Puffer Finance

Puffer is a native liquid restaking protocol issuing pufETH; its Secure-Signer / RAVe anti-slashing technology lets node operators run with reduced bond while restaking on EigenLayer.

Native restaking with hardware-enforced anti-slashing, lowering the capital and risk to operate a restaked validator.

- pufETH (native Liquid Restaking Token): The protocol's reward-bearing nLRT. Users deposit ETH (or stETH, wstETH, WETH) into the Puffer vault and receive pufETH, which appreciates against ETH as it accrues Ethereum PoS staking rewards plus EigenLayer restaking rewards. Withdrawals and DeFi composability keep the staked capital liquid. - Secure-Signer: A remote-signing tool that runs inside a Trusted Execution Environment (Intel SGX enclave). It keeps validator keys in encrypted memory and hardware-enforces that only non-slashable messages can be signed, maintaining an EIP-3076 integrity-protected database of prior signatures to prevent slashing from accidents or compromised/buggy clients. Funded by an Ethereum Foundation grant. - RAVe (Remote Attestation Verification): A set of smart contracts that verify SGX remote-attestation evidence on-chain, letting an untrusted node operator cryptographically prove it is running Secure-Signer before being admitted to the pool. RAVe is the second deliverable of Puffer's Ethereum Foundation grant. - UniFi (based rollup + AVS): Puffer's flagship Layer-2 roadmap: UniFi is a based rollup and UniFi AVS on EigenLayer provides preconfirmations (preconfs) as a service for based-rollup fast finality. It is the primary use of the Binance Labs / L2 investment. - PUFFER token & vlPUFFER: PUFFER is the native governance token for the Puffer Protocol and UniFi ecosystem (1 billion max supply). vlPUFFER is a non-transferable, vote-escrow position minted by locking PUFFER (30 days at 1x up to 24 months at 24x multiplier; 10 PUFFER minimum) that grants voting weight over Puffer LRT parameters, UniFi AVS and UniFi Rollup.

- Puffer Finance (no native token) (—) — Token, No native token - pufETH (pufETH) — Receipt, LiquidRestaking

- Smart Contract: pufETH, PufferVault/Depositor, RAVe and related contracts hold pooled staked ETH; an exploit or upgrade/timelock error could cause loss of deposits despite multiple audits. - Network: Validator slashing risk on Ethereum: although Secure-Signer (SGX TEE) is designed to prevent slashable messages, downtime, penalties, or a flaw/compromise in the SGX enclave or attestation flow could still impair pufETH's backing. - Counterparty: Native restaking on EigenLayer means pufETH is exposed to EigenLayer AVS operators and their conditions; misbehavior, additional slashing at the AVS layer, or EigenLayer protocol risk feeds back into pufETH value. - Oracle: The pufETH-to-ETH exchange rate and reward accounting depend on rate/oracle inputs; manipulation or stale pricing could misprice pufETH in the vault or in downstream DeFi markets. - Governance: PUFFER/vlPUFFER holders and multisig/timelock controllers can change operator selection, supported assets, fees and upgrades; concentrated voting power or governance capture could push parameters against stakers' interests. - Collateral: pufETH accepts stETH/wstETH as deposit assets, so it inherits exposure to Lido's staking token; a depeg or issue with the underlying LST could affect Puffer's reserves and redemptions.

- Interest-bearing / money-market fund share: similar — pufETH is a liquid, transferable claim whose value accrues over time from an underlying yield stream, similar to how a money-market fund share grows in value while staying redeemable.; differs — Yield comes from Ethereum validation and restaking rather than short-term debt; there is no regulated custodian or NAV guarantee, and holders bear smart-contract, slashing and restaking (AVS) risks with no deposit insurance.