According to BlockBeats, on February 5th, The Block reported that the ETH supply has reached 120521523 ETH, an increase of approximately 383 ETH from the September 2022 merger. Presto Research analyst Jaehyun Ha explained that this inflation is mainly due to the Dencun upgrade implemented in March 2024. The blob trading mechanism introduced in this upgrade uses independent fee units, which weakens the original ETH destruction effect and may affect Ethereum's deflationary properties as a "ultrasonic currency". DeSpread Research researcher Byoungjoon Kim pointed out that the recent meme craze has led to a large number of users and liquidity turning to the Solana network, and the emergence of numerous Layer 2 solutions after Dencun's upgrade has also had an impact on the Ethereum ecosystem. Previously, it was reported that the current circulation of ETH has exceeded the level before the Ethereum PoS merger.
