• bitcoinBitcoin (BTC) $ 111,153.00
  • ethereumEthereum (ETH) $ 4,006.07
  • tetherTether (USDT) $ 1.00
  • bnbBNB (BNB) $ 1,178.15
  • xrpXRP (XRP) $ 2.41
  • solanaSolana (SOL) $ 193.20
  • usd-coinUSDC (USDC) $ 0.999806
  • staked-etherLido Staked Ether (STETH) $ 4,002.55
  • tronTRON (TRX) $ 0.320901
  • dogecoinDogecoin (DOGE) $ 0.196260
  • cardanoCardano (ADA) $ 0.669533
  • wrapped-stethWrapped stETH (WSTETH) $ 4,868.25
  • wrapped-beacon-ethWrapped Beacon ETH (WBETH) $ 4,318.42
  • wrapped-bitcoinWrapped Bitcoin (WBTC) $ 110,878.00
  • figure-helocFigure Heloc (FIGR_HELOC) $ 1.02
  • chainlinkChainlink (LINK) $ 18.05
  • ethena-usdeEthena USDe (USDE) $ 1.00
  • wrapped-eethWrapped eETH (WEETH) $ 4,320.70
  • bitcoin-cashBitcoin Cash (BCH) $ 522.01
  • stellarStellar (XLM) $ 0.324514
  • hyperliquidHyperliquid (HYPE) $ 37.36
  • suiSui (SUI) $ 2.68
  • wethWETH (WETH) $ 4,003.41
  • avalanche-2Avalanche (AVAX) $ 21.89
  • binance-bridged-usdt-bnb-smart-chainBinance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 1.00
  • leo-tokenLEO Token (LEO) $ 9.64
  • usdsUSDS (USDS) $ 0.999893
  • coinbase-wrapped-btcCoinbase Wrapped BTC (CBBTC) $ 111,059.00
  • hedera-hashgraphHedera (HBAR) $ 0.178927
  • usdt0USDT0 (USDT0) $ 1.00
  • litecoinLitecoin (LTC) $ 94.25
  • shiba-inuShiba Inu (SHIB) $ 0.000010
  • whitebitWhiteBIT Coin (WBT) $ 42.18
  • mantleMantle (MNT) $ 1.82
  • moneroMonero (XMR) $ 318.49
  • ethena-staked-usdeEthena Staked USDe (SUSDE) $ 1.20
  • the-open-networkToncoin (TON) $ 2.22
  • crypto-com-chainCronos (CRO) $ 0.156358
  • polkadotPolkadot (DOT) $ 3.13
  • daiDai (DAI) $ 0.998646
  • uniswapUniswap (UNI) $ 6.60
  • bittensorBittensor (TAO) $ 397.06
  • chainopera-aiChainOpera AI (COAI) $ 19.55
  • world-liberty-financialWorld Liberty Financial (WLFI) $ 0.139549
  • okbOKB (OKB) $ 177.71
  • zcashZcash (ZEC) $ 228.30
  • aaveAave (AAVE) $ 240.01
  • bitget-tokenBitget Token (BGB) $ 4.81
  • memecoreMemeCore (M) $ 1.99
  • ethenaEthena (ENA) $ 0.424069
  • pepePepe (PEPE) $ 0.000007
  • nearNEAR Protocol (NEAR) $ 2.33
  • blackrock-usd-institutional-digital-liquidity-fundBlackRock USD Institutional Digital Liquidity Fund (BUIDL) $ 1.00
  • jito-staked-solJito Staked SOL (JITOSOL) $ 238.58
  • usd1-wlfiUSD1 (USD1) $ 1.00
  • paypal-usdPayPal USD (PYUSD) $ 0.999768
  • aster-2Aster (ASTER) $ 1.30
  • c1usdCurrency One USD (C1USD) $ 0.999542
  • susdssUSDS (SUSDS) $ 1.07
  • ethereum-classicEthereum Classic (ETC) $ 16.29
  • aptosAptos (APT) $ 3.48
  • binance-peg-wethBinance-Peg WETH (WETH) $ 4,000.85
  • ondo-financeOndo (ONDO) $ 0.760975
  • falcon-financeFalcon USD (USDF) $ 0.997124
  • jupiter-perpetuals-liquidity-provider-tokenJupiter Perpetuals Liquidity Provider Token (JLP) $ 5.47
  • polygon-ecosystem-tokenPOL (ex-MATIC) (POL) $ 0.194765
  • worldcoin-wldWorldcoin (WLD) $ 0.922823
  • story-2Story (IP) $ 6.13
  • htx-daoHTX DAO (HTX) $ 0.000002
  • gatechain-tokenGate (GT) $ 15.98
  • binance-staked-solBinance Staked SOL (BNSOL) $ 208.04
  • kucoin-sharesKuCoin (KCS) $ 14.11
  • usdtbUSDtb (USDTB) $ 0.999884
