Saturday, 25 May 2024
Trending

Crypto News

Puffer Finance raises $18 million in new funding round

Base TVL spikes amid meme coin surge, targets $1 billion

  • Puffer Finance secures $18 million in funding round led by Brevan Howard Digital and Electric Capital.
  • Crypto exchanges Coinbase and Kraken also invest in the Ethereum liquid restaking protocol.

Puffer Finance, an Ethereum liquid staking protocol on Eigenlayer, has raised $18 million in its latest funding round.

An announcement on Tuesday says Brevan Howard Digital and Electric Capital led the Series A funding round.

Puffer’s financing effort also attracted the participation of several top venture capital firms, including Fidelity, Coinbase Ventures, Franklin Templeton, and Consensys. Other key investments were by Kraken Ventures, Lemniscap, Mechanism, Lightspeed Faction and Animoca.

As a liquid restaking protocol, Puffer Finance allows ETH stakers to contribute to Ethereum’s decentralization by staking just 1 Ether (ETH). This is far less than the 32 ETH an individual staker needs to earn Ethereum staking rewards.

The project’s Liquid Restaking Token (LRT) also allows holders to earn yield from other DeFi projects.

Puffer Finance growth

Puffer Finance has so far raised $23.5 million as it moves closer to its mainnet launch. The Series A round follows a $5.5 million seed round raised in 2023 that venture capital firms Lemniscap and Lightspeed Faction co-led.

Puffer has recently partnered projects such as Ethereum L2 platform CyberConnect, DeFi’s yield hub Balancer and multi-chain interoperability platform Wormhole.

According to DeFiLlama data, Puffer’s TVL stands at around $1.15 billion. The total value locked reached $1.5 billion in mid-March.

Click Here to Read the Full Original Article at CoinJournal: Latest Crypto News, Alt Coin News and Cryptocurrency Comparison…