Last week marked the one year anniversary of The Merge, Ethereum’s pivotal transition to Proof of Stake which fundamentally changed the network's security model and economic policy. Post-Merge, yearly ETH issuance has fallen by close to 90% compared to the Proof of Work regime. Taking into account the burning of base fees, 65% of the days since The Merge have been net deflationary. Lower fees as of late have resulted in more positive ETH issuance days, though.