# Ethereum

*Crypto & Digital Assets — Finicade finance glossary*

Ethereum is a blockchain designed to run programs, not just record payments — a general-purpose computer whose state every node agrees on. Smart contracts made DeFi, NFTs and DAOs possible, all of which were built on it first. It moved from proof of work to proof of stake in 2022, cutting its energy use by over 99% in a single upgrade that had been promised for years.

**Also known as:** ETH, Ethereum network

**Related terms:** [Smart Contract](https://finicade.com/glossary/smart-contract), [Gas Fee](https://finicade.com/glossary/gas-fee), [Proof of Stake](https://finicade.com/glossary/proof-of-stake), [DeFi](https://finicade.com/glossary/defi), [Layer 2](https://finicade.com/glossary/layer-2)

Source: https://finicade.com/glossary/ethereum