{"uuid":"4b59213c-168d-4b3e-621f-6691c6de74f4","categoryUuid":"7da7918d-5648-48ec-7267-812a87fac227","data":{"meta":{"name":"ETH: Supply and Issuance"},"configs":[{"meta":{"refUuid":"7f2e9030-4db2-4db4-762a-ae62341e4c32"},"uuid":"66c5f38f-8d38-48f6-a23a-2b13582d2177","extra":{"zoom":"All"},"configType":"workbench"},{"meta":{"content":"### ETH Supply Context: Ethereum Protocol History\n\nThis chart provides a breakdown of the ETH supply since the genesis.The history of Ether supply dynamics includes changes in issuance rates and the introduction of a burn rate, which eventually turned inflationary supply into deflationary.\n\n\nEthereum [protocol updates](https://ethereum.org/en/history/\n) and their implications for the ETH supply:\n\n\n***Genesis (2014)***\n\n- With the Ethereum ICO, roughly **72 million ETH **was distributed to team members and investors. Since then, ETH has been issued and distributed through the process of proof-of-work mining at a rate of **5 ETH per block**.\n\n***Byzantium (2017)***\n\n- Reduced ETH issuance to **3 ETH per block**.\n\n**Constantinople (2019)**\n\n- Adjustment of ETH issuance to **2 ETH per block**.\n\n***Beacon Chain Genesis (2020)***\n\n- Proof-of-Work continued on Ethereum mainnet, while the Beacon Chain run in parallel. Until the Merge, ETH was issued as miner rewards as well as validator rewards. While priced in already in the ETH supply, validators could not release their accumulated rewards to ETH mainnet until the Shanghai upgrade. (Besides this technicallity, the Shanghai upgrade has had no affect on the ETH supply and is therefore not included in this chart)\n\n***London (2021)***\n\n- This hardfork changed Ethereum's fee market and introduced the burn rate. Ethereum fees are split into base fees and priority fees. The base fee is determined by the protocol and changes accordingly to the network demand, expressed in dynamic block sizes. Priority fees are optional and can be paid to have transactions processed faster. The upgrade introduced a fee-burning mechanism, where the base fee is burnt, laying the groundwork for the ETH supply to become deflationary.\n\n***The Merge (2022)***\n\n- With the Merge, Ethereum makes the final switch from Proof-of-Work to Proof-of-Stake. From that point on, the issuance of ETH is determined solely by validator rewards. The ETH supply is now calculated as:\n\n\u003e ETH Supply = Daily Validator Rewards - Base Fees Burned per Day\n\n---------\n\nThe charts below show the total amount of ETH issued in contrast to the total amount of ETH burned since the Merge, as well as the amount of ETH issued and burned as a percentage of the total supply.\n"},"uuid":"0c0671d0-f477-4ffd-be36-7329528e4f78","extra":{"backgroundColor":"#ffffff"},"configType":"content"},{"meta":{"refUuid":"43bd350e-76f8-4c8b-5415-41f86db518f5"},"uuid":"1e1d1222-c470-4a8a-a69e-ee0312baecc3","configType":"workbench"},{"meta":{"refUuid":"6a0d4db5-9969-40e0-52a0-900f8e6f61c5"},"uuid":"513268c2-7f3f-41e4-9409-0524866c3159","configType":"workbench"},{"meta":{"refUuid":"eae6e3fc-5969-47e3-7c6e-6226a9c014e4"},"uuid":"3d7945b5-f4b8-4c32-bbd5-765a92259a7e","configType":"workbench"},{"meta":{"refUuid":"701afb51-f1e5-4e24-775f-fd45dcbafcd0"},"uuid":"f9dc640d-8221-4079-9e06-35a9c9d19b7b","extra":{"zoom":"1w"},"configType":"workbench"},{"meta":{"refUuid":"dc012b4f-d01a-4aae-5f6f-f28ef2cf4ed5"},"uuid":"939df9c1-cc8c-459d-b3ff-fa4929fb4591","extra":{"zoom":"2y"},"configType":"workbench"},{"meta":{"refUuid":"ac3c3d20-e2df-4f91-7acc-d4c428cb93c3"},"uuid":"06f3078a-991d-46b4-92ba-53dbfa3e5a35","extra":{"zoom":"1y"},"configType":"workbench"},{"meta":{"refUuid":"aec6a47e-1283-47c1-43a3-c69a1db235ab"},"uuid":"c029d2df-0710-4d73-bb51-2d76a1148f9e","configType":"workbench"},{"meta":{"refUuid":"aceeeb48-34ed-476a-7b0f-c6f3195937d1"},"uuid":"497e682b-812b-428b-be6d-763c49923f2d","configType":"workbench"},{"meta":{"content":"## Ether Supply Constituents\n\n------\n\nThe charts below show the annual as well as daily ETH issuance and burn rate, as well as the different components that influence each.