Puffer Finance is 2nd biggest liquid restaking protocol on Ethereum

With a TVL of $857 million, Puffer Finance has positioned itself as the second most substantial liquid restaking protocol on the Ethereum blockchain. In addition to DeFi, users may deposit stETH and generate returns through ETH staking and pufETH. Prominent entities in the investment industry have taken notice of the protocol’s point system, anti-slashing component, and exclusive offerings.

The pre-mainnet campaign initiated by Puffer Finance received approval on January 31st, 2023, and encouraged users to deposit stETH in exchange for pufETH. This unique staking token offers additional yields within DeFi and generates a yield comparable to that of stETH. With a present market value of $2,354.85 and a daily trading volume of $276,182. Puffer Finance has experienced a daily decline of 0.98 percent. Market capitalization and ranking growth continue to be positive. 

The level of competition within the liquid restaking industry is perpetually escalating. In this circumstance, EigenLayer, EtherFi, Renzo, and Swell have collaborated to implement a tri-liquid staking pool on Balancer. As a consequence, liquidity providers will be granted the opportunity to accrue points with respect to the three LRT providers. 

The Total Value Locked (TVL) in LRT protocols expanded by nearly one thousand percent at the start of 2024, approaching three billion dollars. Puffer Finance has attained success due to the increased acceptability of its points program and anti-slashing tool. Investors in the protocol include Lightspeed Faction, Brevan Howard Digital, Jump Crypto, and Binance Labs.

Puffer Finance’s success demonstrates the capability with respect to liquid restaking protocols, despite the dynamic decentralized finance industry. Notable aspects of Puffer Finance’s success narrative include its current ranking as the second most liquid restaking protocol provider and its possession of $857 million in TVL. Individuals are provided with the choice to stake stETH within DeFi, yield staking ETH, or deposit stETH and receive pufETH in exchange. 

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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