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.