• bitcoinBitcoin (BTC) $ 120,264.00
  • ethereumEthereum (ETH) $ 4,472.88
  • xrpXRP (XRP) $ 3.03
  • tetherTether (USDT) $ 1.00
  • bnbBNB (BNB) $ 1,086.82
  • solanaSolana (SOL) $ 233.21
  • usd-coinUSDC (USDC) $ 0.999811
  • dogecoinDogecoin (DOGE) $ 0.260388
  • staked-etherLido Staked Ether (STETH) $ 4,472.73
  • tronTRON (TRX) $ 0.342742
  • cardanoCardano (ADA) $ 0.865100
  • wrapped-stethWrapped stETH (WSTETH) $ 5,435.39
  • wrapped-beacon-ethWrapped Beacon ETH (WBETH) $ 4,827.08
  • chainlinkChainlink (LINK) $ 22.69
  • wrapped-bitcoinWrapped Bitcoin (WBTC) $ 120,223.00
  • ethena-usdeEthena USDe (USDE) $ 1.00
  • hyperliquidHyperliquid (HYPE) $ 50.46
  • avalanche-2Avalanche (AVAX) $ 30.78
  • stellarStellar (XLM) $ 0.405662
  • suiSui (SUI) $ 3.56
  • figure-helocFigure Heloc (FIGR_HELOC) $ 1.01
  • wrapped-eethWrapped eETH (WEETH) $ 4,822.59
  • bitcoin-cashBitcoin Cash (BCH) $ 592.88
  • wethWETH (WETH) $ 4,475.40
  • hedera-hashgraphHedera (HBAR) $ 0.226401
  • litecoinLitecoin (LTC) $ 119.02
  • leo-tokenLEO Token (LEO) $ 9.64
  • binance-bridged-usdt-bnb-smart-chainBinance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 1.00
  • usdsUSDS (USDS) $ 0.999812
  • coinbase-wrapped-btcCoinbase Wrapped BTC (CBBTC) $ 120,312.00
  • crypto-com-chainCronos (CRO) $ 0.215825
  • shiba-inuShiba Inu (SHIB) $ 0.000013
  • the-open-networkToncoin (TON) $ 2.82
  • usdt0USDT0 (USDT0) $ 1.00
  • polkadotPolkadot (DOT) $ 4.29
  • mantleMantle (MNT) $ 1.98
  • whitebitWhiteBIT Coin (WBT) $ 43.76
  • moneroMonero (XMR) $ 332.10
  • ethena-staked-usdeEthena Staked USDe (SUSDE) $ 1.20
  • world-liberty-financialWorld Liberty Financial (WLFI) $ 0.207816
  • uniswapUniswap (UNI) $ 8.31
  • daiDai (DAI) $ 0.999259
  • aaveAave (AAVE) $ 288.00
  • ethenaEthena (ENA) $ 0.629112
  • pepePepe (PEPE) $ 0.000010
  • okbOKB (OKB) $ 191.99
  • nearNEAR Protocol (NEAR) $ 2.96
  • bitget-tokenBitget Token (BGB) $ 5.29
  • aptosAptos (APT) $ 5.19
  • jito-staked-solJito Staked SOL (JITOSOL) $ 288.35
  • memecoreMemeCore (M) $ 2.09
  • bittensorBittensor (TAO) $ 323.97
  • ethereum-classicEthereum Classic (ETC) $ 20.01
  • ondo-financeOndo (ONDO) $ 0.954232
  • aster-2Aster (ASTER) $ 1.78
  • binance-staked-solBinance Staked SOL (BNSOL) $ 250.82
  • worldcoin-wldWorldcoin (WLD) $ 1.35
  • story-2Story (IP) $ 9.09
  • binance-peg-wethBinance-Peg WETH (WETH) $ 4,476.59
  • blackrock-usd-institutional-digital-liquidity-fundBlackRock USD Institutional Digital Liquidity Fund (BUIDL) $ 1.00
  • usd1-wlfiUSD1 (USD1) $ 0.999772
  • c1usdCurrency One USD (C1USD) $ 0.999823
  • paypal-usdPayPal USD (PYUSD) $ 0.999630
  • polygon-ecosystem-tokenPOL (ex-MATIC) (POL) $ 0.238873
  • pump-funPump.fun (PUMP) $ 0.006971
  • internet-computerInternet Computer (ICP) $ 4.55
  • arbitrumArbitrum (ARB) $ 0.449383
  • jupiter-perpetuals-liquidity-provider-tokenJupiter Perpetuals Liquidity Provider Token (JLP) $ 5.90
  • myx-financeMYX Finance (MYX) $ 11.69
  • susdssUSDS (SUSDS) $ 1.06
  • pi-networkPi Network (PI) $ 0.264354
