This marks the first period of Ethereum becoming inflationary in the past year and a half since the Merge took place.
The Ether (ETH) supply has ceased to be deflationary following Ethereum’s highly anticipated Dencun upgrade that went live two months ago.
Total Ether supply increased to 120.1 million on May 7, from 120 million on March 12, before the Dencun upgrade was rolled out on mainnet, according to CryptoQuant data.
While this is a small increase, it marks the first period when Ether supply turned inflationary since September 2022, when the much-anticipated Merge transitioned Ethereum to its current proof-of-stake consensus model.
