Overview

This note sets out why Ethereum’s supply pressure is engineered by design. Since the Merge, issuance is modest and predictable… the variable is fees. When network activity lifts fees, EIP-1559 burn takes the lead and net supply turns down. When activity relaxes, the small issuance shows through. I walk through the “since-Merge” and “since-Burn” lenses, then cross-check throughput, utilisation, and the mempool.