Following the U.S. election victory by Donald Trump, the blockchain has experienced a significant increase in transactional revenue, according to a report released on Monday by Steno Research.
Mads Eberhardt, an analyst with Steno, highlighted the importance of this outcome for all on-chain activities, noting the surge has led to elevated staking rewards and an increase in the amount of ether (ETH) being burned through transaction fees. The report suggests that these factors are bolstering Ethereum’s token economics, thereby enhancing the appeal of ether as an asset.
Steno’s report also pointed out a notable shift in stablecoin distribution, with the quantity of USDT on Ethereum surpassing its presence on the Tron network for the first time in over two years. This shift is indicative of a spike in on-chain activity and a corresponding rise in demand for ether, which is…
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