This 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.

Ethereum protocol updates and their implications for the ETH supply:

Genesis (2014)

• 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.

Byzantium (2017)

• Reduced ETH issuance to 3 ETH per block.

Constantinople (2019)

• Adjustment of ETH issuance to 2 ETH per block.

Beacon Chain Genesis (2020)

• 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)

London (2021)

• 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.

The Merge (2022)

• 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:

ETH Supply = Daily Validator Rewards - Base Fees Burned per Day