Ethereum">Ethereum’s total supply has risen for the first time since the major Merge upgrade in September 2022. Data shows 120.26 million ETH now exist following months of net deflation after the move to proof-of-stake consensus.
While supply is increasing again due to validators minting more coins, Ethereum’s annual inflation rate remains low at 0.44%. For comparison, Bitcoin’s inflation rate is around 1.77%. The Merge slashed ETH issuance by over 90%, drastically reducing new supply entering circulation.
This recent tick upwards in Ethereum’s circulating supply is attributed to more rewards being issued to network validators as transaction fees decline. However, ETH burned still outpaces newly minted coins over the past 5 months. The Merge has succeeded in creating a largely deflationary issuance model for Ethereum.
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