Steno Research: Ethereum Transaction Revenue Skyrockets Post Trump’s Victory

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As a seasoned crypto investor with a knack for spotting trends and a portfolio that has weathered multiple market cycles, I find the recent surge in Ethereum’s transactional revenue particularly intriguing. The report from Steno Research highlights a significant boost for the Ethereum ecosystem, which is music to my ears. The increased staking rewards, burning of ether through transaction fees, and growing dominance over Tron in USDT circulation are all indicators of a vibrant and maturing crypto landscape.

Since Donald Trump’s presidential win, Ethereum‘s transactional income has experienced a substantial increase, as indicated by a recent study by Steno Research. Experts attribute this surge to a positive impact on the Ethereum network, revitalizing on-chain transactions with renewed energy.

According to Mads Eberhardt, an analyst at Steno Research, this result is essential for all transactions taking place on the blockchain.

Lately, a significant increase in income has set off various significant improvements, such as boosted reward payouts for staking and an uptick in ether being destroyed via transaction fees. The report underscored that these aspects combined positively impact Ethereum’s economics, making the cryptocurrency more attractive to potential investors.

Ethereum Surpasses Tron in USDT Circulation

The surge of USDT activity isn’t confined to Tron anymore; for the first time in over two years, more USDT is circulating on Ethereum than on the Tron blockchain. This change signals a significant trend favoring Ethereum in the blockchain industry. The escalating on-chain activity has boosted the need for ether, leading to increased transaction volume and revenue generation.

It’s worth noting that the Layer-2 networks on Ethereum, often referred to as ‘rollups’, are currently undergoing rapid expansion. These networks process transactions off the primary Ethereum blockchain, providing faster transaction speeds and lower costs. The number of daily transactions on these networks has been consistently increasing, and Steno anticipates this growth trend to continue.

Rollups function as a means of expanding Ethereum’s fundamental layer, helping to alleviate network congestion without compromising security. At present, the daily fees rollups pay to Ethereum are relatively low. According to Steno’s estimations, these fees could potentially surge to $1 million per day. If this projection comes true, it would signify a significant boost to Ethereum’s economic structure.

Ether ETFs Hit Record-Breaking $2.2B Inflows

Last Friday, I witnessed a notable achievement by ethereum-centric exchange-traded funds (ETFs) here in the U.S. They experienced their largest single-day net inflow to date, outpacing bitcoin ETFs for the first time. This event underscores growing investor conviction in Ethereum’s long-term promise, leaving me optimistic about its future prospects.

Ethereum (ETH) currently stands at $3,577, and over the past 24 hours, it has exhibited a volatility of 2.7%. Its market capitalization is an impressive $430.53 billion, with a 24-hour trading volume of $42.47 billion. Notably, Ethereum has seen a significant inflow of approximately $2.2 billion this year, as per a CoinShares report published on December 2. This is a substantial increase of around $2 billion compared to the previous year, marking a new record.

Bitcoin, represented as BTC and currently trading at $95,917, continues to hold its dominant position in the market with a 24-hour volume of approximately $94.77 billion. Over the past day, it has exhibited a volatility of 1.3%. Its total market capitalization stands at an impressive $1.90 trillion. However, despite this robust performance, Bitcoin experienced outflows worth $457 million recently. This is reportedly due to profit-taking as the coin neared the psychologically significant $100,000 mark, according to CoinShares. They stated, “Bitcoin saw outflows of US$457m, the first significant outflows since early September this year,” adding that this was likely due to profit-taking.

Additionally, multi-asset crypto products and Solana (SOL) with a current value of $223.7, also drew attention. They managed to attract $441 million and $110 million in investments over the past day, despite experiencing outflows totaling $20 million this week. However, Solana has shown resilience in the volatile market with a $40 million inflow for the month so far.

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2024-12-03 18:49