Puffer Explained: from Secure-Signer to Based Rollups

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1. Introduction
2. Puffer Finance brief history
3. Terminology and Puffer participants
4. Puffer Overview
- How the interaction process takes place in Puffer in general
- Which modules the Puffer consists of
5. Puffer liquidity and rewards flow
6. Validator Tickets
7. Secure Signer
8. UniFi
9. UniFi AVS and execution preconfs 
10. PufETH
11. Tokenomics
12. Comparative landscape
13. Partnerships
14. Backers
15. Conclusion

1. Introduction

Historically, Puffer was the first LRT protocol on top of the EigenLayer. Initially, the goal of Puffer Finance was to combine Ethereum's liquid staking with EigenLayer's own staking capabilities and provide the ability to run validators more easily. It differs in that it allows the validator to participate in the network with minimal barriers - 1 or 2 ETH instead of the 32 ETH required to run a solo validator. After joining, validators get the opportunity to earn Proof of Stake rewards, which allows them to unlock additional rewards for restaking through EigenLayer.

But at the moment, Puffer Finance has turned into something more than just a restaking protocol on top of EigenLayer. Moreover, Puffer Finance even has a separate L2, which is actually not quite L2. How, why and for what? Let's figure it out sequentially, tracing the history of Puffer Finance development and untangling the tangle of its interesting technologies and solutions.

2. Puffer Finance brief history

Initially, in May 2023, Puffer published the code of Secure-Signer, their first public good designed to prevent slashable violations by Ethereum validators. The development of Secure-Signer was funded by a grant from the Ethereum Foundation. It was this technology that formed the basis of Puffer, because with its introduction into the Puffer Liquid Staking protocol, Puffer safely reduced the requirements for validator collateral from 32 ETH to less than 2 ETH.

To further develop the ecosystem, Puffer raised $5.5 million in additional funding as part of the seed round, and the heavy and multicomponent product that we see now appeared.

In April 2024, Puffer received another $18m, and in July 2024, Puffer introduced a new development - UniFi - the so-called Based Rollup, also known as rollup with L1 sequencing, which we will discuss in a separate section as part of this study. Prior to that, in January 2024, Puffer separately received commitments from Binance Labs.

3. Terminology and Puffer participants

Puffer uses its own terminology, which on the one hand simplifies the understanding of the protocol, on the other hand, in order to avoid misunderstandings further down the text, first you should identify some terms and what individual protocol participants do:

• A module is a set of contracts, Puffer consists of these modules.

• NoOp is a Node Operator, those who run Ethereum validator nodes, and they do not need 32 ETH in the case of Puffer. Optionally, they can also participate in Eigenlayer's AVS. NoOps contribute 1 ETH and a new ERC-20 token, called validator tickets, as collateral for the Puffer protocol contract. In exchange for their deposit, the protocol issues pufETH, which remains locked in the protocol for their participation. NoOps can also contribute pufETH tokens directly to the protocol.

• ReOp is a Restaking Operator, their job is to perform all required AVS duties on behalf of this restaking module. That is, it is a NoOp to which funds are delegated to operate AVS on behalf of other NoOps within the Puffer module.

• Guardians Enclaves - through them, NoOps distribute their encrypted validator keys to ensure the safety of stake holders. Guardians can expel NoOps if their validator's balance gets too low or they run out of validator tickets. 

• Stakers are another participant in the Puffer protocol. Stakers are users who hold ERH and want to receive liquid rewards for staking and restaking. The process begins with the stakers depositing their ETH into PufferVault. The repository then issues pufETH, a proprietary liquid restaking token representing the user's ETH deposits.

4. Puffer Overview

If we look at the flow of Puffer, it is obvious that it is a complex and thoughtful system. At its core, the Puffer protocol is a set of PufferModule contracts. Each module manages the EigenPod, which functions as a single proprietary restaker, but consists of multiple validators controlled by NoOp. The modules, in turn, are filled with NoOps validators, whose only job is to perform Ethereum PoS verification.

