The supply of Ether has reached its lowest level since the Shanghai upgrade of the Ethereum network, decreasing by over 309,500 coins since September last year. The burn rate of ETH has exceeded new issuance by around 30%, with the network issuing approximately 885,000 ETH as staking rewards during the same period. The decrease in supply represents an 18% reduction in Ethereum's supply since the Shanghai upgrade. The surge in burned ETH can be attributed to increased on-chain trading, driven by the adoption of trading bots. Uniswap transactions have been a major contributor to burned ETH, accounting for about 10% of the total ETH destroyed. Prominent trading bots like Maestro and Banana Gun have also burned a significant amount of ETH. The Shanghai upgrade aimed to make Ethereum a deflationary network by replacing Proof of Work miners and revamping its tokenomics. Following the upgrade, Ethereum's supply peaked at nearly 120.534 million ETH. The burn rate accelerated in 2023, leading to a decrease of around 276,500 ETH between February and June. The supply of ETH continued to decrease until reaching a post-merge low of around 120.2 million ETH on August 31. However, in September and October, the supply of Ether turned inflationary for the first time in 2023. The recent bull run has led to increased activity in Ethereum's on-chain, resulting in a significant acceleration in the burn rate. Additionally, DeFi volumes have surged, with Solana and Ethereum experiencing an increase in institutional inflows. Optimism and Avalanche have also recorded gains in DeFi total value locked (TVL). NFT volumes have also seen growth after previous months of declining volumes.
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