The total value locked (TVL) in Puffer Finance, a liquid restaking protocol on Ethereum, has soared to $850 million, marking it as the second-largest protocol of its kind.
Puffer Finance, which went live on February 1st, offers users the ability to deposit ether and receive a liquid staking token in return, allowing them to earn yield from ETH staking and restaking activities.
Within its first day, Puffer Finance amassed a TVL of $146 million, swiftly surpassing competing projects like Renzo and Kelp DAO to claim the second spot among liquid restaking protocols.
As of february 10, its TVL crossed the $850 million mark, trailing behind the market leader either.fi, which boasts $1.04 billion in TVL.
To drive adoption, Puffer Finance has implemented a five-stage points program, rewarding users with points program, rewarding with the platform. Although points programs are becoming increasingly popular in the industry and are often associated with potential airdrops, the allocation of airdrops is typically not yet decided in advance,
The other reasons behind the surge in adoption may be Puffer Finance’s anti-slashing tool. Charles Booth, growth at Parsec Finance, noted in a recent newsletter, “In theory this should allow validators to reduce the risk of slashing while enhancing capital efficiency.”
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