Ethereum blockchain has officially and successfully switched (not hard forked) from Proof-of-Work (PoW) to Proof-of-Stake (PoS) protocol on the 15th of September 2022 at 06:42:42 UTC at block 15537393. This upgrade remains in the crypto history under The Merge codename.
But one thing that not many of us might know is the fact that together with The Merge, Ethereum incurred also a Triple Halvening. This translates to going over an issuance cliff roughly equivalent to three Bitcoin halvenings. In metrics, the Total Ethereum issuance drops from ~15k ETH per day to ~1.5k ETH per day. That is quite a drop which will contribute to the scarcity of the token and improve its price.
In addition to that the ProofOfStake protocol that will be governing Ethereum will be based on staking, thus locking your ETH cryptocurrency for a period of time in order to get rewards. That removes a bunch of tokens for the market contributing to its scarcity as well.
If on top of the Ethereum Triple Halvening we consider also the burning mechanism associated with the gas fees, that might transform it into a deflationary asset. Considering the high utility of cryptocurrency and the strong community all over the world, I think that great times are ahead of us.