Puffer has begun executing the conversion of stETH to ETH within the protocol, which is expected to reduce stETH's dominance by 1%.

Puffer Finance, the Ethereum liquidity re-pledge protocol, announced on X that it has begun converting stETH (with a total value of approximately US$1.36 billion) within the protocol to ETH, 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. It is expected that after the conversion is completed, stETH's dominance in Ethereum staking will drop by 1%. All redeemed stETH will be used to provide staking support for Puffer Finance's own verification nodes after conversion to ETH, and users do not need to perform any operations during this period. #新币挖矿