In that period, almost 2.7 million ETH were issued on Ethereum. The EIP-1559 upgrade and The Merge transformed ether supply control. Since The Merge update, which occurred on September 15, 2022, the Ethereum network has removed more than 2 million ethers (ETH), the protocol’s native asset, from circulation. Despite the magnitude of the amount destroyed, Ethereum today presents a slight inflationary behavior. Since that update, almost 2.7 million ETH were issued, which represents a 0.17% more tokens created than deleted. The ether burning system was introduced through Ethereum Improvement Proposal 1559 (EIP-1559), activated in August 2021. That implementation modified the network’s fee structure: instead of all fee payments going to validators, a portion of each commission is permanently destroyedthus reducing the total supply of ETH. Later, with The Merge, Ethereum abandoned the proof-of-work (PoW) mechanism, in which miners secured the network, and adopted proof-of-stake (PoS), in which validators are the ones who lock (or “stake”) their ethers to verify transactions and create new blocks. The combination of both changes altered the dynamics of the ether supply, which became so dependent on activity on the network and rewards distributed to validators. Although the actual net effect is inflationary, periods of high usage demand tend to increase commission burn, thus reducing supply and pushing towards deflation.