Re-staking management controls about $10.02B in assets, yet its weekly fee income is only $99,977. The plate isn’t small, but the liquidity on cash-out looks strikingly thin.
This isn’t PUFFER’s single-coin revenue data, but it directly challenges PUFFER’s re-staking valuation: the per-dollar fee on ordinary liquid staking is about 53 times that of re-staking. Asset size can’t replace revenue, and it can’t replace profit.
So I’m bearish on PUFFER: I’m only talking about the re-staking scale—without improvements in fees and profits, it can’t support a valuation rebound. A bounce may happen, but the business logic hasn’t caught up yet.
#PUFFER
This isn’t PUFFER’s single-coin revenue data, but it directly challenges PUFFER’s re-staking valuation: the per-dollar fee on ordinary liquid staking is about 53 times that of re-staking. Asset size can’t replace revenue, and it can’t replace profit.
So I’m bearish on PUFFER: I’m only talking about the re-staking scale—without improvements in fees and profits, it can’t support a valuation rebound. A bounce may happen, but the business logic hasn’t caught up yet.
#PUFFER