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Description

This metric tracks the current amount of ETH in circulation and reflects changes resulting from Ethereum’s shift from Proof-of-Work (PoW) to Proof-of-Stake (PoS) following The Merge in September 2022. Post-Merge, Ethereum introduced fee burning (via EIP-1559) and reduced issuance, making ETH a potentially deflationary asset.
  • Monetary Policy & Inflation: Tracking ETH supply growth allows users to evaluate Ethereum’s monetary policy. Post-Merge, issuance dropped significantly and fee burns introduced negative supply pressure, changing ETH’s inflation profile.
  • Market Dynamics: Supply changes can impact ETH price. An increasing supply may dilute value, while deflationary pressure can support price appreciation. Traders watch this closely for macro signals.
  • Network Health & Adoption: Supply trends also reflect activity on the Ethereum network. A growing supply may indicate increased usage, while a declining or flat supply could point to reduced demand or higher fee burning.

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Use Cases

**Traders: **Monitor ETH issuance trends to identify potential supply-demand imbalances and forecast market movements. **Analysts: **Incorporate issuance data into volatility models or liquidity analyses to enhance strategy development and risk forecasting. **Researchers: **Study issuance trends in the context of protocol upgrades, validator dynamics, and broader economic modeling of Ethereum’s monetary system.

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Methodology

Pre-Merge Block Rewards
  • Block 1: 72,009,990 ETH — Initial ICO allocation
  • Block 2 to 4,370,000: 5 ETH/block — Original issuance
  • Block 4,370,001 to 7,280,000: 3 ETH/block — Byzantium upgrade
  • Block 7,280,001 to 15,537,393: 2 ETH/block — Constantinople to The Merge
Post EIP-1559 (London Fork)
  • ETH Burned = GasUsed × BaseFeePerGas
    • Fee burning began at block 12965000 with EIP-1559.
Post-Merge ETH Issuance (Proof-of-Stake)
  • Ethereum now issues ETH based on validator rewards rather than block mining.
  • There are approximately 225 epochs per day:
365.25 X 225 = 82181 Epochs per year, and a BASE_REWARD_FACTOR = 64 Base Reward Formula:
  • BASE_REWARD_FACTOR = 64
  • N = Number of validators = Current ETH Staked / 32
  • Current ETH Staked = Total ETH Deposited − ETH Withdrawn (from Beacon chain)

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Frequently Asked Questions

How often is this chart updated?
  • Daily.