Ether, the native crypto on the Ethereum network, officially entered a state of deflation 55 days after “The Merge,” the upgrade that resulted in a transition from Proof-of-Work to Proof-of-Stake.
According to the analytics platform Ultrasound Money, the total supply of Ether after the Merge has decreased by more than 400 ETH ($469,000) as of Wednesday. Ethereum’s deflation rate is currently 0.001% per year.
Why Ethereum’s deflationary phase comes at a sensitive time
Ethereum supporters are happy that the overall supply of Ether is declining, but this is a worrisome time for the blockchain and cryptocurrency industry. The high-profile event, compared to what happened to the FTX exchange, has increased sales in the crypto market amid fears of widespread contagion.
The percentage of newly issued ETH burned increased by 1,164.06 ETH after the Merge. This means that after the event, almost all of the new supply was burned through the new burn mechanism, which brought a deflation
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