Liquid Takeback Protocol Puffer has raised $18 million in a Sequence A funding spherical, the corporate mentioned Tuesday.
The spherical was led by Brevan Howard Digital and Electrical Capital, with investments from Coinbase Ventures, Kraken Ventures, Lemniscap, Franklin Templeton, Constancy, Mechanism, Lightspeed Faction, Consensys, Animoca and GSR, the corporate mentioned in a press launch.
The brand new capital spherical will probably be used to assist launch Puffer’s mainnet. For that, Puffer raised $5.5 million in a financing spherical co-led by Lemniscap and Lightspeed Faction.
Puffer is the second largest liquid takeback protocol after Ether.Fi, and is a part of a category of protocols rising from the rising subject of “takebacks” that has taken the Ethereum ecosystem by storm. EigenLayer, a pioneer that began final week though with out among the long-awaited performance, has attracted some $12.7 billion in consumer deposits to help the the second largest decentralized finance protocol according to DeFiLlama.
Liquid return protocols work by taking deposits and by putting them in EigenLayer, which permits Ethereum stakers to earn yield through the use of their ETH tokens to assist safe third-party platforms often known as ‘actively validated providers’ (AVS). Puffer is an AVS on EigenLayer.
Puffer then distributes its personal token, pufETH, to its customers representing their deposit, permitting them to make use of that token for buying and selling or different functions.
In March, Puffer has handed $1 billion in deposits, indicating pleasure about its revival even earlier than the mainnet protocol has gone reside.
“With our upcoming mainnet launch, we intention to considerably scale back the boundaries to entry for residence validators, whereas delivering probably the most superior liquid retrieval protocol,” mentioned Amir Amir Forouzani, CEO of Puffer Finance. “It is a main step ahead for Ethereum decentralization and the broader restoration ecosystem.”
Learn extra: Liquid Restaking Protocol Puffer raises $1 billion in deposits in simply 3 weeks