“This outcome is crucial for all onchain activity,” wrote Mads Eberhardt, an analyst at Steno Research.
Ethereum’s transactional revenue has soared since Donald Trump’s election victory, according to a recent report from Steno Research. Analysts say this rise is a significant boost for the Ethereum ecosystem, bringing fresh vigor to on-chain activity.
“This outcome is crucial for all onchain activity,” wrote Mads Eberhardt, an analyst at Steno Research.
The recent surge in revenue has catalyzed several key developments, including higher staking rewards and an increased volume of ether burned through transaction fees. The report highlighted these factors collectively enhance Ethereum’s tokenomics, making the cryptocurrency more appealing to investors.
Ethereum Surpasses Tron in USDT Circulation
The growing activity isn’t just limited to ether. For the first time in over two years, the amount of USDT USDT $1.00 24h volatility: 0.0% Market cap: $167.13 B Vol. 24h: $122.34 B circulating on Ethereum exceeded that on the Tron blockchain. This marks a pivotal shift, underscoring Ethereum’s growing dominance in the blockchain space. The heightened on-chain activity has increased demand for ether to facilitate transactions, resulting in greater revenue.
Ethereum’s Layer-2 networks, known as rollups, are also experiencing unprecedented growth. These protocols handle transactions outside the main Ethereum blockchain, offering faster processing and reduced costs. Daily transactions on these networks continue to rise, and Steno expects the trend to persist.
Rollups serve as a bridge to scaling Ethereum’s base layer, easing network congestion while preserving security. Currently, daily fees paid by rollups to Ethereum are modest. However, Steno estimates they could soon reach $1 million. Should this prediction materialize, it would represent a substantial contribution to Ethereum’s economic framework.
Ether ETFs Hit Record-Breaking $2.2B Inflows
In parallel, ether-focused exchange-traded funds (ETFs) in the US hit a significant milestone last Friday. They recorded the largest one-day net inflow ever, surpassing bitcoin ETFs for the first time. This development signals increasing investor confidence in Ethereum’s long-term potential.
Ethereum ETH $4 639 24h volatility: 2.4% Market cap: $559.81 B Vol. 24h: $45.74 B has also made waves with an impressive $2.2 billion in inflows this year, according to a CoinShares report published on December 2. This is a staggering $2 billion increase compared to 2021, setting a new benchmark.
Bitcoin BTC $111 541 24h volatility: 2.7% Market cap: $2.22 T Vol. 24h: $52.51 B , while maintaining its dominant position, recorded inflows of $34 billion. However, the coin recently faced outflows of $457 million, which CoinShares attributes to profit-taking as bitcoin approached the psychologically significant $100,000 mark. “Bitcoin saw outflows of US$457m, the first significant outflows since early September this year,” CoinShares stated, adding that this likely stemmed from profit-taking.
Meanwhile, multi-asset crypto products and Solana SOL $197.2 24h volatility: 3.3% Market cap: $106.54 B Vol. 24h: $13.19 B also garnered attention. They attracted $441 million and $110 million in inflows, respectively. Though they experienced outflows of $20 million this week, Solana still recorded a $40 million inflow month-to-date, showcasing resilience in a volatile market.
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