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.

区块链技术似乎已准备好彻底改变众多行业。但是，区块链本身包含许多效率低下和需要改进的地方，即：交易费用和交易速度。有向无环图（DAG）可以解决这些效率低下的问题并加以改善，利用这种技术的许多数字货币已经开始出现。本文对基于DAG的资产背后的技术进行了解释，同时确定并突出了DAG相对于传统区块链所具有的战略优势。在一系列市场冲击之后，我们以监管公告的形式（例如对加密货币的禁令和广泛限制）对一系列基于区块链和基于DAG的加密货币进行了EGARCH波动率分析。我们发现，基于DAG的资产随着市场成熟而变得越来越敏感。这种行为反映了比特币，以太坊和莱特币等已建立的加密货币的行为，提供了证据表明基于DAG的加密货币现在具有与传统的基于区块链的产品类似的特征。