According to Odaily, Puffer Finance has announced the conversion of 10,000 stETH to ETH on platform X. This move is part of an ongoing protocol within Puffer Finance to convert stETH, valued at approximately $1.36 billion, to ETH. The first redemption transaction has already been completed.
Puffer Finance stated that the conversion of stETH to ETH is aimed at improving the centralized status of Ethereum staking. It is anticipated that once the conversion is complete, stETH's dominant position in Ethereum staking will decrease by 1%. All redeemed stETH will be used to provide staking support for Puffer Finance's own validation nodes. Users are not required to take any action during this period.
