As Wu said, according to data from ultrasound money, the supply of ETH has been expanding since April 14, 2024, adding more than 112,000 ETH. A large portion of this inflationary activity can be traced back to the Dencun upgrade passed on March 13. Dencun introduced original danksharding and EIP-4844 introduced blobs, which significantly reduced the cost of executing transactions on Ethereum Layer 2, but also significantly reduced the total amount of ETH burned on the mainnet. However, more than $1.1 billion worth of ETH has been destroyed since the merger.