Puffer Finance is a native Liquid Restaking Protocol (nLRP) built on the EigenLayer ecosystem. This platform allows Ethereum node validators to utilize liquid tokens for restaking, subsequently receiving liquid restaking tokens (known as native LRTs or nLRTs) to enhance their profit yields. Furthermore, Puffer Finance provides solutions to bolster security and mitigate risks associated with slashing for node validators through the implementation of two core technologies: Secure Signer and Remote Attestation Verification (RAVe).
Table Content:
Key Features of Puffer Finance
Puffer Finance aims to offer users a more flexible and efficient staking solution compared to traditional methods. This is achieved through several key features:
Secure Signer Technology
Secure Signer safeguards validators’ private keys from unauthorized access, minimizing the risk of slashing and enhancing the overall security of the Puffer Finance platform. This protection is crucial for maintaining the integrity of validator operations and user funds.
Remote Attestation Verification (RAVe)
RAVe enables validators to verify transactions with high integrity. Utilizing a remote attestation network, RAVe confirms the validity of validator claims, ensuring accurate and trustworthy transaction processing. This contributes significantly to the reliability of the network.
Capital Efficiency Optimization
Puffer Finance reduces the amount of ETH required to operate a node. This allows for increased participation from validators and optimizes capital efficiency, making staking more accessible and potentially more profitable.
Puffer Token Information
PUFFER Token Details
- Ticker: PUFFER
- Blockchain: Ethereum
- Contract: 0x4d1c297d39c5c1277964d0e3f8aa901493664530
- Total Supply: 1,000,000,000 PUFFER
PUFFER Token Allocation
The distribution of PUFFER tokens is as follows:
- Ecosystem & Community: 40%
- Investors: 26%
- Early Contributors & Advisors: 20%
- Airdrop Season 1: 7.5%
- Airdrop Season 2: 5.5%
- Protocol Guild: 1%
Regarding the PUFFER token release schedule for airdrops, the project announced a 65% unlock of airdropped tokens on the first day, with the remaining portion vesting linearly over six months.
Puffer Finance Team and Investors
The Team
Puffer Finance boasts a team of experienced professionals in the technology sector:
- Amir Forouzani: Co-Founder and CEO
- Jason Vranek: Co-Founder and CTO
Investors
Puffer Finance has secured significant funding from prominent investors:
- January 1, 2023: $650,000 from Jump Capital, IoTex, and Arcanum Capital, along with a grant from the Ethereum Foundation.
- August 9, 2023: $5.5 million in a Seed round led by Lemniscap, Faction, LBank Labs, and SNZ Capital, with participation from angel investors like Sreeram Kannan, Calvin Liu, Frederick Allen, and Mr. Block.
- January 30, 2024: Investment from Binance Labs to further develop Puffer Finance’s technology and infrastructure.
- April 16, 2024: $18 million in a Series A round led by Brevan Howard and Electric Capital, with a valuation of $200 million.
Similar Projects
Comparable projects to Puffer Finance include:
- Lido Finance: A leading Liquid Staking Derivative (LSD) protocol operating across multiple blockchains, including Ethereum.
- Lybra: An LSD protocol focused on enhancing asset flexibility on Ethereum and optimizing user returns through its stablecoin, eUSD.
