• bitcoinBitcoin (BTC) $ 115,324.00
  • ethereumEthereum (ETH) $ 4,515.02
  • xrpXRP (XRP) $ 2.98
  • tetherTether (USDT) $ 1.00
  • bnbBNB (BNB) $ 922.11
  • solanaSolana (SOL) $ 234.39
  • usd-coinUSDC (USDC) $ 0.999683
  • dogecoinDogecoin (DOGE) $ 0.264412
  • staked-etherLido Staked Ether (STETH) $ 4,508.88
  • tronTRON (TRX) $ 0.345920
  • cardanoCardano (ADA) $ 0.858375
  • wrapped-stethWrapped stETH (WSTETH) $ 5,472.91
  • chainlinkChainlink (LINK) $ 23.37
  • wrapped-beacon-ethWrapped Beacon ETH (WBETH) $ 4,868.84
  • wrapped-bitcoinWrapped Bitcoin (WBTC) $ 115,385.00
  • hyperliquidHyperliquid (HYPE) $ 53.43
  • ethena-usdeEthena USDe (USDE) $ 1.00
  • suiSui (SUI) $ 3.50
  • avalanche-2Avalanche (AVAX) $ 29.46
  • figure-helocFigure Heloc (FIGR_HELOC) $ 0.995785
  • wrapped-eethWrapped eETH (WEETH) $ 4,851.33
  • stellarStellar (XLM) $ 0.377409
  • bitcoin-cashBitcoin Cash (BCH) $ 592.24
  • wethWETH (WETH) $ 4,515.18
  • hedera-hashgraphHedera (HBAR) $ 0.233546
  • leo-tokenLEO Token (LEO) $ 9.55
  • litecoinLitecoin (LTC) $ 112.93
  • the-open-networkToncoin (TON) $ 3.14
  • usdsUSDS (USDS) $ 0.999447
  • shiba-inuShiba Inu (SHIB) $ 0.000013
  • crypto-com-chainCronos (CRO) $ 0.227112
  • binance-bridged-usdt-bnb-smart-chainBinance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 1.00
  • coinbase-wrapped-btcCoinbase Wrapped BTC (CBBTC) $ 115,321.00
  • polkadotPolkadot (DOT) $ 4.14
  • whitebitWhiteBIT Coin (WBT) $ 43.57
  • ethena-staked-usdeEthena Staked USDe (SUSDE) $ 1.20
  • world-liberty-financialWorld Liberty Financial (WLFI) $ 0.220591
  • moneroMonero (XMR) $ 306.50
  • uniswapUniswap (UNI) $ 9.12
  • mantleMantle (MNT) $ 1.62
  • ethenaEthena (ENA) $ 0.696740
  • daiDai (DAI) $ 0.999810
  • bitget-tokenBitget Token (BGB) $ 4.96
  • pepePepe (PEPE) $ 0.000011
  • aaveAave (AAVE) $ 294.67
  • memecoreMemeCore (M) $ 2.49
  • okbOKB (OKB) $ 195.67
  • jito-staked-solJito Staked SOL (JITOSOL) $ 288.11
  • bittensorBittensor (TAO) $ 340.19
  • nearNEAR Protocol (NEAR) $ 2.60
  • ondo-financeOndo (ONDO) $ 1.02
  • ethereum-classicEthereum Classic (ETC) $ 20.26
  • worldcoin-wldWorldcoin (WLD) $ 1.51
  • aptosAptos (APT) $ 4.36
  • pump-funPump.fun (PUMP) $ 0.008293
  • pi-networkPi Network (PI) $ 0.361764
  • binance-staked-solBinance Staked SOL (BNSOL) $ 251.56
  • usdt0USDT0 (USDT0) $ 1.00
  • story-2Story (IP) $ 9.07
  • binance-peg-wethBinance-Peg WETH (WETH) $ 4,518.90
  • polygon-ecosystem-tokenPOL (ex-MATIC) (POL) $ 0.255393
  • usd1-wlfiUSD1 (USD1) $ 1.00
  • arbitrumArbitrum (ARB) $ 0.487746
  • internet-computerInternet Computer (ICP) $ 4.64
  • blackrock-usd-institutional-digital-liquidity-fundBlackRock USD Institutional Digital Liquidity Fund (BUIDL) $ 1.00
  • kaspaKaspa (KAS) $ 0.083428
  • jupiter-perpetuals-liquidity-provider-tokenJupiter Perpetuals Liquidity Provider Token (JLP) $ 5.79
  • susdssUSDS (SUSDS) $ 1.06
  • kinetic-staked-hypeKinetiq Staked HYPE (KHYPE) $ 53.53
  • cosmosCosmos Hub (ATOM) $ 4.45
  • myx-financeMYX Finance (MYX) $ 10.91
