Over two years since Ethereum merged its proof-of-work layer with the proof-of-stake Beacon Chain via “The Merge,” the network has burned over half of all ETH issued. Ultra Sound Money data on August 7 shows that out of the over 6.5 million ETH published, the network has burned over 3.5 million ETH.

At the current pace, Ethereum is torching around 1.75 million ETH annually, leading to a decrease in supply by approximately 0.98%. Technically, the platform is becoming slightly deflationary since the circulating supply of ETH is shrinking over time as the network actively burns coins.

Ethereum’s Path To Becoming Deflationary

When writing on August 7, Ethereum had a total supply of over 120.2 million, and more ETH will continue to be issued as the platform inherently follows an …