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Redefining market interdependencies: The ethereum merge's effect on 4IR assets, renewable energy, and tokens

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  • Naifar, Nader

Abstract

The Ethereum Merge on September 15, 2022, was a significant milestone for the blockchain and cryptocurrency space. This paper investigates the impact of the Ethereum transition to Proof-of-Stake on the interconnectedness among renewable energy investments, Fourth Industrial Revolution (4IR) assets, and tokens. The findings indicate a decrease in the connectedness among tokens post-merge, reflecting a divergence in their market behavior and a shift in the underlying drivers influencing their price dynamics. Moreover, the transition strengthened the integration between tokens and 4IR assets. Additionally, the interdependencies between tokens and renewable energy investments, such as biofuels and fuel cells, increased significantly, implying an improved perception of Ethereum as a more sustainable platform.

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  • Naifar, Nader, 2025. "Redefining market interdependencies: The ethereum merge's effect on 4IR assets, renewable energy, and tokens," Finance Research Letters, Elsevier, vol. 73(C).
    • Handle: RePEc:eee:finlet:v:73:y:2025:i:c:s1544612324017094
    DOI: 10.1016/j.frl.2024.106680
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