The Week On-chain 48, 2023
The growth rate of the Ethereum validator set has slowed in recent weeks, as an increasing number of validators voluntarily exit. This has slowed the rate of ETH issuance. Alongside increasing ETH burnt via EIP1559 due to growing network activity, the ETH supply has turned deflationary once again.

Executive Summary
- The Ethereum staking pool has experienced a significant trend change marked by an increasing amount of validators exiting since October. This development correlates with a broader bullish uptrend across digital asset markets.
-The increased number of validator exits has contributed to a decline in daily ETH issuance, which is related to the amount of active ETH within the staking pool.
- Simultaneously, we have seen increased network activity, driven by renewed interest in tokens and stablecoins. This is reflected by an increase in gas fees being burnt via EIP1559 triggering a deflationary turn the ETH supply.


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