Staking · Liquid Restaking · pufETH
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 liquid restaking with anti-slashing.
pufETH price
$2027.30
-0.6% 24h
Latest data · 15 min delay
Native restaking with hardware-enforced anti-slashing, lowering the capital and risk to operate a restaked validator.
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.
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.
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.
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 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.
$18M SAFT at $200M FDV, co-led by Brevan Howard Digital and Electric Capital (16 Apr 2024)
The Block — Puffer Finance $200M valuation funding1,000,000,000 PUFFER (governance token; ~102.3M initially circulating)
Puffer Docs — PUFFER Token and vlPUFFER8 May 2024
Puffer Finance — Welcome to Puffer MainnetHow Puffer Finance maps onto established TradFi structures, and where it diverges.
Interest-bearing / money-market fund share
Puffer Finance
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.
TradFi analogue
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.
Puffer Finance (Puffer Labs)
Core protocol developer The team building the Puffer native liquid restaking protocol, Secure-Signer/RAVe anti-slashing tooling and the UniFi based rollup. Governance is transitioning to PUFFER / vlPUFFER token holders over Puffer LRT, UniFi AVS and UniFi Rollup parameters.
Seed
2023-08-08$5.5M
Series A
2024-04-16$18M
Key milestones: launches, upgrades, exploits and governance events.
Mainnet launch
ExecutedPuffer's mainnet went live, opening native liquid restaking and node-operator participation. Announcement published 9 May 2024.
SourcePUFFER governance token launch
ExecutedPUFFER launched as the governance token for Puffer and UniFi, with the vlPUFFER vote-escrow mechanism.
SourcepufETH is Puffer's native liquid restaking token (nLRT). When you deposit ETH (or stETH/wstETH/WETH) you receive pufETH, which represents your stake and appreciates over time as it accrues both Ethereum proof-of-stake rewards and EigenLayer restaking rewards, while remaining liquid for use across DeFi.
Puffer is a native liquid *restaking* protocol built on EigenLayer, so pufETH earns an additional restaking-reward layer on top of base PoS yield. It also lowers the barrier to running a validator (as little as ~1 ETH of operator bond) and uses anti-slashing hardware (Secure-Signer) rather than relying solely on operator diligence.
Secure-Signer runs validator signing inside an Intel SGX Trusted Execution Environment. Keys stay in encrypted memory and the hardware only permits signing of non-slashable messages, backed by an EIP-3076 database of past signatures. This protects against slashing from accidents, double-signing or compromised/buggy consensus clients.
PUFFER is the governance token of Puffer Protocol and the UniFi ecosystem (1 billion max supply). Holders can lock PUFFER into non-transferable vlPUFFER to gain voting power over LRT parameters, operator selection, UniFi AVS fees and UniFi Rollup upgrades, with lock multipliers up to 24x for a 24-month lock.
UniFi is Puffer's based-rollup roadmap. UniFi AVS is an EigenLayer service that provides preconfirmations for based rollups, and the UniFi rollup is Puffer's Layer-2 aiming to inherit Ethereum's decentralization while offering fast finality.