  • zcashZcash (ZEC) $ 133.41
  • kaspaKaspa (KAS) $ 0.080828
  • doublezeroDoubleZero (2Z) $ 0.606551
  • vechainVeChain (VET) $ 0.023622
  • kucoin-sharesKuCoin (KCS) $ 15.66
  • cosmosCosmos Hub (ATOM) $ 4.29
  • kinetic-staked-hypeKinetiq Staked HYPE (KHYPE) $ 50.75
  • rocket-pool-ethRocket Pool ETH (RETH) $ 5,113.83
  • pudgy-penguinsPudgy Penguins (PENGU) $ 0.031725
  • algorandAlgorand (ALGO) $ 0.223850
  • gatechain-tokenGate (GT) $ 16.45
  • kelp-dao-restaked-ethKelp DAO Restaked ETH (RSETH) $ 4,718.69
  • flare-networksFlare (FLR) $ 0.025834
  • render-tokenRender (RENDER) $ 3.64
  • hash-2Provenance Blockchain (HASH) $ 0.038370
  • usdtbUSDtb (USDTB) $ 1.00
  • sei-networkSei (SEI) $ 0.298314
  • falcon-financeFalcon USD (USDF) $ 0.997646
  • bfusdBFUSD (BFUSD) $ 0.999699
  • stakewise-v3-osethStakeWise Staked ETH (OSETH) $ 4,716.18
  • plasmaPlasma (XPL) $ 0.920717
  • filecoinFilecoin (FIL) $ 2.38
  • skySky (SKY) $ 0.069907
  • liquid-staked-ethereumLiquid Staked ETH (LSETH) $ 4,829.79
  • bonkBonk (BONK) $ 0.000021
  • fetch-aiArtificial Superintelligence Alliance (FET) $ 0.602793
  • official-trumpOfficial Trump (TRUMP) $ 7.79
  • lombard-staked-btcLombard Staked BTC (LBTC) $ 120,369.00
  • jupiter-exchange-solanaJupiter (JUP) $ 0.469995
  • renzo-restaked-ethRenzo Restaked ETH (EZETH) $ 4,744.12
  • tether-goldTether Gold (XAUT) $ 3,864.40
  • immutable-xImmutable (IMX) $ 0.725730
  • xdce-crowd-saleXDC Network (XDC) $ 0.075964
  • optimismOptimism (OP) $ 0.747172
  • wbnbWrapped BNB (WBNB) $ 1,087.44
  • injective-protocolInjective (INJ) $ 12.90
  • nexoNEXO (NEXO) $ 1.25
  • jupiter-staked-solJupiter Staked SOL (JUPSOL) $ 266.32
  • celestiaCelestia (TIA) $ 1.49
  • solv-btcSolv Protocol BTC (SOLVBTC) $ 119,311.00
  • spx6900SPX6900 (SPX) $ 1.28
  • pax-goldPAX Gold (PAXG) $ 3,865.56
  • lido-daoLido DAO (LDO) $ 1.28
  • mantle-staked-etherMantle Staked Ether (METH) $ 4,809.23
  • binance-bridged-usdc-bnb-smart-chainBinance Bridged USDC (BNB Smart Chain) (USDC) $ 0.999752
  • syrupusdcsyrupUSDC (SYRUPUSDC) $ 1.13
  • blockstackStacks (STX) $ 0.620812
  • first-digital-usdFirst Digital USD (FDUSD) $ 0.998826
  • pancakeswap-tokenPancakeSwap (CAKE) $ 3.06
  • aerodrome-financeAerodrome Finance (AERO) $ 1.18
  • msolMarinade Staked SOL (MSOL) $ 309.96
  • sonic-3Sonic (S) $ 0.276692
  • curve-dao-tokenCurve DAO (CRV) $ 0.740057
  • arbitrum-bridged-wbtc-arbitrum-oneArbitrum Bridged WBTC (Arbitrum One) (WBTC) $ 120,124.00
  • clbtcclBTC (CLBTC) $ 120,768.00
  • the-graphThe Graph (GRT) $ 0.088102
  • pyth-networkPyth Network (PYTH) $ 0.158950
  • kaiaKaia (KAIA) $ 0.155246
  • ether-fiEther.fi (ETHFI) $ 1.73
  • fasttokenFasttoken (FTN) $ 2.01
  • cgeth-hashkey-cloudcgETH Hashkey Cloud (CGETH.HASH) $ 4,281.74
  • flokiFLOKI (FLOKI) $ 0.000087
  • pendlePendle (PENDLE) $ 4.99
  • raydiumRaydium (RAY) $ 3.04
  • saros-financeSaros (SAROS) $ 0.302520
  • ripple-usdRipple USD (RLUSD) $ 0.999791
  • dogwifcoindogwifhat (WIF) $ 0.782060
