  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.
