Ethereum's burn mechanism and The Merge played a vital role in the transition towards a deflationary token.
In fact, if we shift the starting point to the Merge, it was discovered that ETH has become deflationary, with a negative annual issuance rate, according to ultra sound money data. The circulating supply plunged to 120.29 million, representing a drop of 302, 215 ETH since the Merge.Before transitioning to the PoS, miners guarding the Ethereum network were issued approximately 13,000 ETH/day, according to.
However, after switching to the PoS, mining became redundant and only staking remained a valid means of block production. Validators on average have been issued roughly 1,830 ETH/day since the transition.Interestingly, the long-term projections painted a happy picture for ETH. The supply was predicted to hover around the 120 million mark until August 2024. After which, the supply will steadily start declining until an equilibrium is attained.
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