According to Ultrasound money, the inflation rate has dropped to -0.032/year, indicating that the network is currently burning more ETH than it mints.
Negative inflation has reduced the net supply of ether by 5,598 since ethereum switched to proof-of-stake consensus on September 15. In the 7 day time frame, Ethereum has burned 1044k tokens while issuing 603000 tokens, the annual rate is 773000 tokens, which indicates that the supply of ETH is decreasing by 0.36% per year.
The recent changes can be attributed to a sudden uptick in deals due to escalating mergers and market uncertainty. Additionally, the recent surge in Ethereum network activity during the FTX rout increased the burn of ETH.
DISCLAIMER: The information provided by WebsCrypto does not represent any investment suggestion. The articles published on this site only represent personal opinions and have nothing to do with the official position of WebsCrypto.