Quasi-Experimental Research and Spillover Effects on Ethereum Merge

Takeshi Tsuyuguchi and Haibo Wang
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Haibo Wang: Texas A&M International University

No mg2zy, SocArXiv from Center for Open Science

Abstract: On September 15th, 2022, Ethereum transitioned from Proof of Work to Proof of Stake blockchain. The time-series Difference-in-Differences model is employed by taking the Bitcoin network as the control group while Ethereum as the treatment group to identify the effects of the protocol change. Vector AutoRegression models are used to identify the dynamic relationship between Ethereum and Bitcoin. Despite Ether's price dropping 10% initially, the daily returns and total fees in USD are not significantly different after Ethereum Merge, while trading volumes and various network factors in the Ethereum platform indicate significant differences compared to Bitcoin.

Date: 2023-11-05
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Persistent link: https://EconPapers.repec.org/RePEc:osf:socarx:mg2zy

DOI: 10.31219/osf.io/mg2zy

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