Cryptocurrency data aggregation platform CoinGecko released a report saying that Ethereum moved into inflationary mode in the second quarter of 2024, with an increase of 120,818 ETH in circulation. This change was due to a decrease in Ethereum network activity, resulting in a significant decrease in the destruction rate.
In the second quarter of 2024, the Ethereum network destroyed 107,725 ETH while simultaneously issuing 228,543 ETH, resulting in a net increase of 120,818 ETH in circulation.
The ETH destruction rate decreased by 66.7% month-on-month due to lower network activity and lower gas fees. The decrease in transaction volume was a major reason for this decrease.
In the second quarter of 2024, the area that contributed the most to ETH destruction, ETH transfers, destroyed 6,838 ETH. This reflects the persistence of the use of the network for value transfer despite a decrease.
CoinGecko Report: Q2 Ethereum Turned Inflation, Circulating Supply Increased 120,000 Pieces
2024-07-20 14:40:19
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