Odaily News According to ultrasound.money data, Ethereum’s supply is currently 120,521,523 ETH, which is about 383 more than the supply on the day of the merge upgrade. Jaehyun Ha, an analyst at Presto Research, said that the network’s Dencun upgrade last year was the cause of the Ethereum supply inflation.
Jaehyun Ha said, "With the launch of the Dencun upgrade, Ethereum added support for blob transactions, designed to handle large data loads more efficiently (especially L2). These transactions use a separate fee unit called 'blob gas', which is different from the standard gas fee applicable to regular transactions. As a large amount of transaction activity shifted to blob transactions, this change resulted in a decrease in the proportion of fees burned. Reducing fees means that the balancing effect that previously limited the net supply of ETH is now less obvious, even if overall network activity remains high or grows." (The Block)