For hundreds of millions of years, the cyanobacteria had been exhaling oxygen and the planet had been silently absorbing it — dissolved iron rusted out of the oceans, surface rocks oxidized. But eventually the sponges were full. Around 2.4 billion years ago, free oxygen began piling up in the seas and then the air, in the event geochemists call the Great Oxidation Event.
To the life of the time — anaerobic microbes that had ruled for two billion years — this wasn't a gift. It was a poison. Oxygen is ferociously reactive; it attacks proteins, fats, and DNA, and these organisms had evolved no defenses against it, because there had never been any reason to. The result was sometimes called the "Oxygen Catastrophe": the vast majority of the species then alive were wiped out in the planet's first mass extinction.
The irony runs deep — life very nearly poisoned itself to death with its own waste. The rusty fingerprint of that crisis is still everywhere, in the banded iron formations that supply most of the world's iron ore today. It's a lesson with a sharp modern echo: the routine by-product of a humble organism, scaled across a whole planet over enough time, can remake — or unmake — the world.