Wu said he learned that CoinGecko released a report stating that Ethereum changed into inflation mode in the second quarter of 2024, and the circulating supply of ETH increased by 120,818 pieces. This change is mainly due to reduced Ethereum network activity and lower gas fees, resulting in a significant reduction in the burn rate. Reports show that the Ethereum network burned 107,725 ETH in the second quarter, while 228,543 ETH were issued, resulting in a net increase of 120,818 ETH in the circulating supply. The ETH destruction rate dropped by 66.7% month-on-month. Declining transaction volumes were a significant contributor to this decline. ​