\n \n- 🟢 The amount of ETH Issued is depending on the amount of Active Validators, the total Effective Balance in the staking pool as well as the Base Reward Factor, which is set by the protocol and currently sits at 64. \n\n- 🔵 The amount of ETH burned are depending on the network's gas usage. Ethereum fees are split into base fees and priority fees.\n\n\u003e **Priority fees** are paid to validators for having transactions processed faster.\n\u003e\n\u003e **Base fees** are determined by the protocol and changes accordingly to the network demand, expressed in dynamic block sizes. It is the base fee that gets burnt. "},"uuid":"e2761608-a9c4-43ea-9ba4-eae7e6369562","extra":{"backgroundColor":"#ffffff"},"configType":"content"},{"meta":{"refUuid":"bd7cf9fe-f0fe-496d-603b-f162f0c160cc"},"uuid":"76933a7e-91bd-4234-9459-cb88a196fcee","extra":{"zoom":"6m"},"configType":"workbench"},{"meta":{"refUuid":"68ddd071-d228-4dd3-7575-7e3946926c76"},"uuid":"3bc31478-6068-4aa2-a988-e546fdc6df64","configType":"workbench"},{"meta":{"refUuid":"beb3dca0-8def-4965-6146-02fd645d431f"},"uuid":"920a1400-0527-4d38-aaaa-49493d342218","extra":{"zoom":"6m"},"configType":"workbench"},{"meta":{"content":"### Disclaimer\n\n------\n\n*This dashboard and associated content does not provide any investment advice. All data is provided for information purposes only. No investment decision shall be based on the information provided here and you are solely responsible for your own investment decisions. For for details, please refer to our [Terms and Conditions](https://studio.glassnode.com/terms-and-conditions).*\n"},"uuid":"1094830b-2a80-403d-9408-157cd9673e87","extra":{"backgroundColor":"#ffffff"},"configType":"content"}],"layouts":[{"h":10,"i":"66c5f38f-8d38-48f6-a23a-2b13582d2177","w":8,"x":4,"y":0,"minH":1,"minW":3,"moved":false,"static":false},{"h":10,"i":"0c0671d0-f477-4ffd-be36-7329528e4f78","w":4,"x":0,"y":0,"minH":1,"minW":3,"moved":false,"static":false},{"h":10,"i":"1e1d1222-c470-4a8a-a69e-ee0312baecc3","w":12,"x":0,"y":10,"minH":1,"minW":3,"moved":false,"static":false},{"h":10,"i":"513268c2-7f3f-41e4-9409-0524866c3159","w":6,"x":0,"y":20,"minH":1,"minW":3,"moved":false,"static":false},{"h":10,"i":"3d7945b5-f4b8-4c32-bbd5-765a92259a7e","w":6,"x":6,"y":20,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"f9dc640d-8221-4079-9e06-35a9c9d19b7b","w":6,"x":6,"y":42,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"939df9c1-cc8c-459d-b3ff-fa4929fb4591","w":6,"x":0,"y":42,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"06f3078a-991d-46b4-92ba-53dbfa3e5a35","w":6,"x":6,"y":50,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"c029d2df-0710-4d73-bb51-2d76a1148f9e","w":6,"x":0,"y":30,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"497e682b-812b-428b-be6d-763c49923f2d","w":6,"x":0,"y":50,"minH":1,"minW":3,"moved":false,"static":false},{"h":4,"i":"e2761608-a9c4-43ea-9ba4-eae7e6369562","w":12,"x":0,"y":38,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"76933a7e-91bd-4234-9459-cb88a196fcee","w":6,"x":0,"y":58,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"3bc31478-6068-4aa2-a988-e546fdc6df64","w":6,"x":6,"y":30,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"920a1400-0527-4d38-aaaa-49493d342218","w":6,"x":6,"y":58,"minH":1,"minW":3,"moved":false,"static":false},{"h":4,"i":"1094830b-2a80-403d-9408-157cd9673e87","w":12,"x":0,"y":66,"minH":1,"minW":3,"moved":false,"static":false}]}}