Have you ever wondered how the result of an election can have such a profound impact on the cryptocurrency market? According to the latest report released by Steno Research on Monday, the transaction revenue on the Ethereum blockchain saw a significant increase after Donald Trump won the U.S. election!
This result not only shook all on-chain activities but also revitalized the token economics of Ethereum. Steno analyst Mads Eberhardt pointed out that the surge in transaction revenue directly led to an increase in staking rewards and a rise in the amount of Ether (ETH) burned through transaction fees. All of this quietly enhances the attractiveness of Ether as an asset.
What is even more remarkable is that the distribution of stablecoins has also changed significantly. The number of USDT on Ethereum has exceeded its presence on the Tron network for the first time in over two years. This shift is undoubtedly the best proof of the surge in on-chain activities on Ethereum and reflects the corresponding increase in market demand for Ether. After all, Ether serves as an important 'fuel' for facilitating transactions on the network.
Moreover, this growth momentum is not limited to the Ethereum mainnet. Ethereum's second-layer networks (rollups) have also been quietly gaining traction, with daily trading volumes continuously rising. These rollups aim to increase transaction speed and reduce costs, making Ethereum's network more efficient. Although the daily fees they currently pay to the Ethereum network are still modest, Steno Research predicts that this number could reach an astonishing $1 million in the future! This will undoubtedly have a profound impact on the economic structure of the Ethereum network.
In related developments, the U.S. Ether spot exchange-traded fund (ETF) has also seen unprecedented net inflows in a single day, surpassing Bitcoin (BTC) similar products for the first time. This news undoubtedly injects more confidence and momentum into the future development of Ethereum.
So, when you see the election results again or hear news about the cryptocurrency market, take a moment to think about the potential connections between them. Perhaps the next market fluctuation that surprises you lies hidden within these seemingly unrelated events.
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