Quick take:
- The fundraising was executed via a simple agreement for future tokens(SAFT), valuing the protocol at $200 million.
- Coinbase Ventures, Kraken Ventures, Franklin Templeton, Fidelity, Mechanism Capital, Lightspeed Faction, Consensys, Animoca, GSR and Lemniscap also joined the round.
- The EigenLayer-powered Puffer Finance currently has a TVL of more than $1.1 billion according to DeFiLlama.
Ethereum-based liquid restaking protocol Puffer Finance has raised $18 million in a Series A round co-led by Brevan Howard and Electric Capital.
The fundraising also attracted participation from Coinbase Ventures, Kraken Ventures, Franklin Templeton, Fidelity, Mechanism Capital, Lightspeed Faction, Consensys, Animoca, GSR and Lemniscap, with Polygon’s Sandeep Nailwal, Wormhole’s Anthony Ramirez, AltLayer co-founder Yaoqi Jia and Pendle Finance core contributor Anton Buenavista joining as angel investors.
Puffer Finance executed the fundraising as a simple agreement for future tokens (SAFT), at a valuation of $200 million, The Block reported. This fundraising follows Puffer Finance’s $5.5 million seed round announced in January. The company plans to use the fresh capital to accelerate its mainnet launch on Ethereum.
The EigenLayer-powered Puffer Finance is one of the leading liquid staking protocols on Ethereum, with a TVL (total value locked) of more than $1.1 billion according to DeFiLlama. The announcement also comes on the heels of EigenLayer’s mainnet launch, which saw the platform’s TVL cross the $15 billion mark last week.
Puffer Finance believes that its platform will expand the validator participation within Ethereum’s ecosystem, which enhances its decentralisation.
“By reducing the entry requirement to just 1 ETH for validators and enhancing their earnings through the integration of Ethereum’s proof of staking with Actively Validated Services’ (AVS’) restaking yields, Puffer’s mainnet sets a new standard for innovation in the liquid restaking landscape,” the company said in a statement.
Avichal Garg, co-founder and general partner at Electric Capital echoed those remarks stating that with lower barriers to entry and enhanced security measures, Puffer Finance “ensures broader participation and strengthens the integrity of the network.”
Peter Johnson, co-head of the venture at Brevan Howard Digital also believes Puffer Finance’s infrastructure enhances the decentralisation and security of the Ethereum network, adding that his firm is committed to “backing projects that are pivotal to the growth and resilience of the blockchain ecosystem.”
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