On December 3, 2024, it was reported that the amount of USDT on the Ethereum network has surpassed the supply on the Tron blockchain for the first time in over two years. This development indicates a significant increase in on-chain activity, leading to higher demand for ether (ETH) for transaction facilitation.
Steno Research highlighted that Ethereum's transactional revenue has surged since Donald Trump's U.S. election victory, contributing to higher staking rewards and increased ether burn through transaction fees. This trend strengthens Ethereum's tokenomics, making ether a more appealing asset.
Moreover, the daily transactions on Ethereum layer-2 networks, or rollups, are also on the rise, with expectations for continued growth. Steno estimates that daily fees from rollups could reach $1 million, providing a meaningful boost to the network's economics.
In a notable shift, ether spot exchange-traded funds (ETFs) in the U.S. recorded their largest one-day net inflow on December 1, surpassing bitcoin (BTC) versions for the first time.