Ethereum is in the midst of its longest inflationary period so far. And “blobs” could be to blame.

The circulating supply of ether has now risen steadily for almost 72 days in a row, having added nearly 50,000 ETH ($168.7 million) since the middle of April.

ETH holders benefit from any net supply burns due to increased scarcity. However, the opposite is currently happening — ETH is becoming less scarce — now that Ethereum’s base fee is sitting at some of its lowest points in the past two years.

All while the number of Ethereum mainnet transactions has gone up and layer-2 activity has exploded.

Read more: Blob base fee surges, Ethereum misses slots as ‘BlobScriptions’ go…

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