Saturday, 25 May 2024

Crypto News

Binance Labs invests in Ethereum liquid restaking protocol Puffer

Binance exits Russia, sells business to CommEX

  • Binance Labs has invested an undisclosed amount in Ethereum restaking protocol Puffer.
  • Puffer Finance will use these funds to develop its Layer 2 network and to bring ETH staking and restaking rwards to BNB Chain users.
  • Binance Labs on Monday, January 29, denied claims it had participated in a $15 million funding round for SkyArk Chronicles.

Binance Labs, the venture capital and incubation arm of crypto exchange Binance, has made a strategic investment in Puffer Finance, a decentralised liquid restaking protocol on EigenLayer.

Although Binance Labs hasn’t disclosed the invested amount, it revealed in its announcement that Puffer will use the investment to develop its open-source technologies. 

Today’s announcement comes a day after Binance Labs released a statement distancing itself from claims that it had led a $15 million funding round for gaming platform SkyArk Chronicles.

Puffer to use investment on its L2 and restaking rewards

One of the project areas to see funding from the investment will be Puffer’s actively validated services (AVSs) on a Layer 2 network. Puffer will run its upcoming L2 as an AVS on EigenLayer AVS, Binance Labs said on Tuesday.

As Puffer continues to develop, our unique approach, supported by collaborations with eminent researchers, elevates validator profitability, contributing to Ethereum’s decentralization and securing its infrastructure with EigenLayer,” Amir Forouzani, founder of Puffer, said in a statement.

We are incredibly excited about laying a robust foundation for the future of decentralized trust, ensuring a resilient and thriving ecosystem for years to come,” Forouzani added.

Also set to receive a boost from Binance’s venture arm is Puffer’s liquid restaking technology that will see the protocol’s native liquid restaking token go live on the BNB Chain. The target here is to bring ETH staking and restaking rewards to users on the BNB Chain.

Puffer has previously received investment funding from various venture firms, both…

Click Here to Read the Full Original Article at CoinJournal: Latest Bitcoin, Ethereum & Crypto News…