Instead of a single node operator betting 32 ETH, each PufferModule consists of several smaller node operators (NoOps) that perform Ethereum PoS verification. Several NoOps contribute only 1 ETH each to ensure the module's participation in EigenLayer. The puffer starts with a few empty PufferModules, which the NoOps gradually fill up.

How the interaction process takes place in Puffer in general:

1. (Not shown) Puffer DAO creates the PufferModule module by carefully controlling AVSs and the reload operator (ReOp).

2. Stakers deposit ETH for mining gaining the value of pufETH nLRT.

3. NoOp registers in the PufferModule, making a deposit of 1 ETH and spending ≥ 28 validator tickets. Their collateral mines blocked pufETH nLRT, and their VTS provide rewards directly to pufETH holders.

4. PufferVault accumulates ETH, and as the amount of 32 ETH accumulates, they are transferred to NoOp to run the validator.

5. NoOp receives 32 ETH to run the validator within the Eigenpod of the PufferModule module. ETH is recalculated, increasing the economic security of the AVS module.

6. NoOp receives 100% of the PoS reward generated by its validator for the number of validator tickets spent.

7. For a fee, ReOp manages AVS on behalf of the strategy, generating a restaking reward that goes back to the stakers and NoOp.

8. NoOp receives its blocked pufETH (adjusted for penalties) and unused VTS when it confirms that its validator is out of the game. That is, when a NoOp wants to exit the protocol, it must first make sure that its associated validator has exited the beacon chain.

At the initial stage of Puffer, responsibility for the operation of AVS is delegated to the selected DAO re-staking operator (ReOp), which provides the service in exchange for a portion of the generated AVS commissions. The protocol decides which AVS modules are assigned, which allows you to distribute the re-supplied ETH over AVS according to the protocol's risk preferences.

Now let's look at which modules the Puffer consists of:

• PufferVault is a module that allows stake holders to deposit ETH and issue pufETH nLRT. As PufferVault accumulates 32 fragments of ETH from deposits and rewards, Guardians will provide fragments to pending NOOPS validators If sufficient exit liquidity is available, stake holders can return their ETH from PufferVault. 

• Guardians enclaves - in them, NoOps distribute their encrypted validator keys to ensure the safety of stake holders. Guardians can expel NoOps if their validator's balance gets too low or they run out of validator tickets. Guardians is powered by Puffer's Secure-Signer, a remote signing tool supported by an Ethereum Foundation grant designed to prevent serious offenses using Intel SGX. Guardians also calculates the prices of VT.

• PufferModule is a smart contract in the Puffer protocol that manages EigenPod as its own restaker in the EigenLayer protocol. EigenPods are contracts with which users place bets on 32 ETH, manage EigenLayer AVS and benefit from restaking.

• Secure signer - this is the basic part of Puffer Finance, which ensures its stability and the work of validators. For more information, see a separate section below.

• UniFi - this is a separate piece of Puffer technical glass, which is a Based Roll up, also known as an L1 sequencing rollup. And Puffer validators participate in restaking with additional slashing conditions to ensure reliability, accept rollup transactions from users and issue confirmations.For more information, see also a separate section below.

5. Puffer liquidity and rewards flow

Another unique aspect of Puffer is the "flywheel effect" created by the collaboration between stake holders and NoOps, aimed at sustainable growth while maintaining a constraint to prevent excessive dominance in the Ethereum validator suite. This model promotes a balance between Ethereum's growth and credibility.

Together, stakers and NoOps create a flywheel effect that allows Puffer to outpace the growth of traditional Liquid staking protocols. However, to ensure that Puffer will never become a threat to the reliable neutrality of Ethereum, the surge threshold limits Puffer at 22% of the validator set.

