Puffer Finance, an Ethereum liquid staking protocol on Eigenlayer, has recently secured $18 million in a funding round led by Brevan Howard Digital. This investment round also saw participation from top venture capital firms such as Fidelity, Coinbase Ventures, and Franklin Templeton. Notably, Kraken Ventures, Lemniscap, Mechanism, Lightspeed Faction, and Animoca were also involved in the funding.
As a liquid restaking protocol, Puffer Finance allows stakeholders to contribute to Ethereum’s decentralization by staking just 1 Ether (ETH). This is a much lower requirement compared to the 32 ETH needed for individual stakers to earn Ethereum staking rewards. Additionally, Puffer Finance’s Liquid Restaking Token (LRT) also enables holders to earn a yield on other DeFi projects.
Puffer Finance is currently gearing up for its mainnet launch and has raised a total of $23.5 million to date. This includes a $5.5 million seed round in 2023, co-led by venture capitalist firms Lemniscap and Lightspeed Faction.
Recent projects by Puffer Finance include Ethereum L2 platform CyberConnect, DeFi’s yield hub Balancer, and the multi-chain interoperability platform Wormhole.
According to DeFiLlama data, Puffer Finance’s total value locked (TVL) currently stands at around $1.15 billion, reaching a peak of $1.5 billion in mid-March 2009.
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