CryptoQuant Analyst: Ethereum's Dencun Upgrade Makes ETH Inflationary Again
2024-05-08 19:54:53
Analysts at data firm CryptoQuant have said that Dencun's upgrade has caused Ethereum to inflate again, potentially killing the characteristics of its low-inflation currency. Due to the Dencun upgrade, Ethereum burn has fallen to one of the lowest levels since the merger, when Ethereum moved from a proof-of-work (PoW) to a proof-of-stake (PoS) consensus mechanism. The supply of Ethereum is growing at the fastest daily growth rate since the network merger. CryptoQuant analysts said that before the Dencun upgrade, higher network activity on Ethereum meant higher fees burned, so there was less Ethereum supply. However, after the Dencun upgrade, the total amount of fees burned has been decoupled from network activity.
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