Puffer has begun executing the conversion of stETH to ETH within the protocol, which is expected to reduce stETH's dominance by 1%.
On May 10th, Puffer Finance, a liquidity re-staking protocol for Ethereum, announced that it has started executing the conversion of stETH (with a total value of approximately $1.36 billion USD) to ETH. The first redemption transaction has now been completed. Puffer Finance added that the conversion of stETH to ETH is aimed at improving the centralized status quo of Ethereum staking. It is expected that after the conversion is completed, 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 after being converted to ETH, and users do not need to take any action during this period.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Altcoin Mania: 5 Coins That Could Turn $500 Into $1M in December 2024!
The price of the rune DOG•GO•TO•THE•MOON exceeded $0.008, with a 24-hour increase of 23.4%.
Bitcoin mining companies’ holdings ranking: Marathon Digital tops the list with 27,562 Bitcoins
Musk publishes a themed video about TERMINUS, the first city on Mars