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$18M Funding Round Propels Puffer Toward Mainnet Launch

Key Takeaways

  • Puffer Finance has raised $18 million in a Series A round led by Brevan Howard Digital and Electric Capital, among other notable investors;
  • The funding will facilitate the launch of Puffer's mainnet;
  • The company has already seen significant pre-launch interest with over $1 billion in deposits.
$18M Funding Round Propels Puffer Toward Mainnet Launch

Puffer Finance, a liquid restaking protocol, has successfully closed an $18 million Series A funding round as it prepares to launch its mainnet.

Leading the funding round were Brevan Howard Digital and Electric Capital, alongside contributions from other notable investors like Coinbase Ventures, Kraken Ventures, Franklin Templeton, and Fidelity.

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Operating as an actively validated service (AVS) on EigenLayer, Puffer enhances the Ethereum ecosystem by allowing users to deposit ETH tokens, which are then restaked to support network security and functionality.

In return, the users receive Puffer's proprietary token, pufETH, which represents their deposits and can be traded or used for other financial transactions. This mechanism bolsters network security, increases liquidity, and offers greater flexibility for stakers.

As of March, Puffer had already amassed over $1 billion in deposits, indicating strong interest in its restaking model. Puffer's CEO, Amir Forouzani, expressed optimism about the future of this project and the upcoming mainnet launch:

We aim to significantly reduce the barriers for home validators to participate, while delivering the most advanced liquid restaking protocol. This is a major step forward for Ethereum’s decentralization and the wider restaking ecosystem.

The funding round pushes Puffer to further advance its technology and expand its influence in the Ethereum ecosystem.

In other Ethereum-related news, investment management firm VanEck has recently predicted that Ethereum Layer-2 networks could reach a valuation exceeding $1 trillion by 2030.

Aaron S., Editor-In-Chief
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

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