Puffer Finance - Binance Labs Investment

Binance Labs, the $10 billion investment and startup accelerator arm of cryptocurrency exchange Binance, has announced an investment in Puffer Finance, an Ethereum liquid restaking protocol built on EigenLayer.

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Binance Labs did not disclose the specific investment amount, but said Puffer will use the funds to develop its Layer 2 network, which will serve as part of the EigenLayer ecosystem. The fund will also be used to introduce Puffer's liquid restaking token product, pufETH, to the BNB Chain user community, thereby creating opportunities for them to earn rewards from staking and restaking.

“In general terms, Puffer is an Ethereum liquid staking platform where users can earn rewards from proof of stake with validators. We are also implementing native staking on EigenLayer to generate additional rewards,” Jason Vranek, co-founder and CTO of Puffer, said at an event last year. “In native staking, you reuse ETH from the Ethereum validator Beacon chain to secure various EigenLayer applications or ‘AVSs’.”

Before Binance Labs invested, Puffer had attracted capital from other famous investors such as Brevan Howard Digital, Jump Crypto, and Lightspeed Faction. The project raised $5.5 million in a seed funding round last August and $650,000 in a pre-seed funding round. Puffer also previously received a $120,000 grant from the Ethereum Foundation for its open source tool called Secure-Signer. This tool helps Ethereum validators reduce the risk of reward or penalty cuts. Currently, Puffer is implementing a point system, rewarding users for staking on its platform. A Binance Labs spokesperson said Puffer's mainnet is expected to launch soon. Binance Labs' investment in Puffer comes as the Ethereum staking sector is attracting attention, especially after EigenLayer launched last June. Last week, ClayStack also entered the Ethereum staking space through EigenLayer, and earlier this month, Renzo Protocol, a project based on EigenLayer, also launched in beta, and attracted $155 million TVL according to data. materials on its website. EigenLayer currently has a total value locked of over $2 billion, according to data from DeFi Llama.