Positive news for Puffer Finance, which has surpassed 850 million dollars in total locked value (TVL) in its smart contracts, since its launch on February 1st.
Currently, it ranks as the second most important liquid restaking protocol on Ethereum. Let’s see all the details below.
Puffer Finance establishes itself as a leader in liquid restaking: TVL news
As anticipated, the total locked value (TVL) in Ethereum’s liquid restaking protocol, Puffer Finance, has reached $850 million, positioning it as the second largest protocol in its category.
Launched on February 1st, Puffer Finance offers users the opportunity to deposit ether and receive a liquid staking token, generating returns through ETH staking and restaking.
This process involves staking the same ETH on multiple protocols to obtain additional yields.
On the first day, Puffer Finance recorded a TVL of 146 million dollars, according to DefiLlama. In just a few days, it surpassed similar projects like Renzo and Kelp DAO, securing the second position among liquid restaking protocols.
On February 10th, it surpassed the threshold of 850 million dollars, being chased by ether.fi, the market leader with a TVL of 1.04 billion dollars, a figure constantly growing.
To promote adoption, Puffer Finance has implemented a five-phase points program, rewarding those who deposit their assets and interact with the platform. This strategy may have contributed to the increase in TVL.
The allocation of points is an emerging trend in the industry, often used prior to an airdrop to determine the allocation.
However, it is important to note that point programs do not necessarily guarantee the subsequent distribution of airdrops, which is usually not confirmed in advance.
Puffer Finance also stands out in adoption
Another reason behind the increasing adoption mentioned above could be Puffer Finance’s anti-slashing tool.
Tool that, as highlighted by Charles Booth, Parsec Finance’s growth in a recent newsletter, theoretically allows validators to mitigate the risk of penalties, while simultaneously improving capital efficiency.
Not by chance, Booth declared the following:
“While part of the TVL growth will be driven by airdropped farmers seeking a share of the native governance token Puffer, the rapid increase in TVL could foreshadow what could become the leading native liquid restaking protocol in the future.”
Before its launch, Puffer Finance announced a significant investment from Binance Labs.
Before this financial support, Puffer had already caught the attention of other high-profile investors, including Brevan Howard Digital, Jump Crypto, and Lightspeed Faction.
The project raised $5.5 million in a seed round last August and initially $650,000 in a pre-seed round.
The partnership with BlockSec Phalcon for advanced security of blockchain resources
BlockSec Phalcon and Puffer Finance have recently joined forces to create a strong security and reliability in the context of recovery.
The security of the blockchain has been greatly enhanced thanks to the advanced monitoring of attacks and automatic blocking offered by BlockSec Phalcon and Web3 Security.
BlockSec Phalcon plays a key role in the post-implementation security of Puffer Finance, ensuring protection after the implementation phase.
The automatic detection and prevention of BlockSec Phalcon attacks ensure the robustness of security.
This collaboration translates into a significant improvement in security restoration through continuous monitoring, proactive attack prevention, and timely emergency response.
Puffer Finance, in turn, protects its users thanks to the advanced security provided by BlockSec Phalcon.
The partnership between BlockSec Phalcon and Puffer Finance aims to ensure the protection of blockchain resources. Given the increasing complexity of cyber threats, proactive security has become essential.
Puffer Finance aims to lead innovation in restaking, leveraging the cutting-edge experience and technology of BlockSec Phalcon.
This collaboration not only strengthens the security of Puffer Finance, but also ensures the complete protection of users’ resources from various threats.
The platform is constantly monitored to detect suspicious activities, with automatic blocking of BlockSec Phalcon attacks in real time and an emergency response system to reduce security breaches.
Source: https://en.cryptonomist.ch/2024/02/12/news-for-puffer-finance-with-a-tvl-of-850-million-the-second-liquid-restaking-protocol/