Delphi Digital's latest public research explores the background, development, and future of Ethereum in context of the critical challenges it is likely to face over the coming years, especially as it transitions to Serenity. Ethereum has received a lot of technical attention to Ethereum's protocol adjustments and upgrades, but Delphi Digital considers these changes with specific consideration to Ethereum’s long-term sustainability and future economics. Delphi also addresses items of particular controversy regarding Ethereum's status as a reliable store of value and the risks and mitigants that accompany migrating to proof of stake.