According to Odaily, ZKasino, a popular online casino, has applied to redeem 10,536 stETH, equivalent to approximately 31.56 million USD, into ETH. The stETH is expected to be redeemed at a 1:1 ratio into ETH by tomorrow.
On the 21st of last month, ZKasino deposited 10,515 ETH into Lido, a liquid staking solution for ETH 2.0. Over the course of 25 days, the deposit has earned an interest of 22 ETH. This move by ZKasino is seen as a strategic financial decision to maximize their returns on the Ethereum blockchain.
It is important to note that the conversion of stETH to ETH is a common practice in the crypto world. stETH is a token that represents staked ether in the Ethereum 2.0 blockchain. It allows users to earn rewards on their staked ETH without having to lock up their assets. The redemption of stETH into ETH by ZKasino is a clear indication of the growing use of staking solutions in the crypto industry.