  • internet-computerInternet Computer (ICP) $ 3.33
  • rocket-pool-ethRocket Pool ETH (RETH) $ 4,585.58
  • hash-2Provenance Blockchain (HASH) $ 0.035206
  • arbitrumArbitrum (ARB) $ 0.326891
  • pi-networkPi Network (PI) $ 0.207881
  • algorandAlgorand (ALGO) $ 0.194921
  • bfusdBFUSD (BFUSD) $ 0.999767
  • kelp-dao-restaked-ethKelp DAO Restaked ETH (RSETH) $ 4,226.58
  • tether-goldTether Gold (XAUT) $ 4,236.81
  • cosmosCosmos Hub (ATOM) $ 3.35
  • vechainVeChain (VET) $ 0.018243
  • wbnbWrapped BNB (WBNB) $ 1,177.08
  • kaspaKaspa (KAS) $ 0.057214
  • stakewise-v3-osethStakeWise Staked ETH (OSETH) $ 4,225.79
  • pudgy-penguinsPudgy Penguins (PENGU) $ 0.023359
  • kinetic-staked-hypeKinetiq Staked HYPE (KHYPE) $ 37.35
  • flare-networksFlare (FLR) $ 0.018805
  • liquid-staked-ethereumLiquid Staked ETH (LSETH) $ 4,321.05
  • render-tokenRender (RENDER) $ 2.72
  • skySky (SKY) $ 0.059788
  • pump-funPump.fun (PUMP) $ 0.003809
  • sei-networkSei (SEI) $ 0.215465
  • lombard-staked-btcLombard Staked BTC (LBTC) $ 110,826.00
  • pax-goldPAX Gold (PAXG) $ 4,248.11
  • renzo-restaked-ethRenzo Restaked ETH (EZETH) $ 4,247.56
  • official-trumpOfficial Trump (TRUMP) $ 6.07
  • syrupusdcSyrup USDC (SYRUPUSDC) $ 1.13
  • bonkBonk (BONK) $ 0.000015
  • nexoNEXO (NEXO) $ 1.17
  • jupiter-exchange-solanaJupiter (JUP) $ 0.363732
  • binance-bridged-usdc-bnb-smart-chainBinance Bridged USDC (BNB Smart Chain) (USDC) $ 0.999756
  • filecoinFilecoin (FIL) $ 1.59
  • solv-btcSolv Protocol BTC (SOLVBTC) $ 110,580.00
  • xdce-crowd-saleXDC Network (XDC) $ 0.061101
  • spx6900SPX6900 (SPX) $ 1.15
  • pancakeswap-tokenPancakeSwap (CAKE) $ 3.09
  • immutable-xImmutable (IMX) $ 0.541558
  • first-digital-usdFirst Digital USD (FDUSD) $ 0.997930
  • morphoMorpho (MORPHO) $ 1.97
  • mantle-staked-etherMantle Staked Ether (METH) $ 4,308.12
  • jupiter-staked-solJupiter Staked SOL (JUPSOL) $ 220.80
  • global-dollarGlobal Dollar (USDG) $ 1.00
  • arbitrum-bridged-wbtc-arbitrum-oneArbitrum Bridged WBTC (Arbitrum One) (WBTC) $ 111,160.00
  • doublezeroDoubleZero (2Z) $ 0.257419
  • celestiaCelestia (TIA) $ 1.08
  • injective-protocolInjective (INJ) $ 9.02
  • fasttokenFasttoken (FTN) $ 2.01
  • clbtcclBTC (CLBTC) $ 111,981.00
  • plasmaPlasma (XPL) $ 0.471674
  • ripple-usdRipple USD (RLUSD) $ 1.00
  • blockstackStacks (STX) $ 0.457139
  • lido-daoLido DAO (LDO) $ 0.917440
  • optimismOptimism (OP) $ 0.458071
  • msolMarinade Staked SOL (MSOL) $ 256.95
  • ousgOUSG (OUSG) $ 112.94
  • curve-dao-tokenCurve DAO (CRV) $ 0.553674
  • fetch-aiArtificial Superintelligence Alliance (FET) $ 0.294740
  • cgeth-hashkey-cloudcgETH Hashkey Cloud (CGETH.HASH) $ 3,791.63
  • aerodrome-financeAerodrome Finance (AERO) $ 0.824399
  • l2-standard-bridged-weth-baseL2 Standard Bridged WETH (Base) (WETH) $ 4,000.76
  • sonic-3Sonic (S) $ 0.190246
  • the-graphThe Graph (GRT) $ 0.066356
  • superstate-short-duration-us-government-securities-fund-ustbSuperstate Short Duration U.S. Government Securities Fund (USTB) (USTB) $ 10.86
  • flokiFLOKI (FLOKI) $ 0.000071
  • pyth-networkPyth Network (PYTH) $ 0.118765
