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

News on May 10th, Ethereum liquidity re-pledging protocol Puffer Finance announced at X that it has begun to execute the conversion of stETH (worth about $1.36 billion) within the agreement to ETH, and the first redemption transaction has now been completed. Puffer Finance added that converting stETH into ETH is intended to improve the centralized status of Ethereum pledges. It is expected that after the conversion is completed, stETH's dominant position in Ethereum pledges will drop by 1%. All redeemed stETH will be used for pledging support for Puffer Finance's own verification nodes after being converted into ETH, and users do not need to take any action during this period.