Definition. This chart presents the observed change in ETH supply on an hourly basis, immediately following the Merge, where Proof-of-Work issuance ceased permanently (15 September 2022, 06:50 UTC). It presents the following traces:

• Supply Minted by Proof-of-Stake 🟢 (columns, cumulative)

• Supply Burned by EIP-1559 🔴 (columns, cumulative, plotted negative)

• Net Supply Change Post Merge 🔵 (columns, the sum of the two)

Technical. Both legs are accumulated from the Merge timestamp at hourly resolution:

• PoS Minted = cumsum(diff(Minted Supply, 1), "2022-09-15 06:50") 🟢
• EIP-1559 Burned = -cumsum(diff(Burned Supply, 1), "2022-09-15 06:50") 🔴
• Net Supply Change = PoS Minted + EIP-1559 Burned 🔵

Interpretation. This view isolates Ethereum's supply behavior under its current consensus regime, free of the Proof-of-Work era's much heavier issuance. The green trace grows at the comparatively slow Proof-of-Stake reward schedule, while the red burn trace deepens with blockspace demand; the blue net trace answers the headline question of whether ETH has been inflationary or deflationary since the Merge. Periods where the net trace trends downward mark sustained deflation (burn outpacing issuance, typical of high-activity regimes), while an upward drift marks modest net inflation during quieter periods.

Notes. Built from Minted Supply and Burned Supply. The net trace is available standalone in Post-Merge Net Supply Issuance; for rate-based views see Proof-of-Stake Net Inflation Rate and Proof-of-Stake Net Supply Change.