ETH is inflationary now, and the burn rate won't save it
· 5 min read
When Ethereum transitioned to proof-of-stake in 2022, the combination of EIP-1559 burning and reduced issuance made the supply actually deflationary during periods of high activity. You'd see charts showing ETH supply shrinking, treasury posts celebrating "ultrasound money," and a widespread assumption that high network usage would keep issuance in check.
That assumption is dead. The data from the last four months makes it clear.