Binance Labs Invests in Puffer Finance to Develop Ethereum Liquid Restaking Protocol
Binance Labs, the venture capital and incubation arm of Binance, has made an investment in Puffer Finance, an Ethereum liquid restaking protocol built on EigenLayer. The exact investment amount was not disclosed. The funds will be used to develop Puffer’s Layer 2 network and introduce its native liquid restaking token, pufETH, to BNB Chain users. This will allow users to earn staking and restaking rewards. The investment comes as the Ethereum restaking sector gains momentum with the recent entry of ClayStack and the launch of Renzo Protocol. EigenLayer itself has over $2 billion locked in value.
Puffer Secures Investments from Prominent Backers
Prior to Binance Labs’ investment, Puffer received funding from notable investors such as Brevan Howard Digital, Jump Crypto, and Lightspeed Faction. The project raised $5.5 million in a seed round last year and a $650,000 pre-seed round initially. Puffer has also received a grant worth $120,000 from the Ethereum Foundation for its open-source tool called Secure-Signer, which helps reduce the risk of slashing or penalties for Ethereum validators. Puffer is currently running a points system for users who participate in restaking. The mainnet launch is expected soon.
Hot Take: Binance Labs Supports Puffer Finance to Enhance Ethereum Restaking
Binance Labs has invested in Puffer Finance, an Ethereum liquid restaking protocol, to contribute to the growth of the Ethereum restaking sector. With this investment, Puffer will develop its Layer 2 network and introduce its native token pufETH to BNB Chain users. This partnership aligns with the increasing interest in Ethereum restaking, as evidenced by the recent entry of ClayStack and the successful launch of Renzo Protocol. Puffer has also secured investments from prominent backers, further solidifying its position in the market. As the mainnet launch approaches, Puffer is poised to offer users a rewarding restaking experience.
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