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The latter is still valid for Ethereum until the update to ETH v2 and Proof of Stake is live. We are not there yet.

When is this expected to go live? I thought we'd be there by now.

It's been "coming soon" for years. It's basically just a greenwashing tactic that never has to be delivered on.

$5 billion+ is staked on ETH2 already. It's delivered, it just takes time to migrate the entire market cap.