As we approach the Merge, we wanted to provide on how we are thinking about the Ethereum ecosystem and specifically Merge-related investments. This is meant as follow-up to the prior article we wrote on Ethereum, which can be found here. Since I published the original article in January much has transpired, some assumptions have changed and the outlook for the future has been altered. Despite this, the core thesis remains, Ethereum is set to undergo the largest structural shift in the history of crypto.