Ethereum deflation turns to inflation! CryptoQuant: Burning after Dencun upgrade is no longer related to the amount of network activity

On March 13, Ethereum successfully completed the Dencun upgrade. Multiple Ethereum Layer 2 transaction costs (Gas) dropped significantly by more than 90%. It was hailed by the community as the most impressive upgrade in history. . However, as users pay fewer fees, the Ethereum network is now burning the circulating ETH supply at its slowest pace since the September 2022 Merge.

ETH supply is accelerating growth

Yesterday, the encryption analysis agency CryptoQuant released a report stating that due to the Dencun upgrade, Ethereum transaction fees have dropped, and the supply of ETH is growing at its highest level since the merger of the Ethereum network. Fast daily growth rate.

YCharts data shows that the supply of ETH has indeed begun to show a slower downward trend since the Dencun upgrade was completed, and began to grow all the way on April 13. The current total supply is 120 million.

ETH supply

At the same time, data from ultrason.money shows that Ethereum burned 488,000 ETH in the past 30 days, lower than the 913,000 additional issuances ETH will restore the inflation rate of ETH to a positive number, currently 0.353%.

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