Puffer Finance, a liquidity restaking protocol built on EigenLayer, has launched its mainnet, enhancing decentralization.
Puffer Finance, a liquidity restaking protocol based on EigenLayer, announced the launch of its mainnet, which allowed for the inclusion of a wider range of node operators in its network, strengthening decentralization and robustness.
With the mainnet launch, users can now deposit ETH, stETH, or wstETH assets. Additionally, an upcoming event, Chapter 4 of the Crunchy Carrot Quest, will unveil the revamped points system.
Depositors will also earn Puffer Points and EigenLayer Points. With the option to participate with its decentralized finance (DeFi) and Layer 2 interfaces, users can grow their Puffer Points. We anticipate the implementation of PufETH withdrawals soon.
In light of the concerns that could arise from an over-concentration of LSTs on Ethereum, Puffer Finance has decided to convert all stETH deposits into ETH before the end of this month.
Additionally, thanks to Puffer Finance’s Secure-Signer technology and Validator Tickets (VTs) architecture, Node Operators (NoOps) can now operate validators for 2 ETH. Automatic Restaked and Delegated Validator ETH provides support for EigenLayer Actively Validated Services (AVSs).
In addition to announcing the launch of the protocol on the mainnet, Puffer Finance said that they will be offering special incentives to stakers and node operators that participate in the protocol’s early stages.
Brevan Howard Digital & Electric Capital funded Puffer Finance to the tune of $18 million
To improve incentives and make native restaking on EigenLayer more accessible, Puffer Finance acts as EigenLayer’s decentralized native liquid restaking protocol (nLRP). It also makes it easier for anyone to run an Ethereum PoS validator.
According to data from DeFiLlama, the project has a total value locked (TVL) of $1.37 billion, making it the third largest liquid restaking protocol, behind Ether.Fi and Renzo.
Puffer Finance recently completed a $18 million Series A investment round, with participation from Electric Capital and Brevan Howard Digital, among other backers. The project’s token valuation is now close to $200 million because of the round’s straightforward agreement over the form of future tokens.
