TechFlow reported, according to The Block, the ETH supply has reached 120,521,523 ETH, an increase of approximately 383 ETH since the September 2022 Merge. Jaehyun Ha, analyst at Presto Research, explained this inflation is primarily due to the Dencun upgrade implemented in March 2024. The blob transaction mechanism introduced by this upgrade uses a separate fee unit, weakening the original ETH burning effect and potentially impacting Ethereum's deflationary "ultrasound money" characteristics.
Byoungjoon Kim, researcher at DeSpread Research, pointed out that the recent meme coin boom has led many users and liquidity to shift toward the Solana network, while the emergence of numerous Layer 2 solutions following the Dencun upgrade has also impacted the Ethereum ecosystem.
Previous report, ETH's current circulating supply has already exceeded pre-Ethereum PoS Merge levels.
