Liquid restaking protocol on top of EigenLayer, Puffer Finance announced it had launched its mainnet, facilitating the inclusion of a broader spectrum of Node Operators within its network to bolster decentralization and resilience.
With the mainnet launch, users now have the capability to deposit their ETH, stETH, or wstETH assets. Furthermore, an upcoming event, Chapter 4 of the Crunchy Carrot Quest, will unveil the renewed points system. Depositors will persist in earning both Puffer Points and EigenLayer Points, having an option opportunity to increase their Puffer Points through engagement with its decentralized finance (DeFi) and Layer 2 integrations. The PufETH withdrawals will soon be implemented.
Acknowledging the potential risks posed by excessive centralization of LSTs to Ethereum’s decentralization, Puffer Finance plans to exchange all stETH deposits into ETH within this month.
Moreover, Node Operators (NoOps) can now operate validators with 2 ETH, facilitated by Puffer Finance’s Secure-Signer technology and Validator Tickets (VTs) design. The ETH of validators is automatically restaked and delegated to support EigenLayer Actively Validated Services (AVSs).
In the announcement, Puffer Finance also revealed the intention to provide exclusive incentives for early adopters among stakers and Node Operators who engage with the protocol during its initial phase on the mainnet.
PUFFER MAINNET IS LIVE! Visit us at https://t.co/d8rOo2h8t8Let's usher in a new era of Liquid Restaking and keep Ethereum decentralized forever! pic.twitter.com/0CyyAW62qR
— Puffer Finance (@puffer_finance) May 9, 2024
Puffer Finance Acquired $18M Funding From Brevan Howard Digital And Electric Capital
Puffer Finance serves as EigenLayer‘s decentralized native liquid restaking protocol (nLRP), aimed at increasing the accessibility of native restaking on EigenLayer and facilitating individuals to operate an Ethereum PoS validator, simultaneously enhancing incentives.
The project represents the third largest liquid restaking protocol by total value locked (TVL), following Ether.Fi and Renzo, with TVL standing at $1.37 billion, as per data from DeFiLlama.
Recently, Puffer Finance has raised $18 million from Brevan Howard Digital and Electric Capital, among other contributors, in a Series A funding round. The round had a simple agreement for future tokens structure, which resulted in the project’s token valuation approaching $200 million.
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