Ethereum Supply Down 100,000 Since Merge

The Merge led to a reduced ether supply of 100K+ coins, now valued at $200M+. EIP-1559 applied deflationary pressure by burning base fees, yet total supply increased by 3.21M coins since London upgrade. Ether burning has intensified since Shapella enabled staked ether withdrawals.

The Merge’s transition from Ethereum’s energy-consuming proof-of-work to the eco-friendly proof-of-stake has led to a decrease in ether supply by over 100,000 coins. In the past 217 days, ether’s total supply has reduced by 103,092 coins, valued at over $200 million.

The supply of ether would have expanded by more than 2.52 million coins ($4.9 billion) and increased annually by 3.53% had The Merge not taken place and Ethereum remained miner-secured. However, following the merger, the annual decline is 0.144%. Additionally, according to, $1.2 billion was taken out of the ether supply during this time. There are roughly 120,418,032 million ether coins in circulation at the moment.


The fire was lit by Ethereum Improvement Proposal 1559

Ethereum Improvement Proposal 1559 (EIP-1559) initiated the change, incorporated through the London upgrade. This implementation split transaction fees into a base fee (burned) and a priority fee (payment to miners, now obsolete).

EIP-1559 aimed to apply deflationary pressure on ether supply by burning the base fee, reducing Ethereum network inflation. Nonetheless, the total supply increased by 3.21 million coins since London’s activation.

Ether burning has intensified since Ethereum’s Shapella upgrade enabled staked ether withdrawals just over a week ago.

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