The Effect of Consensus Algorithm on Ethereum Price and Volume

This study asks whether Ethereum's September 2022 switch from energy-intensive proof-of-work to proof-of-stake affected its price and trading volume. Using a statistical "synthetic control" method to build a comparison baseline, the authors find the switch raised Ethereum's price but had no meaningful effect on transaction volume. They suggest this is encouraging evidence that other blockchains could switch to proof-of-stake to attract investment while reducing environmental impact.