Key Points
- Approximately 46,138 Ethereum [ETH] have been added to circulation in the last month, reaching a 30-day high of 120.14 million ETH.
- Ethereum’s DeFi ecosystem has grown significantly despite a decline in daily active addresses on the network.
The supply of Ethereum experienced a significant increase last month.
This increase is attributed to a decrease in daily active addresses on the network.
Ethereum Supply Inflation
Data from Ultrasound.money indicates that around 46,138 Ethereum [ETH], valued at approximately $176.22 million, were added to circulation in the last month.
This pushed Ethereum’s circulating supply to a 30-day high of 120.14 million ETH.
This steady increase in the number of ETH coins in circulation suggests that Ethereum’s supply is currently inflationary, a phenomenon that typically occurs when the network experiences a decline in user activity.
Data from Artemis confirms this decline, showing a decrease in the daily count of unique addresses interacting with the Ethereum blockchain over the past 30 days.
As of June 5, 361,200 addresses completed at least one transaction on Ethereum, representing a 14% drop from the 421,000 unique addresses transacting on the network on May 8.
Implications for DeFi and NFTs
Despite a decrease in user activity, Ethereum’s decentralized finance (DeFi) ecosystem has experienced significant growth.
The total value of assets locked (TVL) across all DeFi protocols on Ethereum has increased by 25.38% in the past 30 days.
According to data from DefiLlama, Ethereum’s TVL was $66.33 billion at press time, a year-to-date high and its highest level since May 2022.
In contrast, Ethereum’s non-fungible tokens (NFTs) sector has not seen the same level of success.
According to CryptoSlam, NFT sales volume on Ethereum has decreased by 56% in the past 30 days.