6. Validator Tickets

Validator tickets are an important and one of the key components of Puffer Finance, which allows NoOps to launch Ethereum validator nodes with less than 2 ETH, which is significantly less than traditional LSPs. VT is an ERC-20 token that serves as a kind of temporary license to run a validator, which also allows NoOps to receive Ethereum PoS rewards. Validator tickets are issued when the user deposits ETH into the betting using the Puffer protocol. That is, the user receives both pufETH and VT.

Each validator ticket allows you to use the validator on the Puffer protocol for one day. The price of VT is formed by Guardians. Accurate VT pricing is critical to the success of the protocol. If the prices for VT are too low, they profit at the expense of pufETH holders, and vice versa. It is also worth considering that in order to estimate the price of VT tickets, it is necessary to predict the expected reward of the validator. Due to the fact that the daily rewards of MEV can vary, the price of VT must be dynamic. In addition, Nethermind research and modeling shows that node (NO) operators in Puffer Finance, after a minimum period of 6 months, have a 50% chance of receiving at least 8% per annum (APR) when managing 5 validators. Managing 20 validators increases the APR to 12%.

The user can use VT either to participate as node operators in the Puffer protocol during the day, or simply sell VT to other participants who need them for additional rewards. To run the validator in this case, the node operator must block VT and block 1 ETH pufETH as collateral and deposit at least 28VT. The number of blocked validator tickets determines the length of time during which the NoOp has the right to run the validator. 

pufETH holders receive a reward immediately after the purchase of VT, as well as through payments for the receipt of VT. VT consumption allows the node operator to save 100% of the validator's revenue. When exiting the validator, the number of blocked VT tokens corresponding to the number of days of validator activity will be burned, and the remaining blocked VTS can be extracted by NoOp.

Another advantage of implementing the VT concept is that, on the one hand, NoOps, in the case of launching nodes with Puffer, receive an incentive to avoid low uptime for the node due to the fact that VTS are burned over time even while maintaining the balance of the validator.

On the other hand, if the validator exits the Beacon Chain with at least 32 ETH and has not been slashed, NoOp will receive back its entire bond. And if the validator's balance is less than 32 ETH - VT allow him to return to service, then the difference will be deducted from the NoOps bond. But there is also a disadvantage: If the validator is disabled, the NoOp will lose all its collateral, which is logical, since the NoOp must keep it in working order.

Separately, it can be noted that the creation of this VT system was carried out jointly with Ethereum researcher Justin Frake, and is closely related to the recent "Execution Tickets" proposal, which was added to the Ethereum roadmap.

7. Secure Signer

This is the very anti-slashing technology to reduce the risk of loss of funds by validators, with which Puffer Finance was born. It can be considered a competitor to DVT technology, which involves running a single node on multiple servers or sub-nodes, which increases the stability of the node itself by leveling the risks of hardware failure. Secure-Signer provides a cheaper alternative for validators to increase their resistance to slashing. But it should also be noted that Secure-Signer complements DVT, where each of the N key shares is stored in Secure-Signer enclaves.

To prevent possible double-signature slashes, Secure-Signer generates and protects all BLS validator keys inside its encrypted and tamper-proof memory. These keys can only be accessed at runtime and remain encrypted at rest, making them inaccessible to the node unless they are used to sign non-slashable block proposals or certifications.

Since the keys are bound to the Secure-Signer and remain encrypted, they are not at risk of being used by multiple consensus clients, protecting the node from accidental slashes due to double signing. In addition, their keys will be protected from hackers if their system is compromised. 

In addition to protecting the validator key, Secure-Signer prevents slashing by maintaining the secure integrity of the database of previously signed material conforming to EIP-3076. By eliminating the possibility of a cutoff due to accidents or errors of the consensus client, Secure-Signer significantly reduces node risk and allows the Puffer protocol to safely reduce collateral requirements.

