According to Ultrasound.money data, Ethereum has experienced a prolonged inflationary period, with over 350,000 ETH (worth around $1.1 billion) added to its supply since the March Dencun upgrade. This has brought the total supply of ETH to 120.4 million, leaving just under 95,000 ETH to match the levels seen before the Ethereum Merge in Sept. 2022. The Dencun update introduced changes that reduced Ethereum's base fee burn rate, resulting in more ETH being issued than burned in most blocks. The increase in inflationary pressure is also linked to the rising ETH staking ratio, as validators earn rewards in newly minted tokens. Currently, approximately 28% of the total supply of ETH is staked, further increasing the supply.



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