Puffer Finance has recently made significant waves in the decentralized finance (DeFi) space by emerging as the second-largest liquid restaking protocol on the Ethereum blockchain.
Liquid restaking, a novel concept pioneered by Puffer Finance, combines the benefits of liquidity provision with staking rewards, offering users an innovative way to maximize their returns while maintaining flexibility with their assets.
Puffer Finance becomes the second-largest liquid restaking protocol
The crypto industry and the ecosystems attached to decentralized finance have been on the growth curve for about 15 years now. With constant development and new ideas added to the market, one could miss out on much without a keen eye. Do not miss out on Puffer Finance. So what is Puffer Finance?
Puffer Finance is a decentralized native liquid restaking protocol built on EigenLayer that aims to improve Ethereum’s Proof of Stake payouts for its users. By allowing participants to stake ETH and obtain pufETH, Puffer’s native currency, the platform provides a streamlined path to earning improved benefits via Ethereum’s PoS and restaking methods.
This protocol uses powerful anti-slashing technologies and capital-efficient tactics to protect and optimize staker rewards, distinguishing it in the Ethereum staking environment.
Puffer Finance’s permissionless platform democratizes the process of running a validator, reducing the entrance barrier to less than 2 ETH. This not only broadens involvement but also increases the protocol’s growth potential.
Puffer Finance guarantees security and profitability to its users through a combination of liquid staking and restaking incentives, establishing a new standard for liquid staking solutions in the cryptocurrency sector.
Last year, Puffer Finance reported the successful completion of its seed round, which raised $5.5 million USD. Lemniscap and Lightspeed Faction co-led the round, which included Brevan Howard Digital, Bankless Ventures, Animoca Ventures, DACM, LBK, SNZ, and Canonical Crypto.
Other participants in Puffer’s seed round include community funds such as 33DAO, WAGMI33, and Concave, as well as angel investors such as DiscusFish, Co-founder of F2Pool & Cobo; Sreeram Kannan, Founder of Eigen Layer; Frederick Allen, Staking Sales Lead at Coinbase Institutional; Calvin Liu, Head of Strategy at Eigen Layer; Ramble, Founder of the North American Blockchain Association; Mr.Block: Core Contributor at Curve; Ladislaus von Daniels.
In addition, Puffer Finance disclosed an investment from Binance Labs before its launch.
How does Puffer Finance work?
Puffer Finance uses a properly designed process to improve Ethereum’s liquid staking landscape. Here’s an explanation of how it works:
Stake ETH: Users stake Ethereum to earn pufETH, Puffer’s liquid restaking token that democratizes PoS rewards.
Earn Rewards: Participants earn through two main methods: secure PoS rewards backed by anti-slashing technology and additional prizes through EigenLayer integration, which increases overall yield.
Boost with DeFi: PufETH holders can use DeFi platforms to increase their revenue while leveraging on the token’s liquidity.
Validator Tickets: Allows NoOps to run validators with minimum ETH, aligning incentives and promoting protocol progress.
Liquid rewards: The execution of AVS on EigenLayer by restaking operators increases pufETH’s value by giving instant incentives and demonstrating a commitment to immediate user benefits.
Details of the ongoing quest
Onto good news. Puffer has an ongoing Airdrop planned out as a quest. Participating in the airdrop allows you to receive a portion of $Puff tokens before Puffer Finance’s suite of products is released later this year. To be eligible for the airdrop, you must stake BNB, BUSD, or ETH on Puffer’s website throughout the campaign duration.
The more you stake, the higher your $Puff token payoff. After the Chapter 1 campaign is completed, the $Puff token awards will be computed and given. The ultimate date is still to be made public.
1. Start the process by first going to the Puffer website and clicking “Launch Puffer Quest”
2. Then Connect a live crypto wallet because unused wallets are ineligible
3. Confirm your enrollment in your wallet
4. You’ll move to the secret airdrop page
5. Complete all Puffer quests
6. You are done. Coins are immediately delivered to your wallet.
