- ETH supply continued to decline at a fast pace.
- The number of new ETH 2.0 deposits has not reached January and February highs.
With about two weeks left until the Shanghai-Capella hard fork, Ethereum’s [ETH] supply has continued to diminish. According to Delphi Digital, the altcoin’s supply has fallen off by 70,000 ETH since it transitioned to the Proof-of-Stake (PoS) consensus mechanism.
Ethereum’s supply has decreased by more than 70,000 $ETH since The Merge. pic.twitter.com/RDkg5oCp9e
— Delphi Digital (@Delphi_Digital) March 28, 2023
How much are 1,10,100 ETHs worth today?
ETH: Burning at a faster pace
This increase meant that the number of Ether entering circulation was lower than those being burned. For context, scarcity in the supply of an asset is bound to increase its value in the long term. This, sometimes, draws investor attention to the asset.
However, the crypto community was aware ETH’s supply would decrease after the Merge. It was expected, as the burning of transaction fees was one condition for the PoS switch.
In 2021, the projection was that ETH issuance would reduce by 2% yearly. But the supply has been decreasing at an unexpectedly rapid rate. At the same time, projections of a slow
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Author: Victor Olanrewaju
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