After the upgrade of Dencun, Ethereum's supply has decreased and on-chain transaction volume has soared to a new high in the past 12 months

The much-anticipated Dencun upgrade has significantly reduced the total supply of Ethereum. As of this week, the total supply of Ethereum has dropped to its lowest level since August 2022. Meanwhile, the number of active addresses on the Ethereum network has reached its highest level so far this year and in the past 12 months. The on-chain transaction volume of Ethereum has soared to a new high since the beginning of this year and over the past 12 months. According to data from The Block, there were 1.26 million transactions on the Ethereum blockchain yesterday with an on-chain transaction volume exceeding $7 billion.