Puffer Finance, a liquid restaking protocol, has achieved a significant milestone by surpassing $1 billion in Total Value Locked (TVL) in just three weeks since its inception. This remarkable achievement underscores the platform’s rapid growth and strong community support within the decentralized finance (DeFi) ecosystem. Puffer Finance offers users the opportunity to restake their assets seamlessly, contributing to the protocol’s burgeoning TVL.
Puffer Finance reaches $1 billion TVL
According to market reports, Puffer Finance has announced that its total value locked (TVL) has exceeded $1 billion. The platform has generated 46.2 billion Puffer points, 95 million Eigenlayer points, and a total annual percentage yield (APY) of more than 3.3%.
Liquid restaking protocols are in high demand among users as anticipation grows about potential uses for the Ethereum restaking juggernaut EigenLayer, as well as the possibility of prizes paid out to early adopters.
Puffer Finance is a decentralized finance (DeFi) network that provides an array of financial services to its consumers. The platform’s increase in TVL reflects growing interest and trust in its services.
The project is one of a few relying on the burgeoning “restaking” trend that has fueled a revival in decentralized finance on Ethereum.
Puffer and other liquid staking protocols, such as Ether.Fi, accepts deposits from investors and directs them to EigenLayer. This restaking protocol allows ether (ETH) stakeholders to earn interest for redeploying their assets to help secure third-party networks in addition to Ethereum, known as “actively validated services,” or AVSs.
Puffer claims its technology is “slash-resistant,” which means it has been engineered to reduce one of the most significant risks associated with restaking. Restakers face an increased chance of having their deposits “slashed,” which happens when they violate a network’s regulations (perhaps due to software faults).
Puffer is the second-largest liquid staking platform, following Ether.Fi, which reached $1 billion in deposits earlier this month.
EigenLayer has received $7.7 billion in deposits since its start in June, with much of its growth attributed to investment incentives provided by liquid restakers.
Puffer introduces $1 billion TVL boost
According to reports, Puffer Finance will launch their Boost on Immunefi on Thursday, February 22, inviting all whitehats to detect bugs and maintain their large new TVL safe.
The Boost will run from February 22, 8 a.m. UTC until March 7, 8 a.m. UTC.
A $50,000 USD prize pool is guaranteed for whitehats who hunt on their code, with an additional $200,000 for Critical identified, $50,000 per High, and a little bonus for each eligible Medium and Low.
Here’s a sidekick: unlike conventional bug bounties, duplicate finds will also be rewarded!
This Boost Puffer goes above and beyond Immuefi’s finest standards to provide a very enjoyable and interesting bug-hunting experience. Here’s how the bug hunt will run:
1. Bug reports are responded to within 24 hours during the weekdays.
2. Throughout the Boost, the Puffer development team will be answering technical questions directly.
3. Duplicates qualify for a reward!
4. If no bugs are discovered, the guaranteed $50,000 will be paid to whitehats who submit well-researched, well-written bug reports.
5. Immunefi’s Managed Triaging will be on top to ensure that all of your reports are completed quickly and easily.
6. Immunefi will post a scoreboard and problem reports for this Boost when it’s all over.
