CoinGecko Report: Q2 Ethereum Turns Inflationary, Circulating Supply Increases by 120,000 Coins

2024-07-20 22:32:29

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ChainCatcher news, cryptocurrency data aggregation platform CoinGecko released a report indicating that Ethereum entered an inflationary mode in the second quarter of 2024, with the circulating supply of ETH increasing by 120,818 coins. This change is attributed to a decrease in Ethereum network activity, leading to a significant reduction in the burn rate.

In the second quarter of 2024, the Ethereum network burned 107,725 ETH while simultaneously issuing 228,543 ETH, resulting in a net increase of 120,818 in the circulating supply of Ethereum.

The ETH burn rate decreased by 66.7% quarter-over-quarter, due to reduced network activity and lower gas fees. The decline in trading volume was a significant factor contributing to this decrease.

In the second quarter of 2024, the area contributing the most to ETH burn was ETH transfers, which burned 6,838 ETH. This reflects that although the phenomenon of using the network for value transfer has decreased, it still persists.

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CoinGecko Q2 Ethereum Inflation

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