  • ondo-us-dollar-yieldOndo US Dollar Yield (USDY) $ 1.09
  • usdx-money-usdxStables Labs USDX (USDX) $ 0.995381
  • saros-financeSaros (SAROS) $ 0.255055
  • tezosTezos (XTZ) $ 0.612477
  • kaiaKaia (KAIA) $ 0.110995
  • rna-2RNA (SN117) $ 4,708.96
  • tbtctBTC (TBTC) $ 110,692.00
  • arbitrum-bridged-weth-arbitrum-oneArbitrum Bridged WETH (Arbitrum One) (WETH) $ 4,006.11
  • gtethGTETH (GTETH) $ 4,009.62
  • stader-ethxStader ETHx (ETHX) $ 4,290.29
  • newton-projectAB (AB) $ 0.007383
  • ether-fiEther.fi (ETHFI) $ 1.16
  • iotaIOTA (IOTA) $ 0.146348
  • usdaiUSDai (USDAI) $ 1.03
  • myx-financeMYX Finance (MYX) $ 3.11
  • beldexBeldex (BDX) $ 0.078720
  • dashDash (DASH) $ 47.03
  • conflux-tokenConflux (CFX) $ 0.112921
  • trust-wallet-tokenTrust Wallet (TWT) $ 1.39
  • theta-tokenTheta Network (THETA) $ 0.566339
  • pendlePendle (PENDLE) $ 3.31
  • usual-usdUsual USD (USD0) $ 0.998419
  • havvenSynthetix (SNX) $ 1.60
  • coinbase-wrapped-staked-ethCoinbase Wrapped Staked ETH (CBETH) $ 4,407.45
  • dogwifcoindogwifhat (WIF) $ 0.545575
  • swethSwell Ethereum (SWETH) $ 4,423.23
  • ethereum-name-serviceEthereum Name Service (ENS) $ 16.18
  • galaGALA (GALA) $ 0.011553
  • astherus-staked-bnbAster Staked BNB (ASBNB) $ 1,243.94
  • the-sandboxThe Sandbox (SAND) $ 0.216200
  • bitcoin-avalanche-bridged-btc-bAvalanche Bridged BTC (Avalanche) (BTC.B) $ 111,180.00
  • mantle-restaked-ethMantle Restaked ETH (CMETH) $ 4,309.77
  • virtual-protocolVirtuals Protocol (VIRTUAL) $ 0.797589
  • starknetStarknet (STRK) $ 0.119834
  • raydiumRaydium (RAY) $ 1.93
  • mantle-bridged-usdt-mantleMantle Bridged USDT (Mantle) (USDT) $ 1.00
  • bittorrentBitTorrent (BTT) $ 0.00000051
  • binance-peg-dogecoinBinance-Peg Dogecoin (DOGE) $ 0.196074
  • jasmycoinJasmyCoin (JASMY) $ 0.010384
  • decentralandDecentraland (MANA) $ 0.259085
  • swissborgSwissBorg (BORG) $ 0.503273
  • true-usdTrueUSD (TUSD) $ 0.999889
  • usddUSDD (USDD) $ 1.00
  • steakhouse-usdc-morpho-vaultSteakhouse USDC Morpho Vault (STEAKUSDC) $ 1.10
  • aethirAethir (ATH) $ 0.034253
  • eigenlayerEigenCloud (prev. EigenLayer) (EIGEN) $ 1.26
  • polygon-pos-bridged-dai-polygon-posPolygon PoS Bridged DAI (Polygon POS) (DAI) $ 0.999849
  • vaultaVaulta (A) $ 0.300814
  • bridged-usdc-polygon-pos-bridgePolygon Bridged USDC (Polygon PoS) (USDC.E) $ 0.999806
  • arbitrum-bridged-wrapped-eethArbitrum Bridged Wrapped eETH (Arbitrum) (WEETH) $ 4,316.76
  • syrupMaple Finance (SYRUP) $ 0.425692
  • flowFlow (FLOW) $ 0.285677
  • ether-fi-staked-ethether.fi Staked ETH (EETH) $ 4,001.73
  • sun-tokenSun Token (SUN) $ 0.023997
  • bitcoin-svBitcoin SV (BSV) $ 22.46
  • zero-gravity0G (0G) $ 2.06
  • polygon-pos-bridged-weth-polygon-posPolygon PoS Bridged WETH (Polygon POS) (WETH) $ 4,002.94
  • frax-etherFrax Ether (FRXETH) $ 3,969.25
  • atomoneAtomOne (ATONE) $ 3.51
  • jito-governance-tokenJito (JTO) $ 1.09
  • benqi-liquid-staked-avaxBENQI Liquid Staked AVAX (SAVAX) $ 26.82
  • ai-companionsAI Companions (AIC) $ 0.413772

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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