Like most modern blockchain networks, Ethereum has relied on economic incentives to promote honest participation in the chain's consensus. The distributed character of the platform, together with the "randomness" or "luck" factor that both proof of work (PoW) and proof of stake (PoS) provide when electing the next block proposer, pushed the industry to model and improve the reward system of the system. With several improvements to predict PoW block proposal rewards and to maximize the extractable rewards of the same ones, the ultimate Ethereum's transition to PoS applied in the Paris Hard-Fork, more generally known as "The Merge", has meant a significant modification on the reward system in the platform. In this paper, we aim to break down both theoretically and empirically the new reward system in this post-merge era. We present a highly detailed description of the different rewards and their share among validators' rewards. Ultimately, we offer a study that uses the presented reward model to analyze the performance of the network during this transition.

翻译：与大多数现代区块链网络类似，以太坊一直依赖经济激励来促进链上共识中的诚实参与。平台具备分布式特性，加上在工作量证明（PoW）和权益证明（PoS）选举下一个区块提议者时引入的“随机性”或“运气”因素，推动行业对该系统的奖励机制进行建模和优化。随着多项改进旨在预测PoW区块提议奖励并最大化可提取奖励，以太坊最终在巴黎硬分叉（更广为人知的“合并”）中应用了从PoW到PoS的转型，这标志着平台奖励体系的重大变革。本文旨在从理论和实证两方面深入剖析合并后时代的新奖励体系。我们提供了关于不同奖励及其在验证者奖励中占比的高度详细描述。最终，我们利用所提出的奖励模型进行了一项研究，以分析网络在此转型期间的表现。