In crypto land, everyone and their uncle is talking and tweeting about the Ethereum merge, the major software update slated to happen shortly after midnight tonight. (We fielded the most pressing technical questions about the merge in our August 24 newsletter.) Much of the chatter is nervous excitement—excitement because the protocol is expected to become more efficient and environmentally friendly; nervous because if there’s a glitch, crypto markets are bound to go way out of whack.

For ethereum engineers, the stakes for moving from proof of work to proof of stake are high. But venture capital investors? They’re relatively unfazed by all the merge mania.