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The Merge marked the Ethereum network’s shift from proof-of-work to proof-of-stake. After 218 days, over 103,092 ETH has been removed from the supply of the leading altcoin.
At present values, this equates to slightly more than $197 million. Deflation on the network is increasing as the supply has decreased by 0.146% annually.
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- As per the most recent statistics from the Ethereum tracking platform ‘ultrasound.money,’ the current ether supply is approximately 120,416,113 million coins.
- The burn rate of the currency over the past 30 days was recorded at 1,125k ETH, with a supply growth of -0.37%.
- At this rate, the Ethereum supply is projected to reach 118.1 million by 2025.
- Issuance rewards for stakers are anticipated to be 3.9% annually, while the burn rate for non-stakers is expected to be 1.8% per year.
- In contrast, had Ethereum not completed the Merge and continued depending on miners for network security, the token supply would have risen by over 2.5 million ETH, amounting to an impressive $4.9 billion at current market values.
- ETH’s supply would have grown by 3.53% each year.
- While the Merge significantly contributed to the reduction of ETH supply, the burning of ether is linked to the Ethereum Improvement Proposal 1559, which was introduced through the London upgrade in August 2021. Its primary aim is to reduce inflation on the Ethereum network and apply deflationary pressure on the token’s supply.
- Additionally, the Shapella upgrade on April 12 allowed stakers to access their staked Ether. The outflow of tokens following this event diminished.
- Within a week, the quantity of staked ether surpassed the amount of ETH being withdrawn for the first time.
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