April 18, 2024
Puffer Finance, a decentralized finance (DeFi) platform focused on Ethereum’s decentralization, has raised $18 million in a Series A funding round. The round was led by Electric Capital and BH Digital, with participation from Coinbase Ventures, Kraken Ventures, Franklin Templeton, Avon Ventures, LeadBlock Bitpanda Ventures, Lemniscap, and Lightspeed Faction.
Project | Latest Raise Date | Latest Raise | Stage | Total Raise | Lead Investor | Category |
|---|---|---|---|---|---|---|
Puffer Finance | Apr 18, 2024 | $18M | Series A | $24.3M | Electric Capital, BH Digital | DeFi |
Puffer Finance is dedicated to developing a range of products to enhance Ethereum's functionality and decentralization. The company’s primary product is its native Liquid Restaking Protocol (nLRP), which introduces native Liquid Restaking Tokens (nLRTs) that accrue Proof-of-Stake (PoS) and restaking rewards. With the launch of Puffer Mainnet, the entry threshold for Ethereum validation will be reduced to 1 ETH, allowing more validators to join the network and improve its decentralization.
The platform’s technology includes Secure-Signer and Validator Tickets (VTs), supported by an Ethereum Foundation grant. Secure-Signer enhances network security by protecting Node Operators from potential slashable offenses, while VTs aim to improve the efficiency, resilience, and profitability of both permissionless and bonded Node Operators on Liquid Staking Protocols (LSPs).
About Puffer Finance
Puffer Finance is a decentralized finance platform built on the EigenLayer protocol. It introduces native Liquid Restaking Tokens (nLRTs) that accrue PoS and restaking rewards. The protocol leverages advanced anti-slashing technology to reduce risk and increase capital efficiency for Node Operators while enhancing their rewards through native restaking exposure. The company aims to create an inclusive, secure, decentralized Ethereum ecosystem.
Website: https://www.puffer.fi/
X Account: https://x.com/Puffer_Finance
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About Investor
Investor: Electric Capital
Electric Capital is a venture capital firm that specializes in investing in crypto and Web3. The firm was founded by technology entrepreneurs, engineers, and successful investors. They have collectively started eight companies (six of which were acquired), shipped products for billions of users, run billion-dollar business units, invested in over 100 technology startups that now have a cumulative market cap of over $50 billion, and traded billions in derivatives.
Electric Capital invests in Web3 protocols, crypto networks, and blockchain-enabled businesses. They are known for their deep knowledge of community governance, token economics, cryptography, and distributed systems. The firm manages a hedge fund and several venture funds, investing across both public and private markets
Location: United States
Website: https://www.electriccapital.com/
A central focus of investor activity in the cryptocurrency space is the evaluation of new crypto projects to invest in, particularly those with huge potential. This blog provides insight into what new ventures are benefiting from venture capital support (VC funding in crypto). These new crypto projects, funded by professional investors, can dictate the next narrative in crypto and the next big crypto movers.
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