Ethereum Supply Post-Merge metric
Overview
Two structural changes have shaped Ethereum's supply trajectory since the Merge. The first, EIP-1559, took effect on 5 August 2021 and permanently removes from circulation the base fee component of each transaction. The second, the transition to proof-of-stake via the Beacon Chain, slashed the daily issuance of new tokens from approximately 15,000 ETH to roughly 1,500 ETH—a reduction that has been labelled a 'triple halvening.' The net effect on total supply depends on the interplay between two variables: the amount of ETH burned, which rises and falls with network fee activity, and the amount issued to stakers, which is proportional to the total quantity of ETH staked. When blockspace demand is high, supply can contract; when it is low, supply grows. Aggregators like ultrasound.money calculate the circulating total by adding execution-layer balances to beacon chain balances and then subtracting beacon chain deposits. That methodology yields a figure of approximately 121.9 million ETH as of July 2026.
Within The Counterparty 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 Counterparty knowledge graph (confidence-weighted, 2 of 2 total).
| Relation | Connected entity | Confidence |
|---|---|---|
drives | Ethereum Base Fee | 95% |
affects | EIP-4844 Proto-Danksharding | 85% |
Frequently asked questions
What is Ethereum Supply Post-Merge?
Ethereum Supply Post-Merge is a metric tracked in The Counterparty knowledge graph. It is connected to 2 other tracked entities, most strongly to Ethereum Base Fee, EIP-4844 Proto-Danksharding.
What type of entity is Ethereum Supply Post-Merge?
Ethereum Supply Post-Merge is classified as a metric (metric) in The Counterparty knowledge graph.
What is Ethereum Supply Post-Merge connected to?
In The Counterparty knowledge graph, Ethereum Supply Post-Merge is linked to 2 other tracked entities, most strongly to Ethereum Base Fee, EIP-4844 Proto-Danksharding.
Sources
Facts in this record were checked against the following. Where a claim is not covered here, the record states only what the graph holds.