论文标题
以太坊过渡到列证的事件研究
An Event Study of the Ethereum Transition to Proof-of-Stake
论文作者
论文摘要
2022年9月15日，以太坊网络采用了一项证明（POS）共识机制。我们在信标链合并周围的两个月活动窗口中研究对网络和竞争平台的影响。我们发现，向POS的过渡将能源消耗降低了99.98％。矿工尚未转变为验证者，尽管以太币的交易费用（以ETH为单位）增长了近10％，但总体奖励收入（以USD为单位）下降了97％。前十名的Herfindahl指数为1,009；合并后，该网络的集中度降低了19％。自合并以来，以太坊供应增长一直是通缩的。现在，连续块之间的时间稳定在12秒钟，每天交易上涨7.0％。在多边形上，Matic费用上升了，但令牌费下降了。多边形也会放慢速度，每天处理交易减少3.3％。 Solana的费用下跌了0.0003美元，每天交易下跌了48％。稳定的转移量落在以太坊和多边形上，但在索拉纳上升高。
On September 15, 2022, the Ethereum network adopted a proof-of-stake (PoS) consensus mechanism. We study the impact on the network and competing platforms in a two month event window around the Beacon chain merge. We find that the transition to PoS has reduced energy consumption by 99.98%. Miners have not transformed into validators, and total block reward income (in USD) has fallen by 97%, though transaction fees (in ETH) for Ether have increased nearly 10%. The Herfindahl index for the top 10 is 1,009; the network is 19% less concentrated after the merge. Ethereum supply growth has been deflationary since the merge. The time between consecutive blocks is now steady at 12 seconds and transactions per day are up 7.0%. On Polygon, Matic fees rose but token fees fell. Polygon also slows, processing 3.3% fewer transactions per day. Solana's fees fall by $0.0003, and transactions per day are down 48%. Stablecoin transfer volumes fall on Ethereum and Polygon, but rise on Solana.
