On March 17, 2024, according to CryptoQuant, Ethereum's total supply fell to 120,077,222.76 ETH. This is a new bottom since the beginning of August 2022.
According to Ultrasound Money, the rate of supply decline has reached 0.876% per year since the beginning of March 2024; considering the Merge update as a first point of reference, it is worth noting that the change is 0.246%.
The jump in Ethereum's decline rate is attributed to an increase in activity on the network: between March 12 and March 17, 2024, the average value of the metric jumped from 1.21 million transactions to 1.26 million transactions:
As a reminder, on March 13, 2024, the Ethereum core network successfully completed the implementation of the #Dencun enhancement. This enhancement affected both Tier 1 and Tier 2 and resulted in a significant reduction in fees on the #L2 chain.
