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Quasi-Experimental Research and Spillover Effects on Ethereum Merge

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  • Tsuyuguchi, Takeshi
  • Wang, Haibo

    (Texas A&M International University)

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.

Suggested Citation

  • Tsuyuguchi, Takeshi & Wang, Haibo, 2023. "Quasi-Experimental Research and Spillover Effects on Ethereum Merge," SocArXiv mg2zy, Center for Open Science.
    • Handle: RePEc:osf:socarx:mg2zy
    DOI: 10.31219/osf.io/mg2zy
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