# ETH Supply Tracker: Burn vs Issuance

> Track ETH supply day by day: ETH burned through base fees and blobs, ETH issued to validators, the net issuance and the supply change since the Merge.

Markdown copy of https://voltfincrypto.com/apps/eth-supply-burn-vs-issuance

**Question:** Is ETH supply growing or shrinking right now, and how much ETH is burned versus issued per day?

- Kind: Dashboard in Voltfin Vantage
- Topic: [Ethereum](https://voltfincrypto.com/topics/ethereum)
- Chains: Ethereum
- Status: Planned. The data is not published yet, so this page states no figure; each figure will open its receipt when it is.

ETH supply changes every block in two directions. The protocol issues new ETH to validators as rewards for attesting, proposing and serving on sync committees, and it burns ETH with the base fee of every transaction and the fee of every blob. This dashboard measures both sides each day and shows which one is larger, so you can see whether supply is growing or shrinking and by how much.

Read the net issuance first: above zero, more ETH was issued than burned that day; below zero, supply shrank. The burn follows demand for block space, so it rises on busy days and falls on quiet ones, while issuance moves slowly with the amount of ETH staked. Every daily figure is pinned to the blocks and epochs it was read from, with a receipt anyone can re-check.

## Blueprint

### Today

Burn, issuance and net change for the current day and the latest complete one.

- **Burned so far today** (ETH): ETH burned in the current UTC day: base fees plus blob fees, summed from every block since midnight.
- **Issued, latest day** (ETH): ETH issued to validators on the latest complete day: rewards minus penalties across that day's epochs.
- **Net issuance, latest day** (ETH): Issuance minus burn on the latest complete day. Below zero, supply shrank that day.
- **Supply change, trailing year** (%): Net issuance over the trailing year as a share of supply at its start, the figure usually called ETH's inflation rate.
- **Burn vs issuance by day** (ETH): ETH burned and ETH issued each day over the selected period, with the net change between them.

### History

Burn, issuance and total supply since the Merge, by day, week or month.

- **Total supply** (ETH): Total ETH supply at the end of the latest complete day: the Merge baseline plus every day's net issuance since.
- **Change since the Merge** (ETH): Net change in supply from the first proof-of-stake block to the end of the latest complete day.
- **Burn by source** (ETH): ETH burned each week, split into transaction base fees and blob fees, so the effect of blob demand shows on its own.
- **ETH supply since the Merge** (ETH): Total ETH supply at the end of each day since the Merge, with each network upgrade marked at its activation block.
- **Issuance and ETH staked** (ETH): Daily issuance against total ETH staked, since issuance grows roughly with the square root of the stake.

Filters: Period (Last 30 days, 90 days, a year or since the Merge); Unit (ETH, or USD at each day's oracle price).

## How it will be measured

- Burn is read from every block: base_fee_per_gas times gas_used for transactions, plus blob_gas_used times the blob base fee for blobs, both of which the protocol destroys.
- Issuance is the day's rewards minus penalties on the beacon chain: the change in all validator balances, less new deposits and plus withdrawals paid out, so ETH moving between layers is never counted as new supply.
- Total supply starts from the supply at the first proof-of-stake block and adds each day's issuance minus burn; it is reconciled from time to time against a full count of execution and consensus balances.
- A day is the UTC day of block timestamps and the epochs that ended in it, and every figure carries a receipt: the blocks, epochs and reads behind it.

## Data it needs

- `eth_supply_daily` (to build): Daily ETH issued to validators, ETH burned through the EIP-1559 base fee, and the resulting net change in ETH supply.
- `gas_blocks` (to build): Base fee, priority fee percentiles, gas used and gas limit for each block on fee-market chains, for a near-live gas tracker.
- `blob_usage_daily` (to build): EIP-4844 blobs posted per day, blob gas used, blob base fee, and the rollup that posted them.
- `eth_staking_daily` (to build): Active validators, ETH staked, deposits, withdrawals and the entry and exit queues on the Ethereum beacon chain, by day, with staking-provider labels where known.
- `native_prices_daily` (to build): Reference prices of major assets read from on-chain oracle feeds (Chainlink latestRoundData) at each day's last block, with each round's update time.
- Source: Block headers on Ethereum: base_fee_per_gas, gas_used, blob_gas_used and excess_blob_gas
- Source: Beacon API validator balances at epoch boundaries, for rewards and penalties
- Source: DepositEvent logs of the beacon deposit contract and the withdrawals list in each block
- Source: Supply at the first proof-of-stake block, recorded with its source as the baseline
- Source: Chainlink ETH/USD feed at day-end blocks for USD values

## Questions

### Is ETH supply inflationary or deflationary?

It depends on the period. ETH is issued to validators at a rate set by how much ETH is staked, and burned at a rate set by demand for block space. When the burn is larger, supply shrinks; when issuance is larger, it grows. This dashboard shows the net result for each day and for longer periods, so the answer always comes with its dates.

### How much ETH is issued per day?

Issuance depends on the total amount of ETH staked: rewards per validator fall as stake grows, but total issuance rises roughly with the square root of the total stake. The dashboard reads the rewards actually paid each day from the beacon chain instead of estimating them from a formula.

### What burns ETH?

The base fee of every transaction is burned under EIP-1559, and so is the blob base fee paid for EIP-4844 blobs. Priority fees and MEV payments are not burned: they go to the block proposer. ETH sent to an unspendable address is lost to its owner but is not counted as protocol burn.

### Does staking change ETH supply?

Depositing ETH to stake neither creates nor destroys ETH; it moves it from the execution layer into a validator balance. New supply comes only from the rewards validators earn, which is why this dashboard takes deposits out and adds withdrawals back when it measures issuance.

### What is the difference between net issuance and the inflation rate?

Net issuance is the amount of ETH added or removed in a period: issuance minus burn. The inflation rate expresses that amount as a share of total supply, usually over a year. The dashboard shows both and states the period each one covers.

## Glossary

- **Issuance**: New ETH created by the protocol and paid to validators for attestations, block proposals and sync committee duties.
- **Burn**: ETH destroyed by the protocol: the base fee of each transaction and the blob base fee of each blob, removed from supply for good.
- **Net issuance**: Issuance minus burn over a period. Positive means supply grew; negative means it shrank.
- **The Merge**: The September 2022 switch of Ethereum from proof of work to proof of stake, after which new ETH is issued only to validators.

## Related apps

- [Is ETH Deflationary? ETH Supply Since the Merge](https://voltfincrypto.com/apps/is-eth-deflationary)
- [Ethereum Network Revenue: Daily Fees, Tips and Burn](https://voltfincrypto.com/apps/ethereum-network-revenue)
- [Total ETH Staked and Ethereum Staking Ratio](https://voltfincrypto.com/apps/total-eth-staked)
- [Ethereum Blob Fees and Blobs per Block vs Target](https://voltfincrypto.com/apps/ethereum-blob-fees)
- [Ethereum Gas Tracker](https://voltfincrypto.com/apps/ethereum-gas-tracker)
- [Ethereum Validator Queue: Entry and Exit Wait Times](https://voltfincrypto.com/apps/ethereum-validator-queue)

Build it in Voltfin Studio: https://app.voltfincrypto.com/signup?next=%2F