  • vechainVeChain (VET) $ 0.024011
  • pudgy-penguinsPudgy Penguins (PENGU) $ 0.032501
  • rocket-pool-ethRocket Pool ETH (RETH) $ 5,156.66
  • kucoin-sharesKuCoin (KCS) $ 15.93
  • algorandAlgorand (ALGO) $ 0.230950
  • gatechain-tokenGate (GT) $ 16.93
  • kelp-dao-restaked-ethKelp DAO Restaked ETH (RSETH) $ 4,751.61
  • render-tokenRender (RENDER) $ 3.76
  • fasttokenFasttoken (FTN) $ 4.48
  • sei-networkSei (SEI) $ 0.314246
  • hash-2Provenance Blockchain (HASH) $ 0.037828
  • falcon-financeFalcon USD (USDF) $ 0.999873
  • usdtbUSDtb (USDTB) $ 0.999689
  • bonkBonk (BONK) $ 0.000023
  • flare-networksFlare (FLR) $ 0.023211
  • stakewise-v3-osethStakeWise Staked ETH (OSETH) $ 4,751.85
  • bfusdBFUSD (BFUSD) $ 0.999712
  • official-trumpOfficial Trump (TRUMP) $ 8.49
  • skySky (SKY) $ 0.071685
  • filecoinFilecoin (FIL) $ 2.40
  • fetch-aiArtificial Superintelligence Alliance (FET) $ 0.633755
  • liquid-staked-ethereumLiquid Staked ETH (LSETH) $ 4,873.67
  • jupiter-exchange-solanaJupiter (JUP) $ 0.502590
  • lombard-staked-btcLombard Staked BTC (LBTC) $ 115,259.00
  • quant-networkQuant (QNT) $ 99.47
  • polygon-bridged-usdt-polygonPolygon Bridged USDT (Polygon) (USDT) $ 0.999967
  • renzo-restaked-ethRenzo Restaked ETH (EZETH) $ 4,776.13
  • tether-goldTether Gold (XAUT) $ 3,687.68
  • xdce-crowd-saleXDC Network (XDC) $ 0.076264
  • jupiter-staked-solJupiter Staked SOL (JUPSOL) $ 266.33
  • optimismOptimism (OP) $ 0.738974
  • celestiaCelestia (TIA) $ 1.67
  • injective-protocolInjective (INJ) $ 13.40
  • immutable-xImmutable (IMX) $ 0.668438
  • nexoNEXO (NEXO) $ 1.28
  • paypal-usdPayPal USD (PYUSD) $ 0.999863
  • wbnbWrapped BNB (WBNB) $ 922.13
  • mantle-staked-etherMantle Staked Ether (METH) $ 4,848.48
  • spx6900SPX6900 (SPX) $ 1.28
  • solv-btcSolv Protocol BTC (SOLVBTC) $ 115,603.00
  • blockstackStacks (STX) $ 0.645012
  • aerodrome-financeAerodrome Finance (AERO) $ 1.27
  • first-digital-usdFirst Digital USD (FDUSD) $ 0.997750
  • sonic-3Sonic (S) $ 0.300160
  • syrupusdcsyrupUSDC (SYRUPUSDC) $ 1.12
  • pax-goldPAX Gold (PAXG) $ 3,693.31
  • msolMarinade Staked SOL (MSOL) $ 310.10
  • saros-financeSaros (SAROS) $ 0.402638
  • binance-bridged-usdc-bnb-smart-chainBinance Bridged USDC (BNB Smart Chain) (USDC) $ 1.00
  • lido-daoLido DAO (LDO) $ 1.17
  • curve-dao-tokenCurve DAO (CRV) $ 0.734418
  • super-oethSuper OETH (SUPEROETH) $ 4,512.49
  • the-graphThe Graph (GRT) $ 0.092239
  • arbitrum-bridged-wbtc-arbitrum-oneArbitrum Bridged WBTC (Arbitrum One) (WBTC) $ 115,157.00
  • pyth-networkPyth Network (PYTH) $ 0.161038
  • flokiFLOKI (FLOKI) $ 0.000095
  • conflux-tokenConflux (CFX) $ 0.176189
  • kaiaKaia (KAIA) $ 0.153726
  • clbtcclBTC (CLBTC) $ 116,287.00
  • cgeth-hashkey-cloudcgETH Hashkey Cloud (CGETH.HASH) $ 4,388.21
  • dogwifcoindogwifhat (WIF) $ 0.877861
  • raydiumRaydium (RAY) $ 3.24
  • pancakeswap-tokenPancakeSwap (CAKE) $ 2.45
  • zcashZcash (ZEC) $ 50.47
  • pendlePendle (PENDLE) $ 4.87
  • l2-standard-bridged-weth-baseL2 Standard Bridged WETH (Base) (WETH) $ 4,513.29
  • fourFour (FORM) $ 2.13
