Puffer Finance has exchanged 10,000 stETH for ETH

05/21 01:32

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Puffer Finance announced on X platform that it has exchanged 10,000 stETH for ETH. Previously, Puffer Finance had started executing the protocol to redeem stETH (with a total value of approximately 1.36 billion US dollars) and has now completed the ETH conversion for the first redemption transaction. Puffer Finance added that converting stETH to ETH is to improve the centralization status of Ethereum staking. It is expected that after the conversion is completed, the dominant position of stETH in Ethereum staking will decrease by 1%. All redeemed stETH will be used to provide staking support for Puffer Finance's own verification nodes after being converted to ETH, and users do not need to take any action during this period.

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