As a seasoned researcher with a knack for deciphering the nuances of the DeFi landscape, I must say the recent spike in PUFFER token price piqued my interest. Having closely followed the trajectory of several decentralized finance protocols, it’s evident that Puffer Finance has managed to carve out a niche for itself among the giants.
As a researcher, I observed an unexpected surge in the value of Puffer Finance’s native token on October 14th. This sudden increase followed the announcement by their liquid restaking protocol that token claims were now accessible.
The digital token known as PUFFER, backed by notable cryptocurrency trading platforms like Kraken, Bybit, and Bitget, reached an all-time peak of 49 cents.
After Puffer announced the opening of token claims, there was a significant surge (over 55%) in the token’s value. The surge was so intense that it caused a bottleneck (congestion) on the Puffer Finance website as a large number of users rushed to claim their PUFFER tokens, which ultimately overwhelmed the site.
What is Puffer Finance?
The governance token of Puffer Finance, which is a decentralized finance platform, is called PUFFER. This platform allows users to participate in yield farming and staking activities.
The token serves multiple purposes within the Puffer and UniFi rollup system, particularly for liquid staking and the enhancement of active management services. By being part of Puffer’s liquid staking technology and UniFi’s Advanced Value System (AVS), token holders can generate returns and contribute to the decentralized governance that distributes the protocol’s treasury rewards.
Participants have the ability to engage in the management of the re-staking process, either by staking or utilizing vePUFFER, via the vePUFFER staking platform.
On the Ethereum network, Puffer Finance’s liquid restaking platform ranks among the leading protocols in terms of value locked, with well-established entities like Ether.Fi and EigenLayer taking the lead. As per DeFiLlama statistics, Puffer boasts a Total Value Locked (TVL) of more than $1.4 billion.
In April 2024, the protocol successfully secured $18 million during its first round of funding, known as Series A. This round was jointly spearheaded by Brevan Howard Digital and Electric Capital, with additional support from Coinbase Ventures, Lemniscap, and Franklin Templeton.
Previously, in August 2023, the sum of $5.5 million was raised by Puffer in a funding round. Both Lemniscap and Lightspeed Venture Partners (Faction) took charge of this round jointly.
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2024-10-14 20:42