Puffer Finance, the new Ethereum ETH/USD staking sensation, has reached $850M in total value locked (TVL). After this milestone, Puffer has become the second-largest liquid restaking protocol.
Puffer, launched on February 1st, has provided a new mechanism for users to stake Ethereum and receive yield via a liquid staking token. It soon topped $146M on its first day and has continued to grow since then.
Puffer Finance implemented a five-stage points program to stimulate growth by rewarding users for interacting with their platform. Such incentives are popular in crypto, sometimes before airdrops. However, they do not always ensure one.
Puffer has a special feature that might be the reason for its popularity: anti-slashing technology that protects validators' interests while increasing productivity. This tool, together with the platform's TVL increase, according to industry analyst Charles Booth, may indicate Puffer Finance's increasing dominance in native liquid restaking procedures.
Puffer Finance raised $5.5m in a seed round and $650K in pre-seed funding from well-known investors before drawing in a highly sought-after investment from Binance Labs. With support and technology on its side, Puffer Finance is rapidly becoming one of the major players in the Ethereum staking market.
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