How is the Ethereum network doing these days?
In the last cycle ETH barely touched its previous ATH, while BTC has outperformed it by a lot. There was a small period when ETH did catch up a bit, but only for a short time and then fall off. On the other hand, there is now more competition in the space like Solana, BSC, SUI etc that are taking market share.
Since the PoS update back in 2022 the inflation for Ethereum has been reduced by 90%, from 4.3% to 0.43%. Additionally, part of the ETH for transactions is burned, that pushed Ethereum into deflationary territory. Meanwhile, the share of staked ETH kept on growing drying up the liquid ETH supply.
Let’s take a look.
Here we will be looking at:
- Overall Supply
- Number Of Wallets
- Active Wallets
- Transactions
- Fees
- Staked ETH
- Contracts
The data presented here is mostly gathered from the etherscan charts and Dune Analytics.
Supply
The overall supply now looks like this:
A steady increase in the supply from just above 70M in 2015 to close to 120M in 2022. After the transition to PoS in 2022, the supply has dropped a bit, and it is now around 117M.
Ethereum Supply After the Merge
The chart for the new ETH issued after the merge and the transition to proof of stake looks like this.
Note: This is data from ETHScan, there are some other sources that have different data on ETH supply and burns.
At first the inflation went down and from September 2022 to March 2024 it has reduced the ETH supply for more than 400k ETH.
Since May 2025 the ETH supply has been going down again, but at a very moderate rate and as mentioned, when we look at the big picture the ETH supply is almost constant in the last period.
The table for the yearly inflation looks like this.
From more than 10% down to negative -0.28% in 2023. In 2024 the inflation is at 0.24%, still less than the 0.43% base inflation, while for the 2025 it has been almost at the same level with just a small negative of 0.06%.
Number of Wallets
Now for the general network numbers.
Here is the chart for the total number of Ethereum wallets created.
Ethereum now has 405M wallets! The numbers of wallets keeps growing at a steady pace.
When we look at the number of new daily wallets created we get this chart.
This is starting from 2022.
Some sideways action here but still a relatively steady numbers up until 2025 since when it increased first to 200k then up to 500k per day. Maybe because the fees have dropped in the period and its cheaper to transact so more bots have emerged.
Active Wallets
How many of them are being used?
Here is the chart.
We can see that there was an overall uptrend up until 2021, reaching around 700k active wallets. Since then, there has been a downtrend up to December 2023, when it started growing again, from 400k to 600k active daily wallets.
In the last period the number of active wallets has increased again and it has been very volatile, heating 1M at moment, and back to 600k again.
Transactions
How about the number of transactions? Is the Ethereum network now more active after the merge? Here is the chart.
After a long period of when transactions were around 1.4M, in the last months they have spiked to 2M and above, even up to 3M at some point. Obviously Ethereum has increased its output and speed in the last period. An ATH in the number of transactions and reaching a new level of scalability while the fees remains low.
Fees
Here is the chart for Ethereum fees. Quite the ride.
At first there was a small increase in the fees back in 2017-2018 bull run. Then in the next bull run in 2021 a massive increase in the fees up to $100 at one point. A drop in 2022 in the range of 5 to 10 USD, and a further drop in the very last period to bellow one dollar. The current fees on Ethereum are the lowest since 2020.
Staking Ethereum
Staking a big topic in the Ethereum network since the PoS upgrade. Here in short will just check the share of ETH staked from the overall supply. Here is the pie.
A 33% staked ETH from all the supply. The trend for the staked ETH has been constantly up in the last period. For a token of this size and market cap this is quite a big share.
Number of Contracts
Here is the chart for the number of smart contracts deployed daily.
There was a peak in the number of contacts back in 2023, and then a drop in 2024, from 1k to around 400 where it has been in the last one year or two. The numbers have been volatile, going from 100 up to 500.
