Following the U.S. election victory by Donald Trump, the blockchain has experienced a significant increase in transactional revenue, according to a report released on Monday by Steno Research.
Mads Eberhardt, an analyst with Steno, highlighted the importance of this outcome for all on-chain activities, noting the surge has led to elevated staking rewards and an increase in the amount of ether (ETH) being burned through transaction fees. The report suggests that these factors are bolstering Ethereum’s token economics, thereby enhancing the appeal of ether as an asset.
Steno’s report also pointed out a notable shift in stablecoin distribution, with the quantity of USDT on Ethereum surpassing its presence on the Tron network for the first time in over two years. This shift is indicative of a spike in on-chain activity and a corresponding rise in demand for ether, which is used to facilitate transactions on the network.
The growth is not limited to the main Ethereum network. The number of daily transactions on Ethereum’s layer-2 networks, known as rollups, is on the rise. Rollups are designed to process transactions outside of the main Ethereum network, improving transaction speed and reducing costs.
These layer-2 networks operate atop the base layer and are aimed at alleviating scaling issues and data congestion. While the daily fees paid by these rollups to the Ethereum network are currently not substantial, Steno Research anticipates that they may reach $1 million in the future, which would represent a significant contribution to the network’s economic structure.
In a related development, spot exchange-traded funds (ETFs) in the United States witnessed their largest single-day net inflow on Friday, surpassing their bitcoin (BTC) counterparts for the first time.
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