8. UniFi

This is another unique development from PufferFinance. UniFi is a so-called Based Rollup, also known as an L1 sequencing rollup. In based rollup, sequencing takes place directly using Ethereum validators on L1. This means that based rollup allows L1 validators to decide the order of rollup transactions in the L1 blocks they offer.  UniFi Rollup stack aims to solve the liquidity fragmentation caused by current rollup landscape on Ethereum

How Flow works in UniFi:

1. Users submit their rollup transactions, which are then processed by Puffer validators. These validators provide pre-confirmations, providing users with confidence that their transactions will be included in the Ethereum L1 state.

2. Puffer validators participate in restaking with additional slashing conditions to ensure reliability, accept rollup transactions from users and issue confirmations. These validators are ready to include transactions in L1 blocks.

3. Preconf Slasher AVS imposes additional slashing conditions on validators, which reduces the incentives to avoid fulfilling the promises of the confirmations.

4. Puffer validators offer blocks for Ethereum L1. These blocks include sequenced rollup batches that have been preconfigured.

5. The Puffer Sequencer contract accepts transaction butches, promoting a secure rollup state.

6. pufETH Safe collects congestion and content fees arising from rollup transactions. These fees contribute to income for pufETH holders and are returned to UniFi users through native income.

The main functional difference between UniFi is that In non-based rollup, the recovery time, if the centralized sequencer fails or censors, can be very long, in which case users have to resort to an "emergency exit" on L1. And in UniFi, this problem is offset by increasing the reliability of the sequencer by linking it to L1.

Another interesting aspect is that the MEV arising from transactions in the based rollup is routed to Ethereum L1 through validators. As a result, more value is captured back into Ether, helping to strengthen the economic security of Ethereum and therefore its value as a settlement layer.

Although based rollup has many advantages, they face challenges related to soft confirmations. Soft confirmations refer to the rollup user's ability to reliably know that their transaction will successfully reach L1. These soft confirmations are crucial to ensure a fast response (for example, about 100ms), which is necessary for applications such as GameFi.

Also, unlike centralized sequencers, which serve as centralized points where users can reliably receive promises to submit transactions to L1, based rollup faces another problem. Being decentralized by nature, based rollup does not have a specific centralized entity or purpose from which users can easily obtain soft confirmations. Instead, they rely on Ethereum validators for sequencing, which corresponds to 12-second block production times, resulting in a minimum confirmation time of 12 seconds.

9. UniFi AVS and execution preconfs 

UniFi AVS provides lightning-fast UX for L1 transactions, giving the Ethereum base layer a serious speed boost. But the benefits don't stop at speed. While L2 sequencers today are completely centralised, UniFi AVS opens the door to decentralisation.Validators can participate in pre-validations to unlock new sources of revenue. This promotes greater decentralised engagement while strengthening Ethereum's security by allowing validators to commit to transactions in advance.

L2 Execution Preconfs is another innovation from Puffer that aims to revolutionise the user experience of basic rollups, while providing a robust protection against toxic MEVs. Preconfs solve a problem that rollups face: they rely on Ethereum block timing for finality. This means that users typically have to wait 12 seconds or more to confirm a transaction. And UniFi AVS is adopting L2 execution preconfs which mirror the UX of centralized L2 solutions, but improves upon security by building upon a decentralized set of validators and leveraging economic security on EigenLayer.

How this differs from other concepts related to, for example, Intents and solvers (which Puffer refers to as Inclusion Preconfs):

1. Inclusion Preconfs: These offer a weaker commitment, merely guaranteeing that a transaction will eventually be included on-chain. However, they provide no assurances about the transaction’s success or its impact on the chain state.

2. Execution Preconfs: This is Puffer’s approach. It provides the strongest commitment, not only ensuring on-chain inclusion but also guaranteeing the resulting state after execution. And in this case, EigenLayer gives more transparency and trustworthiness to the pre-transactions being performed.This is because the validator has an economic interest in fulfilling this obligation due to the reduced risk on EigenLayer, and any attempted sandwich attacks would violate the preconf guarantee.

