On May 10, Puffer Finance, the Ethereum liquidity re-staking protocol, announced on X that it has started the conversion of stETH (with a total value of about $1.36 billion) to ETH in the protocol, and the first redemption transaction has now been completed.
Puffer Finance added that the conversion of stETH to ETH is to improve the centralization of Ethereum staking. After the conversion is completed, the dominance of stETH over Ethereum staking is expected to decrease by 1%. All redeemed stETH will be used to provide staking support to Puffer Finance's own validating nodes after conversion to ETH, and users do not need to do anything during this period.
Puffer has started the conversion of stETH to ETH within the protocol, which is expected to reduce the dominance of stETH by 1%.
2024-05-10 01:21:32
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