- Puffer Finance is securing an $18 million funding spherical led by Brevan Howard Digital and Electrical Capital.
- Crypto exchanges Coinbase and Kraken are additionally investing within the Ethereum liquid change protocol.
Puffer Finance, an Ethereum liquid staking protocol on Eigenlayer, has raised $18 million in its newest funding spherical.
Tuesday’s announcement mentioned the Sequence A funding spherical was led by Brevan Howard Digital and Electrical Capital.
Puffer’s funding efforts have additionally attracted participation from a number of high enterprise capital companies, together with Constancy, Coinbase Ventures, Franklin Templeton and Consensys. Different key investments included Kraken Ventures, Lemniscap, Mechanism, Lightspeed Faction and Animoca.
As a liquid re-staking protocol, Puffer Finance permits ETH bettors to contribute to the decentralization of Ethereum by staking only one Ether (ETH). That is a lot lower than the 32 ETH that a person staker must earn Ethereum staking rewards.
The challenge’s Liquid Restaking Token (LRT) additionally permits holders to earn income from different DeFi tasks.
Development of Puffer Finance
Puffer Finance has raised $23.5 million as far as it nears its mainnet launch. The Sequence A spherical follows a $5.5 million seed spherical raised in 2023 led by enterprise capital companies Lemniscap and Lightspeed Faction.
Puffer has just lately collaborated on tasks such because the Ethereum L2 CyberConnect platform, the DeFi Balancer income heart, and the Wormhole multi-chain interoperability platform.
In accordance with DeFiLlam knowledge, Puffer’s TVL is roughly $1.15 billion. Whole locked-in worth reached $1.5 billion in mid-March.
