According to a report released on Monday by Steno Research, the Ethereum network saw a significant increase in transaction revenue after Donald Trump won the US election.
Mads Eberhart, an analyst at Steno, emphasized the significance of this result for all activity on the network, noting that the increase has led to higher staking rewards and an increase in the amount of ether (ETH) being burned through transaction fees. The report notes that these factors are boosting the economics of the Ethereum token, making ether more attractive as an investment asset.
Steno’s report also noted a notable shift in the distribution of stablecoins, with the amount of USDT on the Ethereum network surpassing that on the Tron network for the first time in over two years. This shift indicates an increase in activity on the network and a corresponding increase in demand for ether, which is used to facilitate transactions on the network.
Growth is not limited to the Ethereum mainnet. The number of daily transactions on Ethereum’s layer 2 networks, known as “rollups,” is also increasing. These “rollups” are designed to process transactions outside of the Ethereum mainnet, improving transaction speed and reducing costs.
These layer 2 networks run on top of the base layer and aim to alleviate scaling and congestion issues. While the daily fees these rollups pay to the Ethereum network are not currently significant, Steno Research predicts that they could reach 1 million SAR in the future, which would be a significant contribution to the network’s economic structure.
In a related development, US-based Ether spot ETFs saw their largest single-day net inflows on Friday, surpassing their Bitcoin (BTC) counterparts for the first time.