Since the Merge update upon which Ethereum transitioned to Proof of Stake, it has been touted that it resulted in lower power consumption and increased security. However, even if that is the case, can this state be sustained? In this paper, we focus on the potential impact of competition with other smart contract platforms on the price of Ethereum's native currency, Ether (ETH), thereby raising questions about the safety and sustainability purportedly brought about by the design of Proof of Stake.

翻译：自以太坊通过“合并”升级转向权益证明以来，其被宣传为实现了更低的功耗和更高的安全性。然而，即便事实如此，这种状态是否能持续？本文聚焦于与其他智能合约平台竞争对以太坊原生货币ETH价格可能产生的影响，进而对权益证明设计所带来的所谓安全性与可持续性提出质疑。