 10:20

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

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corwintines and others added 18 commits November 15, 2025 10:52

Merge branch 'dev' into what-is-ether

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

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

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cleanup spacing

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copy update

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

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…org-website into what-is-ether

fix keys

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add who holds the most eth content

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wackerow requested changes Nov 30, 2025

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wackerow and others added 5 commits December 2, 2025 19:38

patch: page-what-is-ether.json content

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patch: /what-is-ether content

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patch: /what-is-ether content

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refactor: use formatSmallUSD

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patch: /what-is-ether string ids

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wackerow approved these changes Dec 2, 2025

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corwintines merged commit 748888a into dev Dec 2, 2025
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corwintines deleted the what-is-ether branch December 2, 2025 23:01

This was referenced Dec 3, 2025

Release candidate v10.19.0 #16782

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	"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

/what-is-ether page #16389

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corwintines commented Sep 29, 2025 •

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