10. PufETH

The protocol receives rewards from validator tickets issued to launch validators and from repeat staking rewards generated by repeat staking operators when AVS is running. Together, these rewards increase the number of ETH supporting pufETH, increasing the conversion rate between them and therefore the value of pufETH. Or it can be formulated in another way: the cost of pufETH increases every time VT is released.

pufETH also includes payments for the issue of VT. And another interesting point is related to UniFi: users who stake pufETH to join UniFi share the profitability with Puffer restakers, which allows transactions without gas and improves the overall user experience.  Users who hold pufETH can earn rewards through the restaking process. This yield comes from multiple sources, including transaction fees and potentially other decentralized finance (DeFi) activities integrated within the UniFi ecosystem. The ability to earn yield on pufETH makes it an attractive asset for users and validators alike.

pufETH is already tightly integrated into the DeFi ecosystem and even other restaking protocols:

• Multi-chain support: PufETH can be used in networks such as Base, BNB Circuit, Manta, Cyberconnect and zkLink

• Restaking protocols: pufETH can be provided in the Karak restaking protocol

• Liquidity pools: It is also supported by liquidity pools such as Uniswap, Curve, Aura and Balancer 

• Money markets (lending): Pendle, Curve Llamalend, Morpho Blue, ZeroLend and Kinza

And at the moment, according to Dune, pufETH holds 13.9% of the LRT market, second only to Ether.fi and Renzo.

11. Tokenomics

$PUFFER is the soon-to-be-launched governance token

• Protocol Guild, 1% of the $PUFFER offering will go to support Ethereum core development with a 4-year vesting period. It can be tracked here: https://app.splits.org/accounts/0x25941dc771bb64514fc8abbce970307fb9d477e9/

• Ecosystem & Community, 40% - allocated to initiatives that build a dynamic and engaged ecosystem, rewarding community support and ensuring continuous growth. This reserve will fund future airdrop seasons, community incentives, and initial liquidity on exchanges.

• Airdrop Season 1, 7.5% - is allocated to the Crunchy Carrot Quest Season One airdrop, available immediately to reward early Puffer supporters from the Crunchy Carrot Campaign. 65% is available on day 1 and for larger depositors, the rest is vested over 6 months for equal opportunity for all of Puffer community.

• Airdrop Season 2, 5.5% - is allocated to Crunchy Carrot Quest Season Two participants. Season 2 has already started after snapshot of Season 1 on Oct 5th.

• Early Contributors & Advisors, 20% - this allocation is the Puffer core team and advisors, who are fully committed to Puffer’s success. This will vest over 3 years, with a 1-year cliff, ensuring long-term dedication to the ecosystem’s vision.

• Investors, 26% - by providing resources and support, investors enabled Puffer to build great products for the community. Investors will receive their allocation over 3 years, with a 1-year cliff and 2 years vesting.

vePUFFER - a new governance mechanism, with the help of Aragon. This implementation of the ERC-721 model (NFT) of vote escrow tokens is in line with the long-term goal of encouraging value-oriented and committed participants. vePUFFER does not require a lock-in period to be specified. Users can withdraw their PUFFER bid at any time.

12. Comparative landscape

Puffer fi pufETH  TVL 1,33b, shows stable growth despite the impact of the Ethereum price.

Renzo ezETH - TVL started declining from June 2024, at a peak of $4.1b, at the time of publication it was $916m. The main TVL exited EigenLayer and currently shows a slight growth at the expense of Symbiotic.

EtherFi eETH/weETH - TVL started to show a slight decline in late July 2024 from a peak of $6.7b to $5.54b at the time of publication

Eigenpie - TVL also started to show a slight decline in late July 2024 from a peak of $1.6b to $1b at the time of publication

Kelp DAO rsETH - TVL has slight decline from $880m to $649m at the time of publication since the beginning of August, but this is more likely due to the price impact of Ethereum.

