# Ether's Scarcity Thesis Tested

As activity migrates to layer-2 networks that pay little to the base layer, ether's net supply will keep growing near the staking issuance rate, pushing the market to value ether as a yield asset rather than a deflationary one.

- Conviction: 36 / 100 (weakening)
- Horizon: Emerging (watchlist)
- Tracking since: 2026-10-10T00:00:00.000Z
- Last updated: 2026-10-12T14:07:13.213Z
- Canonical: https://polylog.news/crypto/trends/ether-scarcity-thesis-tested
- Publisher: Polylog
- Affected regions: Global

## Recent score history

- 2026-10-11: 38
- 2026-10-12: 36

## Recent evidence

- [confirms] Ether fee burns offset only 2.07% of new issuance in 2026 (2026-10-10): A CryptoSlate ledger dated Oct. 9 shows ether fee burns have offset only 2.07% of new issuance in 2026. That leaves net supply growing near the staking issuance rate and makes a deflationary-ether narrative depend on a large, so far absent, rise in paid blockspace demand.