ETH Supply at Lowest Level Since August 2022 as Ethereum On-Chain Activities Demonstrate Robust Performance

ETH Supply at Lowest Level Since August 2022 as Ethereum On-Chain Activities Demonstrate Robust Performance

ETH Supply at Lowest Level Since August 2022 as Ethereum On-Chain Activities Demonstrate Robust Performance

According to The Block, while indicators on various Ethereum chains approach or reach 12-month highs, the total supply of Ether (ETH) has dropped to its lowest level since August 2022, with the current rate of decline being the fastest since May 2023.

According to data from CryptoQuant cited by CNBC, as of last week, the total supply of Ether had dropped to its lowest level since August 2022, when Ethereum was preparing for the major upgrade known as “The Merge”, transitioning from Proof of Work (PoW) to Proof of Stake (PoS) consensus mechanism.

In addition, according to data from ultrasound.money, in the past 30 days, the supply of Ether has been decreasing at a rate of 0.872% per year, with the current decline rate being the fastest since May 2023. In comparison, the supply of Ethereum has been decreasing at a rate of 0.246% since “The Merge”.

Source:
ultrasound.money
Julio Moreno, the head of research at CryptoQuant, stated in a report last week that the high activity on the Ethereum network has led to high transaction fees, resulting in more fees being burned. In actual numbers, over 1.56 million ETH has been burned since the upgrade, while less than 1.12 million ETH has been issued, leading to a net reduction of over 446,000 ETH, valued at nearly $1.62 billion at current prices.

Source:
The Block
Ethereum’s on-chain indicators are heating up. According to The Block’s data, the seven-day moving average of Ethereum network transactions is approaching the 12-month high set in January. On March 16, the second-largest blockchain by market capitalization processed 1.26 million transactions.

Source:
The Block
Furthermore, on March 16, the number of active Ethereum addresses reached a new 12-month high of approximately 540,000. At the same time, the seven-day moving average of new Ethereum addresses also reached a new 12-month high, surpassing 120,000.

Source:
The Block
The data also shows that Ethereum’s on-chain transaction volume has surged to a new 12-month high, with over $7 billion recorded on March 16.

Source:
The Block