Ethereum is experiencing its longest inflationary period since the Merge. Over nearly 72 days, the circulating supply has increased by approximately 50,000 ETH, valued at $168.7 million. The rise in supply is attributed to lower base fees and increased transaction volume on the mainnet and Layer-2 activities. The Dencun update and Danksharding have reduced competition for block space, leading to a significant drop in base fees and potentially higher issuance of ETH per block than can be burned.

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