  • fartcoinFartcoin (FARTCOIN) $ 0.813876
  • virtual-protocolVirtuals Protocol (VIRTUAL) $ 1.22
  • theta-tokenTheta Network (THETA) $ 0.801274
  • tezosTezos (XTZ) $ 0.754427
  • aethirAethir (ATH) $ 0.063330
  • ethereum-name-serviceEthereum Name Service (ENS) $ 23.08
  • galaGALA (GALA) $ 0.016555
  • iotaIOTA (IOTA) $ 0.185748
  • vaultaVaulta (A) $ 0.467739
  • ripple-usdRipple USD (RLUSD) $ 0.999660
  • ousgOUSG (OUSG) $ 112.58
  • the-sandboxThe Sandbox (SAND) $ 0.293891
  • stader-ethxStader ETHx (ETHX) $ 4,827.80
  • ondo-us-dollar-yieldOndo US Dollar Yield (USDY) $ 1.10
  • jito-governance-tokenJito (JTO) $ 1.81
  • tbtctBTC (TBTC) $ 114,961.00
  • jasmycoinJasmyCoin (JASMY) $ 0.014074
  • binance-peg-dogecoinBinance-Peg Dogecoin (DOGE) $ 0.264820
  • usdx-money-usdxStables Labs USDX (USDX) $ 0.996431
  • ether-fiEther.fi (ETHFI) $ 1.43
  • arbitrum-bridged-weth-arbitrum-oneArbitrum Bridged WETH (Arbitrum One) (WETH) $ 4,514.47
  • newton-projectAB (AB) $ 0.008381
  • morphoMorpho (MORPHO) $ 1.94
  • decentralandDecentraland (MANA) $ 0.332505
  • flowFlow (FLOW) $ 0.396746
  • coinbase-wrapped-staked-ethCoinbase Wrapped Staked ETH (CBETH) $ 4,962.22
  • bittorrentBitTorrent (BTT) $ 0.00000063
  • mantle-restaked-ethMantle Restaked ETH (CMETH) $ 4,851.49
  • ether-fi-staked-ethether.fi Staked ETH (EETH) $ 4,506.35
  • beldexBeldex (BDX) $ 0.082561
  • walrus-2Walrus (WAL) $ 0.412632
  • swethSwell Ethereum (SWETH) $ 4,876.75
  • usual-usdUsual USD (USD0) $ 0.998650
  • global-dollarGlobal Dollar (USDG) $ 0.999766
  • vision-3Vision (VSN) $ 0.165723
  • loaded-lionsLoaded Lions (LION) $ 0.017511
  • bitcoin-avalanche-bridged-btc-bAvalanche Bridged BTC (Avalanche) (BTC.B) $ 115,121.00
  • starknetStarknet (STRK) $ 0.129368
  • build-onBUILDon (B) $ 0.522360
  • benqi-liquid-staked-avaxBENQI Liquid Staked AVAX (SAVAX) $ 36.01
  • usddUSDD (USDD) $ 1.00
  • bitcoin-svBitcoin SV (BSV) $ 25.78
  • eigenlayerEigenCloud (prev. EigenLayer) (EIGEN) $ 1.53
  • polygon-pos-bridged-weth-polygon-posPolygon PoS Bridged WETH (Polygon POS) (WETH) $ 4,511.00
  • frax-etherFrax Ether (FRXETH) $ 4,495.71
  • based-brettBrett (BRETT) $ 0.050290
  • bybit-staked-solBybit Staked SOL (BBSOL) $ 258.59
  • true-usdTrueUSD (TUSD) $ 0.998692
  • mantle-bridged-usdt-mantleMantle Bridged USDT (Mantle) (USDT) $ 1.00
  • heliumHelium (HNT) $ 2.60
  • syrupMaple Finance (SYRUP) $ 0.428699
  • dydx-chaindYdX (DYDX) $ 0.610573
  • apecoinApeCoin (APE) $ 0.574480
  • neoNEO (NEO) $ 6.49
  • telcoinTelcoin (TEL) $ 0.004891
  • arweaveArweave (AR) $ 6.91
  • bridged-usdc-polygon-pos-bridgeBridged USDC (Polygon PoS Bridge) (USDC.E) $ 0.999658
  • polygon-pos-bridged-dai-polygon-posPolygon PoS Bridged DAI (Polygon POS) (DAI) $ 0.999769
  • steakhouse-usdc-morpho-vaultSteakhouse USDC Morpho Vault (STEAKUSDC) $ 1.10
  • coredaoorgCore (CORE) $ 0.437900
  • lineaLinea (LINEA) $ 0.028472
  • thorchainTHORChain (RUNE) $ 1.26

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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