Mellow Finance  - TVL peaked at $797m at the end of July, then declined to $677m at the time of publication, but this is more likely due to the price impact of Ethereum.

And if we look at the picture of the Liquid Restaking landscape in dynamics, then it looks very dynamic: some protocols that appeared earlier ceased to exist, some seized their place in several visits, while others stably hold a small part of the market.

13. Partnerships

Lagrange ZK Coprocessor - Puffer intends to delegate up to $500 million of its own redistributed $ETH to operators of Lagrange coprocessor nodes. Also at the heart of this partnership is the integration of the ZK Lagrange coprocessor into the Puffer protocol. This integration revolutionizes the way the consensus validator rates and rewards are calculated, moving from the traditional Beacon root oracle to a more secure and efficient proof mechanism provided by the ZK Lagrange coprocessor.

Automata Network - This partnership is based on shared experience in TEE products. Both Puffer and Automata have used TEE in a unique way to promote our respective domains: Puffer pioneered the industry's first Secure-Signer anti-slasher technology, which improves decentralization in Ethereum and protects Ethereum validators from reduction penalties. Meanwhile, Automata has made significant strides in maintaining privacy with its innovative 1RPC Web3 relay and in verifiable computing with its Proof of Machinery concept.  
These initiatives are twofold: firstly, participation in joint research projects centered around the TEE-committee Actively Validated Services (AVS), and secondly, the joint development of an array of customized future AVS. These efforts will include advanced anti-slashers, confidential computing products (including AI), and special TEE committee configurations. 

Ethos - Thanks to this partnership, Cosmos chains can now connect to the combined security of the originally delivered ETH Puffer to bootstrap their trust level, while Puffer node operators will be able to make additional profits from the expanding Cosmos ecosystem.

Hashquark - HashQuark joined forces with the Puffer testnet phase. Their in-depth knowledge and extensive experience are crucial for the advancement of Puffer technologies and staking services.

InfStones - InfStones provided Puffer with their expertise to help with the testnet and the further launch of the mainnet.

Mind Network is an innovative restaking layer that uses FHE technology designed to enhance the security of decentralized ecosystems. This launch includes FlexiPool for flexible deposits and withdrawals, as well as Club Pool for fixed lock-up periods with increased profitability. This collaboration combines Puffer's innovative re-stacking solutions with Mind Network's FHE technology, setting a new standard for blockchain security and functionality.
Combining Puffer's innovative repositioning solutions with Mind Network's robust FHE technology not only strengthens the integrity of blockchain operations, but also perfectly aligns with the future Based Rollup solution.

Everclear - previously known as Connect, and is currently the first clearing layer designed to manage global netting and the calculation of capital flows between chains. In addition, Everclear reduces the cost and complexity of rebalancing liquidity by up to 10 times, providing a solid foundation for uninterrupted liquidity and expansion of the chain without permission.

pufETH's release from L2 was made possible by the xc20 standard, a bridge—independent standard that allows token issuers to maintain control over their tokens on different blockchains, ensuring maximum security, compatibility and zero slippage.

In the background, ETH is grouped and connected to the Ethereum Mainnet via Everclear, where it freezes. The Everclear infrastructure automates and optimizes this process with minimal trust for cost-effectiveness while maintaining top-level security.

This process eliminates any core network fees for users, providing a fast, cheap, and one-button staking experience. Abstraction of the chain to win!

Puffer's support for the development of projects such as:

• Rivalz AI is the cornerstone of the Puffer collaboration network, laying the foundation for the Web3 AI landscape with their innovative Intel Layer based on DePIN.

• Olive Network - formerly known as Polysynth, has undergone a significant transformation since its initial market entry: Olive, repositioned as a secure, developer-friendly Ethereum Layer 3 chain, now uses Arbitrum Orbit technology to deliver the highest performance. Using Eigen DA for data availability and Arbitrum L2 as its calculation layer, Olive has reduced operating costs by a factor of 1,000.

