Ethereum Circulating Supply Nears 120 Million ETH, Largest in Two Years

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Ethereum (ETH) circulating supply is reaching its highest level since the Merge update in September 2022.

On the 6th (local time), crypto-focused media CryptoDNES, citing Ultrasound data, reported, "The current circulating supply of Ethereum is 120,521,523 ETH, which is higher than before the Merge. This suggests a change in the deflationary trend since Ethereum's transition to PoS."

The main reason for the supply increase is the Dankun update released in March 2024, which introduced 'blob gas' for large data load processing block transaction support, reducing the supply decrease from fee burning.