Since 2021, Ethereum has burned 6.1 million ETH, but the total supply continues to increase, mainly due to the interaction between the EIP-1559 mechanism and Proof of Stake (PoS). EIP-1559 aims to achieve deflation through the burning of base fees, but the amount of newly issued ETH exceeds the burned amount, resulting in net inflation. The latest Fusaka upgrade aims to improve network performance; if successful, it could enable Ethereum to become deflationary. The future development remains uncertain.