The story of Ethereum’s rise is often told through the lens of its Western creators and developers. But behind the global blockchain movement lies a lesser-known yet pivotal chapter — the early Chinese community that helped shape Ethereum’s foundation, translate its vision, and bring it into mainstream discourse. At the 2023 Hong Kong Web3 Carnival, pioneers from Distributed Capital, Wanxiang Blockchain, SNZ, imToken, and others reunited to reflect on Ethereum’s formative years in China — a period marked by translation breakthroughs, grassroots meetups, and bold bets on a technology few understood.
This deep dive explores how China’s earliest crypto enthusiasts embraced Ethereum, nurtured its ecosystem, and influenced the trajectory of Web3 — all before the world took notice.
The Birth of "Ethereum" in Chinese
One of the most enduring contributions from China’s early crypto community was linguistic: the creation of the term 以太坊 (Yi Tai Fang), the official Chinese name for Ethereum.
👉 Discover how a simple translation decision shaped an entire blockchain movement in Asia.
Jerry Liu, co-founder of Waterdrip Capital — better known in the community as “Cancer” (巨蟹) — revealed how he and Gu Lu from SNZ translated the Ethereum whitepaper in early 2015. At the time, blockchain was still a niche topic in China, with only a handful of enthusiasts gathering in Shanghai and writing on platforms like 8BTC (Babbitt).
“Back then, there were barely any projects,” Jerry recalled. “Bitcoin, Litecoin, BitShares — that was about it.”
When Shen Bo, a key figure in Asia’s blockchain scene, approached him to translate Vitalik Buterin’s whitepaper, Jerry accepted. But naming the project posed a challenge.
“Ether” translated naturally to “以太,” but what about “Eum”? The root word implied a factory or workshop — a place where smart contracts could be built. The character “坊” (fāng), meaning “workshop” or “artisan studio,” fit perfectly.
Thus, 以太坊 — “The Workshop of Ether” — was born.
This wasn’t just poetic; it captured Ethereum’s essence as a platform for building decentralized applications (DApps), not just another cryptocurrency.
Bringing Vitalik to China: The First Cross-Cultural Exchange
In 2015, before Ethereum’s mainnet launch, Vitalik Buterin visited China — a trip organized by members of the “Bitventure Camp,” an early blockchain incubator that included future leaders like Darren Huang (of Neo) and Shen Bo.
The visit included stops in Hangzhou, Shenzhen, and Shanghai. But reactions were lukewarm.
“At a café in Hangzhou, people didn’t really understand what he was talking about,” Jerry said. “Vitalik even remarked that outside of exchanges and mining, he didn’t see much innovation in China at the time.”
Still, these early interactions planted seeds. Roland Sun from Distributed Capital noted that this meeting led to a historic collaboration between Vitalik, Shen Bo, and Xiao Feng — former CIO of Boshi Fund — resulting in the founding of Fenbushi Capital, Asia’s first dedicated blockchain investment fund.
“We were there when no one believed,” Roland said. “We drafted the contract when Wanxiang Blockchain invested $500,000 in Ethereum — a lifeline during its most vulnerable stage.”
That investment wasn’t just financial; it was symbolic. A traditional Chinese corporation backing a radical open-source project sent shockwaves through the community and gave Ethereum credibility in Asia.
Wanxiang Blockchain: Bridging Ethereum to Mainstream Institutions
Du Yu, head of Wanxiang Blockchain Lab, emphasized how crucial it was to move Ethereum beyond crypto circles and into institutional awareness.
“In 2014 and 2015, people equated blockchain with Bitcoin — and Bitcoin with speculation or illicit activity,” Du Yu explained. “We saw Ethereum as a chance to reframe the narrative.”
Wanxiang did more than host events. They brought Vitalik to speak at high-level forums, including a financial conference in Hainan. They connected him with regulators, banks, and tech leaders — positioning Ethereum not as a speculative asset, but as infrastructure for the future of finance.
Their efforts paid off. Even in China’s tightly regulated environment, Ethereum has consistently been viewed more favorably than other crypto projects — a testament to early educational outreach.
“Without Ethereum,” Du Yu said, “there would be no Web3 ecosystem as we know it today.”
imToken: Building the First Mobile Gateway to Ethereum
Ben He, founder of imToken, shared how he first encountered Ethereum in 2014.
