🔔Big news in blockchain! Puffer Finance, the Ethereum liquidity re-pledge protocol, announced that it has begun to convert stETH (total value of approximately US$1.36 billion) within the protocol to ETH, and the first redemption transaction has been completed! 🎉

Puffer Finance said that this move is to improve the current centralized status of Ethereum staking. It is expected that after the conversion is completed, stETH's dominance in Ethereum staking will drop by 1%. 📉

After all redeemed stETH is converted to ETH, it will be used to provide staking support for Puffer Finance's own verification nodes, and users do not need to perform any operations during this period. 👍

This is a major adjustment to the Ethereum liquidity re-pledge protocol. For the centralized problem of Ethereum staking, perhaps this will be the beginning of a solution. Let's wait and see! 👀