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May 09, 2024

Puffer Finance Launches Its Mainnet, Enhances Node Operator Inclusion For Network Decentralization

In Brief

Puffer Finance launched its mainnet, facilitating the inclusion of a broader spectrum of Node Operators within its network.

Puffer Finance Launches Its Mainnet, Enhances Node Operator Inclusion For Network Decentralization

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.

Keep track of cryptocurrency distributions in our Airdrops Calendar.

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.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

More articles
Alisa Davidson
Alisa Davidson

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

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