Ethereum · ETH
The settlement layer for stablecoins and real-world assets
Issuance and the EIP-1559 burn cancel out, and ETH anchors the on-chain settlement layer for stablecoins and RWA — but you mainly need it to pay gas, not to capture that growth.
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ETH · the burn stays low, so issuance leads.
ETH is the native asset of Ethereum, a proof-of-stake Layer 1 — ~120.7M circulating, no fixed cap.
Sell pressure. Proof-of-stake issuance pays validators ~2,780 ETH a day with ~39M ETH staked — it scales with the amount staked. No vesting.
Buy pressure. EIP-1559 still burns the base fee, but the burn stays low since activity moved to L2 — only ~1,750 ETH a month, far below issuance.
Net. About +0.20% to market over 90 days — mildly inflationary while mainnet gas stays cheap.
Proof-of-stake issuance pays validators about 2,780 ETH a day (~0.250M over 90 days) with roughly 39M ETH staked — issuance scales with the amount staked. This is the only source of new ETH.
ETH has no vesting schedule and no team unlock — there is no locked allocation dripping into the market.
The Ethereum Foundation treasury (~0.26% of supply) runs no scheduled release; it sells small operational amounts of already-circulating ETH to stablecoins to fund research and stakes the rest, so no net-new supply enters. A June 2026 governance proposal to redirect up to 10% of staking rewards to ecosystem funding is under debate but not adopted and would not change issuance. Monitored.
No bankruptcy estate. About 39M ETH (~32%) is staked, which locks supply rather than adding it.
No protocol buyback — issuance is paid from new mint, not market purchases.
EIP-1559 burns the base fee on every block, but the burn stays collapsed since Dencun moved most activity to cheap L2 blobs — only about 1,750 ETH a month (~0.005M over 90 days), far below issuance. The burn rises again only when mainnet gas demand returns.
No Foundation accumulation programme.
Staking locks ETH for yield but is validator-driven, not a programme with an announced lock quantum.
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