According to ultrasound.money data, the total supply of Ethereum has gradually increased by more than 112,000 since April 14. Much of this inflationary activity can be traced back to the Dencun upgrade, which took place on March 13 and introduced nine Ethereum Improvement Proposals (EIPs), including EIP-4844, which appears to be the cause of inflation. EIP-4844 introduces the blob mechanism, a mechanism that allows transaction data to be separated and temporarily stored, thus reducing the block data fees paid on the Ethereum Layer 2 network. While this makes it significantly cheaper to execute transactions on Ethereum Layer 2 networks such as Abritrum and Optimism, the total amount of ETH burned on the mainnet is also significantly reduced.