Ethereum (ETH) Total Supply Rises to Its Highest Level Since September 2022! Here Are the Details
The total supply of Ethereum (ETH) has risen to levels not seen since the momentous Merge upgrade in September 2022.
The total supply of Ethereum (ETH) has risen to levels not seen since the momentous Merge upgrade in September 2022.
Ethereum Supply Rises to Pre-Merger Levels, Analysts Cite Dencun Update as Key Factor
According to data from Ultrasound.money, Ethereum’s current supply has reached 120,521,523 ETH, surpassing the post-Merger lows by approximately 383 ETH.
This marks the highest supply since January 2023, effectively reversing the deflationary trend that has followed Ethereum’s transition to a proof-of-stake (PoS) consensus mechanism.
The increase in ETH supply is largely attributed to the Dencun upgrade implemented in March 2024. Justin Bram, co-founder and CEO of Astaria, highlighted the development in X, sparking widespread discussion within the crypto community.
Dencun's Impact on ETH Inflation
According to Jaehyun Ha, an analyst at Presto Research, the Dencun update fundamentally changed Ethereum’s fee burn mechanism, which is a key driver of its deflationary supply dynamics.
“With the Dencun update, Ethereum introduced support for blob transactions, specifically designed to efficiently process large data loads for Layer 2 (L2) networks,” Ha said. “These transactions use a separate fee unit known as ‘blob gas,’ distinct from standard gas fees.”
Prior to Dencun, a significant portion of transaction fees were burned, reducing the supply of ETH. However, the transition to blob gas resulted in a decrease in the percentage of fees burned as a significant amount of transaction activity was shifted to blob transactions. This reduced burn effect contributed to ETH inflation even as network activity remained robust.
*This is not investment advice.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Live hearing coverage – Investigating the real impacts of debanking in America
Share link:In this post: The Senate Banking Committee held a hearing on allegations that banks unfairly denied services to crypto firms and individuals based on political affiliations – The American debanking. Anchorage Digital CEO and legal experts testified on widespread debanking, with concerns over regulatory overreach and a potential “Operation Chokepoint 3.0.” Sen. Tim Scott and Sen. Elizabeth Warren criticized debanking, with Scott calling it “un-American” and Warren citing nearly 12,000 related com
MicroStrategy rebrands to Strategy reflecting its Bitcoin focus
Share link:
![](https://img.bgstatic.com/multiLang/image/social/3829b04694d8d640c2db9900bc8599ff1738785304634.webp)
Musk wants suit over Tesla’s use of AI-generated ‘Blade Runner’ imagery dropped
Share link:In this post: Musk’s attorneys have said that both Musk and Tesla will move to dismiss “all claims” for relief with prejudice. The plaintiff in the suit, Alcon Entertainment, intends to oppose the motion. Tesla is set to launch unsupervised Full Self-Driving as a paid service in Austin in June.
![](https://img.bgstatic.com/multiLang/image/social/834d5f16de1856dff4b56da101a5b9c81738785304388.webp)
DOJ Targets DeFi Developers: Is Crypto Freedom Under Threat?
![](https://img.bgstatic.com/multiLang/image/social/d3040f94978550d27b99a02938204dbd1738784654891.jpg)
Trending news
MoreCrypto prices
More![Bitcoin](https://img.bgstatic.com/multiLang/coinPriceLogo/bitcoin.png)
![Ethereum](https://img.bgstatic.com/multiLang/coinPriceLogo/ethereum.png)
![XRP](https://img.bgstatic.com/multiLang/coinPriceLogo/ripple.png)
![Tether USDt](https://img.bgstatic.com/multiLang/coinPriceLogo/0208496be4e524857e33ae425e12d4751710262904978.png)
![Solana](https://img.bgstatic.com/multiLang/coinPriceLogo/solana.png)
![BNB](https://img.bgstatic.com/multiLang/coinPriceLogo/binance.png)
![USDC](https://img.bgstatic.com/multiLang/coinPriceLogo/usdc.png)
![Dogecoin](https://img.bgstatic.com/multiLang/coinPriceLogo/dogecoin.png)
![Cardano](https://img.bgstatic.com/multiLang/coinPriceLogo/cardano.png)
![TRON](https://img.bgstatic.com/multiLang/coinPriceLogo/tron.png)