Ethereum Sees 98 Decrease in ETH Issuance Since Merge

The number of Ethereum being issued daily has drastically been cut since the Merge, on-chain data show, suggesting that the asset is on its way to becoming deflationary. According to data from Ultra Sound Money, Ethereum’s issuance rate has fallen by 98% since the Merge. Since its transition, the network’s supply has grown by 7,385.47 ETH, whereas if it were still running on the Proof-of-Work (PoW) consensus model, it would have added 128,422.13 ETH. Some have argued that the decline in token issuance is not just a result of the transition to PoS. They have attributed this change to reduced activity on the Ethereum network, which means gas fees are also lower.