Ethereum’s devs recently announced they would prioritize enabling withdrawals with the coming upgrades, pushing other Ethereum Improvement Proposals, including EIP-4844 or proto-danksharding, back until later this year.
Ethereum detractors have criticized the lack of staked Ether withdrawal functionality despite users being able to stake since the Beacon Chain’ launch in December 2020.
While Ethereum’s Proof of Stake consensus layer, the Beacon Chain, went live more than two years ago, it did not merge with the network’s mainnet execution layer until last September.
The upgrade reduced Ethereum’s energy consumption by more than 99.9% by booting Proof of Work miners from the network. It also drove a roughly 90% reduction in the inflation of ETH’s supply.
Combined with base transaction fees being burned since the EIP-1559 upgrade went live in August 2021, ETH’s supply became deflationary one month after The Merge — meaning that more Ether is removed from supply than are issued to stakers each day
Ethereum’s supply is down by 12,226 ETH or 0.01% since The Merge, according to Ultra Sound Money.
Ethereum is the largest Proof of Stake network with $29.2B or 14% of its circulating supply, according to Staking Rewards.