Puffer Finance hits $850 million TVL, becoming second-largest Liquid Restaking protocol on Ethereum

Puffer Finance’s total value locked in the protocol, or TVL, has reached $850 million, making it the second largest Liquid Restaking protocol on Ethereum.

Puffer Finance, which launched on February 1, allows users to deposit ether and receive liquid staking tokens in return for Staking and Restaking (where the same ETH is staked across multiple protocols to earn extra rewards).

On day one, Puffer Finance had a TVL of $146 million.According to the information of DefiLlama and a few days later surpassed similar projects Renzo and Kelp DAO to take second place among liquid restaking protocols.

And on February 10, TVL surpassed the $850 million mark and is not far behind market leader ether.fi, which has a TVL value of $1.04 billion.

Ahead of the launch of Puffer Finance, an investment from Binance Labs was announced, and Puffer has also raised funding from other well-known investors, including Brevan Howard Digital, Jump Crypto, and Lightspeed Faction, by the project.Raise fundsThe seed round raised $5.5 million last August. and raised $650,000 in pre-seed funding in the first phase.

refer : theblock.co

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