Ang Ethereum ay lalong naging inflationary sa loob ng higit sa isang buwan habang ang mga bayarin ay pumalo sa mababang halaga

　　Ethereum burn and supply trends (OKLINK)

　　The recent Dencun upgrade on the Ethereum network has had a notable impact on the ecosystem. The upgrade has led to a decrease in layer-2 transaction fees and overall network activity. Consequently, this has seemingly resulted in a lower burn rate, pushing Ethereums supply back into an inflationary state.

　　Data from Etherscan and Ycharts shows that gas fees have also plummeted to around 5 gwei, the lowest on record.

　　Ethereum inflation rate over time (OKLINK)

　　While Ethereums supply has become slightly inflationary in the short term due to reduced network activity and burn rate, its overall supply is still decreasing on a net basis. This can be attributed to EIP-1559, which introduced a burn mechanism for a portion of transaction fees.

　　Looking ahead, Ethereums inflation rate and supply dynamics will likely be influenced by future network upgrades and adoption trends. If transaction fees and burn rate remain low, Ethereum may continue to experience inflationary pressure in the near term. However, the long-term trajectory will depend on the success of upcoming upgrades and the overall growth of the Ethereum ecosystem.

　　The adoption of layer-2 networks and the recent increase in layer-3 network activity reduces load from the Ethereum mainnet, yet it does so at a cost. However, the current increase in L2 and L3 activity is not at a level to create sufficient L1 transactions to keep Ethereum deflationary. Only time will tell whether the ultra-sound money concept for Ethereum will be retained in a world dominated by L2 and L3s.