Ethereum Supply Post-Merge metric

Metric · PageRank 0.0015

Overview

Ethereum's post-Merge supply dynamics are the product of two changes: EIP-1559, live since 5 August 2021, which burns the base fee paid for transaction inclusion, and the Merge on the Beacon Chain, which replaced proof-of-work mining rewards with much smaller proof-of-stake issuance. The Merge cut daily issuance from roughly 15,000 ETH to about 1,500 ETH, a reduction sometimes described as a "triple halvening." Because burn scales with network fee activity while issuance scales with the amount of ETH staked, net supply growth can be positive or negative depending on demand for blockspace. Trackers such as ultrasound.money compute total supply from execution-layer balances plus beacon chain balances less beacon chain deposits, giving a figure of roughly 121.9 million ETH as of July 2026.

Within the DeFi Intel graph, Ethereum Supply Post-Merge connects to 2 tracked entities, most strongly to Ethereum Base Fee, EIP-4844 Proto-Danksharding.

Relations

Top connections in the DeFi Intel knowledge graph (confidence-weighted, 2 of 2 total).

Frequently asked questions

How much did the Merge reduce ETH issuance?

Daily issuance fell from roughly 15,000 ETH under proof-of-work to about 1,500 ETH under proof-of-stake — a cut sometimes called a "triple halvening" because it is roughly equivalent to three Bitcoin halvings.

What causes ETH supply to shrink?

EIP-1559, active since 5 August 2021, destroys the base fee paid for transaction inclusion. When the amount burned exceeds new issuance, total supply declines; when fee activity is low, supply grows.

What is Ethereum's total supply?

Roughly 121.9 million ETH as of July 2026, per ultrasound.money, which derives the figure from execution-layer balances plus beacon chain balances minus beacon chain deposits.