The Merge was this year’s biggest event. It marked the long-awaited transition of Ethereum from a Proof-of-Work governance consensus to a Proof-of-Stake one.

Besides other benefits, one of the most notable differences was the supply change. Since miners no longer mine ETH, the issuance has dropped by over 99%.

• At the time of this writing, the supply change of ETH since the Merge has surpassed 9,000 and sits at 9,700. This is to say that only 9,700 ETH has been added to the overall supply since then.
• The data is provided by the popular resource ultrasound.money, where users can also simulate the supply change as if Ethereum were still governed by Proof of Work. This is what the graph looks like:

• As seen above, the difference is astronomic. It’s also worth noting that since shifting to PoS, Ethereum’s issuance is much lower than Bitcoin’s as well.
• On that note, earlier today, CryptoPotato reported that Ethereum actually briefly turned deflationary as users paid almost $1.8 million in gas fees to analysts with the token contract of a new project called XEN Crypto.
• This is because of the way EIP-1559 works – it burns a certain portion of ETH based on the current transaction fees and the higher they are, the more ETH gets burned.