  • l2-standard-bridged-weth-baseL2 Standard Bridged WETH (Base) (WETH) $ 4,473.93
  • conflux-tokenConflux (CFX) $ 0.149588
  • virtual-protocolVirtuals Protocol (VIRTUAL) $ 1.15
  • tbtctBTC (TBTC) $ 119,842.00
  • tezosTezos (XTZ) $ 0.708130
  • iotaIOTA (IOTA) $ 0.182475
  • galaGALA (GALA) $ 0.016073
  • ousgOUSG (OUSG) $ 112.78
  • theta-tokenTheta Network (THETA) $ 0.737658
  • ethereum-name-serviceEthereum Name Service (ENS) $ 21.74
  • dexeDeXe (DEXE) $ 12.44
  • global-dollarGlobal Dollar (USDG) $ 0.999859
  • the-sandboxThe Sandbox (SAND) $ 0.286165
  • gtethGTETH (GTETH) $ 4,472.81
  • stader-ethxStader ETHx (ETHX) $ 4,789.71
  • usdx-money-usdxStables Labs USDX (USDX) $ 0.997400
  • ondo-us-dollar-yieldOndo US Dollar Yield (USDY) $ 1.09
  • eigenlayerEigenCloud (prev. EigenLayer) (EIGEN) $ 1.76
  • binance-peg-dogecoinBinance-Peg Dogecoin (DOGE) $ 0.260362
  • fartcoinFartcoin (FARTCOIN) $ 0.670017
  • newton-projectAB (AB) $ 0.008322
  • vaultaVaulta (A) $ 0.414939
  • superstate-short-duration-us-government-securities-fund-ustbSuperstate Short Duration U.S. Government Securities Fund (USTB) (USTB) $ 10.84
  • decentralandDecentraland (MANA) $ 0.338443
  • morphoMorpho (MORPHO) $ 1.94
  • jito-governance-tokenJito (JTO) $ 1.68
  • jasmycoinJasmyCoin (JASMY) $ 0.013288
  • starknetStarknet (STRK) $ 0.147974
  • arbitrum-bridged-weth-arbitrum-oneArbitrum Bridged WETH (Arbitrum One) (WETH) $ 4,473.86
  • aethirAethir (ATH) $ 0.051227
  • mantle-restaked-ethMantle Restaked ETH (CMETH) $ 4,812.20
  • flowFlow (FLOW) $ 0.378038
  • ether-fi-staked-ethether.fi Staked ETH (EETH) $ 4,470.69
  • bittorrentBitTorrent (BTT) $ 0.00000061
  • walrus-2Walrus (WAL) $ 0.406909
  • swethSwell Ethereum (SWETH) $ 4,918.85
  • coinbase-wrapped-staked-ethCoinbase Wrapped Staked ETH (CBETH) $ 4,927.43
  • beldexBeldex (BDX) $ 0.080325
  • swissborgSwissBorg (BORG) $ 0.586454
  • zero-gravity0G (0G) $ 2.68
  • arbitrum-bridged-wrapped-eethArbitrum Bridged Wrapped eETH (Arbitrum) (WEETH) $ 4,812.39
  • usual-usdUsual USD (USD0) $ 0.998430
  • bitcoin-avalanche-bridged-btc-bAvalanche Bridged BTC (Avalanche) (BTC.B) $ 120,221.00
  • trust-wallet-tokenTrust Wallet (TWT) $ 1.32
  • bitcoin-svBitcoin SV (BSV) $ 27.58
  • kinetiq-earn-vaultKinetiq Earn Vault (VKHYPE) $ 50.64
  • benqi-liquid-staked-avaxBENQI Liquid Staked AVAX (SAVAX) $ 37.71
  • usdaiUSDai (USDAI) $ 1.05
  • wormholeWormhole (W) $ 0.111067
  • wrapped-avaxWrapped AVAX (WAVAX) $ 30.79
  • bybit-staked-solBybit Staked SOL (BBSOL) $ 259.21
  • mantle-bridged-usdt-mantleMantle Bridged USDT (Mantle) (USDT) $ 1.00
  • loaded-lionsLoaded Lions (LION) $ 0.016510
  • heliumHelium (HNT) $ 2.66
  • frax-etherFrax Ether (FRXETH) $ 4,447.60
  • true-usdTrueUSD (TUSD) $ 1.00
  • dydx-chaindYdX (DYDX) $ 0.627869
  • polygon-pos-bridged-weth-polygon-posPolygon PoS Bridged WETH (Polygon POS) (WETH) $ 4,472.29
  • solmevSolMev (SN116) $ 2,398.72
  • sun-tokenSun Token (SUN) $ 0.025429
  • ethena-staked-enaEthena Staked ENA (SENA) $ 0.631931
  • instadappFluid (FLUID) $ 6.11

