Crypto Blog
The Ethereum network’s activity and supply dynamics have remained positive over the first hours after Dencun, the most complex hard fork since the Merge, was launched on the blockchain.
Following the successful launch of Dencun, the total supply of ETH has continued to decline, falling to its lowest level since August 2022. With the total ETH supply sitting at 120.09 million, it is falling at a seven-day average of -5,000 ETH, the fastest daily pace since May 2023. The spike in transaction fees is due to high activity on the Ethereum network. This is evident in the number of daily transactions surging to high levels not seen since May 2023. Also, ETH transfers are at high levels, totaling more than one million daily.Besides the rise in network activity, transaction fees, and transfers, a high number of ETH are currently staked. Over 31.7 million ETH have been staked, representing around 26% of the total ETH supply.
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