“I was working in tech,” Ben said. “I’d tried Bitcoin but didn’t get it. Then I read the whitepaper — the idea of building DApps on smart contracts blew my mind.”
Inspired, Ben joined a hackathon hosted by Wanxiang Blockchain Lab in 2015. That weekend, imToken was born — one of Asia’s first mobile wallets built specifically for Ethereum.
Launched in November 2016, imToken now serves over 15 million users worldwide. Its success reflects a broader truth: user experience is the gateway to mass adoption.
“Everything described in the whitepaper has come true,” Ben noted. “Tokens, DeFi, NFTs, account abstraction — they’re all here.”
But challenges remain. High gas fees, complex interfaces, and security risks still deter mainstream users. That’s why imToken is actively exploring account abstraction (AA) and Layer 2 integrations — making wallets smarter, safer, and simpler.
👉 See how next-gen wallets are redefining user experience in Web3.
Key Milestones That Shaped Ethereum’s Evolution
Ross Zhang of SNZ asked the panel to reflect on Ethereum’s most significant milestones.
Jerry Liu highlighted five turning points:
- Mainnet Launch (2015) – The introduction of EVM made smart contracts executable.
- ICO Boom (2017) – Enabled mass fundraising; though speculative, it funded real innovation.
- CryptoKitties (2017) – Introduced NFTs and non-fungible assets to the public.
- DeFi Summer (2020) – Proved sustainable financial models like AMMs and lending protocols.
- The Merge (2022) – Transitioned Ethereum to Proof-of-Stake, slashing energy use by 99.95%.
The recent Shanghai Upgrade (April 2023) unlocked staked ETH withdrawals — catalyzing the Liquid Staking Derivatives (LSD) market and turning staking into a full-fledged financial sector.
The Road Ahead: Scalability, Modularity, and Asian Builders
Ethereum’s journey isn’t over. As Ben He outlined, the roadmap has shifted from Proof-of-Work to Proof-of-Stake, and from sharding to Rollup-centric scaling.
“Rollups are the present and future,” Roland Sun said. “Projects like Arbitrum and zkSync offer high throughput at low cost — exactly what DApps need.”
But new questions arise:
- How will value accrue between L1 and L2?
- Can Ethereum become truly modular — splitting execution, consensus, data availability?
- How do we solve decentralized storage?
Du Yu drew an analogy to internet protocols: “Just like TCP/IP or HTTP, Ethereum will become a stack of interoperable layers.”
He also issued a call to action: Asia needs more builders.
“Right now, developer energy is concentrated in the U.S. We need to attract top talent from Asia — especially with Hong Kong embracing Web3.”
FAQ: Understanding Ethereum’s Past and Future
Q: Why was Ethereum’s Chinese name so important?
A: The name “以太坊” made the technology accessible to Chinese speakers. By using “坊” (workshop), it conveyed Ethereum’s role as a platform for creation — not just currency.
Q: What role did China play in Ethereum’s early days?
A: China helped translate key materials, hosted Vitalik’s first visits, launched early wallets like imToken, and secured institutional support via Wanxiang’s $500K investment.
Q: Is Ethereum still relevant amid rising Layer 2s?
A: Yes. While L2s handle transactions, Ethereum remains the settlement layer and source of security — much like a central bank for Web3.
Q: What is account abstraction (AA)?
A: AA allows wallets to function more like traditional accounts — enabling features like social recovery, gasless transactions, and multi-signature security by default.
Q: Can blockchain replace traditional finance?
A: Not immediately — but DeFi is moving toward self-custody and disintermediation. As Jerry Liu noted, future stablecoins may not rely on fiat at all.
Q: What’s next for Ethereum after The Merge?
A: The focus is now on scalability via Rollups, reducing bloat via “The Purge,” and improving UX through upgrades like Verge (data availability) and Splurge (final optimizations).
Final Thoughts: A Legacy of Vision and Collaboration
Ethereum’s story in China is one of foresight, collaboration, and quiet persistence. From translating whitepapers in coffee shops to backing a struggling open-source project, these early adopters helped lay the foundation for Web3.
Today, as Rollups scale, LSDs mature, and global interest grows, their contributions remain embedded in every line of code.
👉 Join the next wave of Web3 innovation — explore tools that empower builders and users alike.
As Roland Sun put it: “We study blockchain by studying Ethereum. It’s the blueprint.” And as long as builders keep pushing forward — especially across Asia — that blueprint will continue to evolve.