• Increased demand for the Ethereum network has led to a surge in burn rate.
• This has brought about a decline in the coin’s circulating supply.

Ethereum’s [ETH] circulating supply has fallen to a new post-merge low, according to data from Ultrasound.money.

In the last month, 86,219 ETH worth around $300 million at the altcoin’s press time price has been removed from circulation in the last 30 days.

The decline in ETH’s circulating supply showed that the Proof-of-Stake (PoS) network has seen an uptick in demand and use, causing its burn rate to increase.

AMBCrypto previously reported that the daily count of new addresses created on the Ethereum network recently surpassed 116,000, a year-to-date (YTD) high.

This signaled a surge in user activity on the Layer 1 (L1) network.

At press time, ETH’s circulating supply totaled 120.07 million ETH, the lowest level in 548 days since the network transitioned from Proof-of-Work (PoW), in an event popularly referred to as “The Merge.”

Ecosystem performance in the last month

An assessment of Ethereum’s decentralized finance (DeFi) ecosystem revealed an uptick in total value locked (TVL) in the last month. 

According to DefiLlama’s data, Ethereum’s TVL was $51 billion at press time, rising by 21% in the 30 days. During that period, Lido Finance, the leading protocol on the chain,

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Author: Abiodun Oladokun

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