The supply of ETH has been gradually increasing since mid-April with the Dencun upgrade decreasing competition for block space on the mainnet.
The supply of new Ether (ETH) has been in its longest inflationary spell since the Merge in 2022, and the blockchain’s Dencun upgrade in March seems to be responsible.
The supply of ETH has been gradually inflating, with over 112,000 ETH being added to the overall supply since April 14, according to Ethereum data dashboard ultrasound.money.
Much of this inflationary activity can be traced back to the Dencun upgrade which went through on March 13, which introduced nine Ethereum Improvement Proposals (EIPs), including EIP-4844 which appears to be the reason for the inflation.