Does cryptocurrency pricing response to regulatory intervention depend on underlying blockchain architecture?
研究了基于有向无环图（DAG）的加密货币与基于传统区块链的加密货币在监管冲击下的波动性反应，发现DAG资产成熟后对市场冲击的敏感度与传统加密货币趋同。
Blockchain technology appears to be ready to revolutionise a broad number of industries. However, the blockchain itself contains a number of inefficiencies and areas for improvement, namely: transaction fees and transaction speeds. Directed acyclic graphs (DAGs) address, and improve on these inefficiencies and a number of digital currencies utilising this technology have already begun to appear. This paper provides an explanation of the technology behind DAG-based assets, while identifying and highlighting strategic advantages that DAGs possess over traditional blockchains. We conduct an EGARCH volatility analysis of a range of blockchain-based and DAG-based cryptocurrencies in the aftermath of a range of market shocks, taking the form of regulatory announcements such as bans and broad restrictions for cryptocurrencies. We find that DAG-based assets become increasingly responsive to market shocks as they mature. Such behaviour mirrors that of established cryptocurrencies such as Bitcoin, Ethereum and Litecoin, providing evidence that DAG-based cryptocurrencies now share similar characteristics to traditional blockchain-chain based products.