• GammaSwap - is a pioneer in scaling DeFi 

• Lucidly Finance -  is a structured credit protocol for onchain working capital. Lucidly create indexes of on-chain credit positions including the LP tokens on Curve, Pendle, morpho, balancer, silo and more. 

• Point Market - a market for points trading

Another integration worth noting is Commit-Boost. Commit-Boost is an open source software component designed to simplify and standardise commitment protocols offering. Ethereum validators can run Commit-Boost along with their standard node setup, allowing them to easily select the various ‘sidecar’ modules that run on these lanes.

This modular design minimises devops effort and reduces the complexity of the node operator, making it easier for validators to participate in different offerer commitment protocols. Importantly, it also significantly benefits developers by providing a standardised interface for creating and integrating new offerer commitment protocols, streamlining the development process and fostering innovation in the Ethereum ecosystem.

14. Backers

In August 2023, Puffer Finance announced a 5m commitment from organizations and angels such as: Lemniscap, Lightspeed Faction, Brevan Howard, Bankless, Animoca, DACM, Lbank Labs, SNZ, Token Pocket, 33DAO, Wagmi33, Concave, Canonical Crypto, Sheeram Kannan and Cavin Liu from EigenLayer, Mr Block - Curve’s Core contributor, Frederic Allen from Coinbase Institutional, DiscusFish - F2pools cofounder, Ramble, Richard Malone - Head of business Obol, Ladislaus von Daniels and others.

And in April 2024, Puffer Finance announced an additional 18m commitment from organizations such as DeWhales Capital, Electric Capital, Coinbase Ventures, Franklin Templeton, Avon Ventures (a venture capital fund affiliated with the parent company of Fidelity Investments), Kraken Ventures, Lightspeed Faction, Consensys, Mechanism Capital, GSR Ventures, CoinSummer, Leadblock Bitpanda Ventures, Breed VC, Cherubic Ventures, Longhash, Inception, Mask Network, AP Capital, Formless Capital, Web3Port, StakeFish, A41, Everstake, Neuler, InfStones, Ebanker, Moonhill Capital, Swissborg, Bas1s Ventures. And also from such angels as Andrew Kang from Mechanism Capital, Sandeep Nailwal - Polygon’s cofounder, Ted Lin - Former CGO Binance, Stephane - Flashbot’s cofounder, Anthony Ramirez and Saeed Badreg - Wormhole Labs cofounders, Anton - Pendle’s founder, 0xCygaar - founder of Frame, Alexey Bondar and Lester Chui from p2p, Mike Armstrong - formerly strategy Coinbase, Lewis Tuff, Ross Trachtman and Alex Matthews from BH Digital, Gregoire le Jeune from Hito Studios, Emilio Fulco, Edward Rogers and Keegan Selby from 4RC, Jonathan from thetie.io and Winslow Strong and more others.

15. Conclusion

Puffer Finance was originally a native Liquid Restaking (nLRP) protocol improving the Ethereum ecosystem with our groundbreaking Liquid Restaking (LRT) token, pufETH. Recognized for its flexibility and efficiency, Puffer has become the third largest Liquid Restaking protocol in the world, with over 490,000 ETH in staking — approximately $1.6 billion in total blocked value.

And then Puffer took a step that further strengthens its place in web 3 - the launch of UniFi, a new concept based on rollups for the ability to launch AppChains. The UniFi Puffer is designed to address the pressing problems of Ethereum, including liquidity fragmentation, user interference, and the outflow of the value of Ether. Puffer UniFi uses Ethereum validators to improve transaction consistency and synchronous layout, greatly simplifying the user experience.

In addition, Puffer understands the positioning of its products very well and enters into targeted application partnerships to improve functionality and flexibility. And Puffer continues to expand further. According to the team, they are working on the preconf slasher AVS, which will allow the Puffer to capture even more usecases.

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