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> These are tradable instruments that will be redeemable at par in regular ether when the ethereum blockchain completes its migration to proof-of-stake consensus. But that won’t happen until August even if “everything goes according to plan”.

Withdrawals of staked ether will not be immediately possible post merge. This will only be part of a subsequent hard fork.

> The plan, however, does not address the possibility that the value of ether will be zero by then. So holders of stETH have been selling in the secondary market at a discount.

"possibility that the value of ether will be zero by then" - Seems like a bit of an overly dramatic comment, no? If you're long eth until withdrawals are enabled discounted stETH is free money. If you want to turn elsewhere, "stable"coins for example, you're selling stETH, which is clearly what's happening at the moment.

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