A little known fact is that ETH's maximum theoretical inflation rate decreases over time as it's a function of the total supply. As total supply increases, the maximum theoretical inflation rate decreases. At 120.5M ETH, it is 1.65%. At 220M, it is 1.22%. Note this is a theoretical maximum, in the event that: 1. 100% of ETH is staked 2. The amount of ETH burned from the EIP-1559 base fee is zero, due to very low onchain congestion In practice that has meant that ETH's inflation rate is often below 0.5% and sometimes even negative. If Ethereum successfully executes on the development roadmap and sees growing adoption, then it will also experience growing ETH burn from EIP-1559. So, combined with the gradually decreasing issuance rate, it will see growing deflationary pressures.
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