According to PANews, Puffer Finance, an Ethereum liquidity pledge protocol, has announced that it has begun the process of converting all stETH within its protocol to ETH. The first redemption transaction has already been completed. The total value of the stETH being converted is approximately $1.36 billion.
Puffer Finance has stated that the conversion of stETH to ETH is aimed at improving the centralized status of Ethereum pledges. It is anticipated that once the conversion is complete, stETH's dominant position in Ethereum pledges will decrease by 1%. All redeemed stETH will be used to provide pledge support for Puffer Finance's own verification nodes after being converted to ETH. Users are not required to take any action during this period.
