Steem inflation phase 3 is coming to a close

Of course, the dates were always arbitrary. There's no sharp dividing line for inflation's behavior between June and July, but here's what I wrote back in July of 2023:

And here's what I wrote about Steem's daily inflation from now until 2037.

In my opinion, this is the most interesting part of the curve. The interest rate drops from 5.5% to its final value of 0.95%. But, remember the part about "This is better than Bitcoin because Bitcoin reduces its percentage by a harsh 50% all at once every four years."? Well, here we see new STEEM per day decline by 50% in seven years and then a second 50% decline in four years. It doesn't shock the system suddenly - in a single block - like Bitcoin does, but it is a pretty sharp decline.

During this period (all other factors being equal), the average rewards per account drops - by a lot.

No idea what this will mean to the general health of the ecosystem, but IMO, the next four (and 11) years are almost certainly going to look different from the last four (and 10).