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aberforth4TheDZhon
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Update docs/prd.md
Co-authored-by: Eugene Mamin <TheDZhon@gmail.com>
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docs/prd.md

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@@ -98,7 +98,7 @@ Users typically have two main pathways to obtain ETH when holding liquid staking
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Risk profile differs by pathway:
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* **Protocol-level withdrawal flow**: Users may face timing risks, including queues, limits, and delays at the Ethereum layer. The amount of ETH ultimately received is based on the protocol’s accounting of underlying staked ETH and may be affected in adverse scenarios (e.g., slashing events), but otherwise does not depend on secondary-market liquidity.
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* **Secondary-market trading**: Users may face price and liquidity risks, including price deviations from ETH, slippage, widening spreads, liquidity fragmentation, and adverse execution during periods of market stress or large swaps.In stressed conditions, secondary markets may trade at a discount (or premium) relative to ETH, and users may receive materially less ETH than expected when exchanging stETH/wstETH via third-party venues.
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* **Secondary-market trading**: Users may face price and liquidity risks, including price deviations from ETH, slippage, widening spreads, liquidity fragmentation, and adverse execution during periods of market stress or large swaps. In stressed conditions, secondary markets may trade at a discount (or premium) relative to ETH, and users may receive materially less ETH than expected when exchanging stETH/wstETH via third-party venues.
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Users, or agents acting on behalf of users, seeking to redeem ETH through the Lido smart contracts may face periods of illiquidity, for instance, when the overall Ethereum validator queue is long. Specifically, when many staking users (independently of the Lido protocol) are looking to unstake (and receive ETH) are seeking to exit staking and receive withdrawn ETH, the time it takes to execute the withdrawal increases because the network’s allowed throughput of unstaking acts as a bottleneck. This can create temporary periods of illiquidity which may have repercussions depending on a user’s liquidity preference and may impact the secondary trading price for both the liquid staking token and its underlying asset.
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