Puffer Finance raises $18 million in new funding spherical

• Puffer Finance secures $18 million in funding spherical led by Brevan Howard Digital and Electrical Capital.
• Crypto exchanges Coinbase and Kraken additionally spend money on the Ethereum liquid restaking protocol.

Puffer Finance, an Ethereum liquid staking protocol on Eigenlayer, has raised $18 million in its newest funding spherical.

An announcement on Tuesday says Brevan Howard Digital and Electrical Capital led the Collection A funding spherical.

Puffer’s financing effort additionally attracted the participation of a number of prime enterprise capital companies, together with Constancy, Coinbase Ventures, Franklin Templeton, and Consensys. Different key investments have been by Kraken Ventures, Lemniscap, Mechanism, Lightspeed Faction and Animoca.

As a liquid restaking protocol, Puffer Finance permits ETH stakers to contribute to Ethereum’s decentralization by staking simply 1 Ether (ETH). That is far lower than the 32 ETH a person staker must earn Ethereum staking rewards.

The mission’s Liquid Restaking Token (LRT) additionally permits holders to earn yield from different DeFi tasks.

Puffer Finance progress

Puffer Finance has thus far raised $23.5 million because it strikes nearer to its mainnet launch. The Collection A spherical follows a $5.5 million seed spherical raised in 2023 that enterprise capital companies Lemniscap and Lightspeed Faction co-led.

Puffer has not too long ago partnered tasks equivalent to Ethereum L2 platform CyberConnect, DeFi’s yield hub Balancer and multi-chain interoperability platform Wormhole.

In keeping with DeFiLlama knowledge, Puffer’s TVL stands at round $1.15 billion. The overall worth locked reached $1.5 billion in mid-March.