Ethereum Transaction Revenue Soars Following Trump’s Election Victory, Steno Research Reports
Ethereum’s transaction revenue has seen significant growth since Donald Trump’s U.S. election win, according to a Monday report by Steno Research. The report highlights the growing impact on Ethereum’s ecosystem, including higher staking rewards and a surge in ether (ETH) being burned through transaction fees.
Mads Eberhardt, an analyst at Steno, stated that this increase is crucial for the overall health of on-chain activity. The combination of rising staking rewards and more ether being burned strengthens Ethereum’s tokenomics, making ether a more attractive asset for investors.
The report also noted that the amount of USDT (Tether) on the Ethereum network has surpassed the supply on the Tron blockchain for the first time in over two years. This shift underscores the booming on-chain activity, resulting in increased demand for ether to facilitate transactions and contributing to the rise in transactional revenue.
Steno also pointed to the growing number of daily transactions on Ethereum’s layer-2 networks, or rollups. These layer-2 solutions process transactions off the main Ethereum chain, improving speed and reducing costs. While the fees paid by rollups to Ethereum are not yet transformative, Steno projects that they could reach $1 million daily, which would significantly enhance Ethereum’s economic dynamics.
Additionally, Ethereum-based exchange-traded funds (ETFs) in the U.S. experienced their largest one-day net inflow to date on Friday, surpassing Bitcoin ETFs for the first time. This highlights the increasing investor interest in ether, further supporting the positive outlook for Ethereum’s ecosystem.
