Ether was a deflationary asset following the Merge, with the total supply of the token dropping from 120.491 million to 120.097 million since September 2022. However, the total amount of fees burned decoupled from network activity following Dencun, meaning that the natural increase in supply is outpacing the amount burned in fees. Ether’s supply has thus increased by 400,000 tokens since April.
Ether Reverts to Inflationary Asset Following Fee-Reducing Dencun Upgrade
