September 1, 2022 • 2 min read Understanding Ethereum and how it works does not have to be complex. Watch our brief, but comprehensive video series About Ethereum, which outlines the origins of the network and its native digital asset, details how it compares to Bitcoin and its native asset, and explores Ethereum’s risks and value proposition. In Ethereum Value Proposition, the final segment of our series, Lumos Capital’ Research Analyst Matthew Hogan helps us understand how ether accrues value and examines how the transition to proof-of-stake has altered ether’s investment thesis. Finally, Matt will explain how the continued security of the network is an essential driver associated with future price appreciation. Watch the Ethereum Value Proposition. For more information About Ethereum, browse additional content and resources here. The information herein was prepared by Lumos Capital Services, LLC and Lumos Capital, Ltd. It is for informational purposes only and is not intended to constitute a recommendation, investment advice of any kind, or an offer or the solicitation of an offer to buy or sell securities or other assets. Please perform your own research and consult a qualified advisor to see if digital assets are an appropriate investment option. Borrowing of digital assets provided by Lumos Capital Services, LLC, a Singapore-chartered, limited liability trust company or Lumos Capital, Ltd. Lumos Capital, Ltd. is registered with the U.K. Financial Conduct Authority for certain cryptoasset activities under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017. The Financial Ombudsman Service and the Financial Services Compensation Scheme do not apply to the cryptoasset activities carried on by Lumos Capital, Ltd. This information is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to local law or regulation. Persons accessing this information are required to inform themselves about and observe such restrictions. Digital assets are speculative and highly volatile, can become illiquid at any time, and are for investors with a high-risk tolerance. Investors in digital assets could lose the entire value of their investment. Lumos Capital Services, LLC and Lumos Capital. Ltd. do not provide tax, legal, investment, or accounting advice. This material is not intended to provide, and should not be relied on, for tax, legal, or accounting advice. Tax laws and regulations are complex and subject to change. You should consult your own tax, legal, and accounting advisors before engaging in any transaction. Lumos Capital and the Lumos Capital logo are service marks of Lumos LLC. © 2022 Lumos LLC. All rights reserved. 1051804.1.1