4.5M ETH Burned, Yet Supply Grows: Ethereum’s Deflation Dilemma

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4.5M ETH Burned, Yet Supply Grows: Ethereum’s Deflation Dilemma

Three years after Ethereum’s London Hard Fork aimed to curb supply growth, the network remains inflationary, defying initial deflationary promises.

Ether’s Deflation Promise Continues to Remain Unmet

As of April 13, 2025, Ethereum’s net ETH supply has grown by 0.805% annually since the London Hard Fork in August 2021, with 3,477,830.85 ETH added to circulation. Despite burning 4,581,986.52 ETH via EIP1559’s fee burning mechanism—a cornerstone of the upgrade—the burn rate has failed to consistently offset new issuance.

4.5M ETH Burned, Yet Supply Grows: Ethereum’s Deflation Dilemma

Since August 2021, $7.3 billion worth of ethereum ( ETH) has been burned.

Bitcoin, over the same three-year, eight-month period, recorded a higher annualized inflation rate of 1.517%, though its fixed supply cap contrasts with ETH’s uncapped model. The London Hard Fork, implemented in August 2021, introduced ETH burns to counterbalance block rewards. However, upgrades like Dencun in 2024 reduced transaction fees, slashing burn rates.

Lower network activity at times further limited fee revenue, allowing issuance to exceed burns. Ethereum’s current supply of 120.69M ETH reflects a 0.51% annual increase, contradicting expectations of sustained deflation, according to metrics collected by ultrasound.money. Since Ethereum’s burn mechanism was introduced, ETH transfers have led all activity with a total of 374,298.59 ether burned.

The non-fungible token (NFT) market Opensea follows as the second-largest contributor, responsible for burning 230,051.12 ether, largely driven by NFT transactions. Uniswap V2, operating via Router 2, ranks closely behind with 226,501.32 ether burned. Tether ( USDT) transactions on the Ethereum network have also played a significant role, resulting in the burning of 208,769.94 ether.

The Universal Router for Uniswap accounts for another 153,525.44 ether, while Uniswap V3 via Router 2 burned 124,596.09 ether. Metamask’s Swap Router contributed 89,489.95 ether to the burn total, and another Uniswap Universal Router instance rounds out the leaderboard with 84,388.61 ether burned. The asset’s price has dipped 10.5% this week to $1,601, aligning with broader market trends.

While deflationary periods occurred during peak network usage at specific times over the last few years, consistent scarcity remains elusive. Proponents argue that future upgrades or demand spikes could tip ETH into deflation, but current data highlights the challenge of balancing burns, issuance, and network efficiency. For now, Ethereum’s monetary policy as ‘Ultra Sound Money’ remains a work in progress.

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