Key Points
- Ethereum supply reached 120 million ETH, with a 15.844 ETH increase in 7 days.
- ETH average gas fees are 6.4 gwei as of August 15.
Ethereum’s total supply has increased to about 120.275 ETH, up by 57.659 ETH in the past 30 days, according to the latest data on Ultrasound.money,
Ethereum, On an Inflationary Path
According to the same website, the burn total in the past 30 days is 19,438 ETH with a burn rate of 0.45 ETH/min.
77,097 ETH were issued in the past 30 days and according to the data mentioned above, the total ETH burned via the burning mechanism reveals a net supply of around 57,659 ETH.
Ethereum’s supply growth is 0.58% annually and 0.69% in the past seven days.
The Ethereum supply growth outperforms its burn rate.
The ETH burning mechanism was introduced as part of Ethereum’s London Hard Fork and it previously established a deflationary pattern. However, since issuance managed to overpace the burn mechanism, ETH is now on an inflationary path.
Staking and Restaking
Also, it’s worth noting that by replacing the PoW consensus mechanism, ETH’s shift to PoS has improved the network’s security and participation rewards.
However, around 33.9 million ETH currently staked worth more than half a trillion dollars accrue rewards in newly issued ETH and this contributes to more issuance.
The process intensifies through the surge in restaking which triggers the issuance of new ETH as users restake rewards, amping up issuance.
This contributes to Ethereum’s inflationary total supply.
Ethereum network’s activity helps the burn rate but, by analyzing gas taxes, we can see that the network activity is low which contributes to inflation.
Ethereum Gas Fees as of August 15
According to official data from Etherscan.io, the average Ethereum gas fees today are 6.461 gwei which equals a tiny amount of USD: $0.000000000099.
Gas fees are prices in tiny fractions of ETH known as gwei, an integral part of the Ethereum blockchain.
These are transaction costs that users pay to execute operations on the network. Such operations can range from simple transactions like sending ETH from one address to another, to more complex interactions with smart contracts.
Regarding the price of Ethereum today, at the moment of writing this article, ETH is trading at $2,660.
