**Puffer** is a decentralized native liquid restaking protocol (nLRP) developed on [Eigenlayer](https://iq.wiki/wiki/eigenlayer). It aims to simplify native restaking on [Eigenlayer](https://iq.wiki/wiki/eigenlayer), enabling users to operate [Ethereum](https://iq.wiki/wiki/ethereum) [Proof of Stake (PoS)](https://iq.wiki/wiki/proof-of-stake) validators and potentially increase their rewards.[\[1\]](#cite-id-uqlkkuv677r)  
$$widget0 [YOUTUBE@VID](N3h9cRjJI7o)$$  
  
# Overview  
  
Puffer, founded in November 2022 by Amir Forouzani, aims to enhance secure validator operations while preserving decentralization. Its Anti-Slashing technologies and Secure-Signer tool are designed to reduce slashing risks, and the Secure-Aggregator supports an efficient [liquid staking ](https://iq.wiki/wiki/liquid-staking)protocol.  
  
Developed on [Eigenlayer](https://iq.wiki/wiki/eigenlayer), Puffer's decentralized native liquid restaking protocol (nLRP) seeks to simplify native restaking. It allows users to run [Ethereum](https://iq.wiki/wiki/ethereum)[ Proof of Stake (PoS)](https://iq.wiki/wiki/proof-of-stake) validators with less than 2 [ETH](https://iq.wiki/wiki/ether-eth), intending to increase rewards. The protocol supports permissionless Node Operator participation to help maintain [Ethereum's](https://iq.wiki/wiki/ethereum) decentralization.  
  
Puffer's features include permissionless [validator](https://iq.wiki/wiki/validator) operation, anti-slashing hardware support, and immediate liquidity for rewards. Users can stake any amount of [ETH](https://iq.wiki/wiki/ether-eth) and potentially benefit from increased rewards through [Eigenlayer](https://iq.wiki/wiki/eigenlayer) integration. The [Mainnet](https://iq.wiki/wiki/mainnet) was launched May 9th, 2024. [\[1\]](#cite-id-uqlkkuv677r)[\[2\]](#cite-id-ohfhad05q2g)[\[3\]](#cite-id-p75edktmcj)[\[4\]](#cite-id-qx4m16h487m)[\[5\]](#cite-id-9m5eiruv4p)[\[18\]](#cite-id-4k5paep09vf)  
![PufferProtocol-90ac8dc6bee77025247c9873cd53649d.png](https://ipfs.everipedia.org/ipfs/QmPumjzqo3tywiZSu8w4n3WJhhjxU5a5SGEHtDSC89S8Cj)  
  
## Puffer Modules  
  
Puffer Modules are integral to the Puffer protocol, managing EigenPods that act as native restakers. Each module consists of validators controlled by Node Operators (NoOps), whose [ETH](https://iq.wiki/wiki/ether-eth) is restaked for [Eigenlayer](https://iq.wiki/wiki/eigenlayer) AVSs.  
  
Restaking Operators (ReOps), chosen by a [DAO](https://iq.wiki/wiki/dao), perform AVS duties in exchange for fees. The protocol assigns AVSs based on risk preferences, allowing NoOps with less than 2 [ETH](https://iq.wiki/wiki/ether-eth) to participate and earn rewards.  
  
Joining a module is permissionless for NoOps, who must lock 1 or 2 [ETH](https://iq.wiki/wiki/ether-eth) as collateral and validator tickets. They retain all PoS rewards from their [validator](https://iq.wiki/wiki/validator) and receive additional restaking rewards.  
  
Puffer aims to address the risks associated with restaking by relying on governance to select qualified ReOps and vet AVSs, promoting a cautious approach as the ecosystem develops.[\[7\]](#cite-id-jv79n81g8f9)  
![PufferModule-303be81790d75a687e501ceac0197b02.png](https://ipfs.everipedia.org/ipfs/QmbjHTwWbrzGAH44fkMVaZrRc1653pyYQ5CHBCeo7qsMKL)  
  
## Validator Tickets  
  
[Validator](https://iq.wiki/wiki/validator) Tickets (VTs) are [ERC20](https://iq.wiki/wiki/erc-20) tokens that allow holders to operate a staker-funded [Ethereum](https://iq.wiki/wiki/ethereum) [validator](https://iq.wiki/wiki/validator) for one day. They are created through [ETH](https://iq.wiki/wiki/ether-eth) deposits, which compensate pufETH holders. Operators are required to lock VTs and 1 [ETH](https://iq.wiki/wiki/ether-eth) of pufETH as collateral. The pricing of VTs is based on expected daily earnings.  
  
To register, operators must deposit at least 28 VTs and 1 [ETH](https://iq.wiki/wiki/ether-eth) in pufETH. Each VT corresponds to one validator-day, promoting active participation. While VTs seek to enhance capital efficiency, they also introduce new trust requirements and increase initial capital needs, with Puffer maintaining a relatively low bond threshold.[\[8\]](#cite-id-kp4qy4zowp)  
![mint-vt-3e5e230782e53dd275a5ee25e65a8e0a.png](https://ipfs.everipedia.org/ipfs/QmNuCtfgf71BKHtpQjN35UdsRPBEbTmfEckMTqtyck4aDJ)  
  
## Rewards  
  
The Puffer protocol aims to generate rewards from validator tickets and restaking, which increase the [ETH](https://iq.wiki/wiki/ether-eth) backing pufETH.  
  
Stakers receive [PoS](https://iq.wiki/wiki/proof-of-stake) and restaking rewards by holding pufETH. Node operators (NoOps) obtain all [PoS](https://iq.wiki/wiki/proof-of-stake) rewards and additional earnings from holding pufETH. Restaking operators are compensated with fees for managing AVSs, while guardians receive fees for their services.  
  
NoOps are entitled to 100% of consensus rewards, allocated to their EigenPod, and execution rewards that allow them to manage MEV strategies. Restaking rewards come from AVS fees, with some payments in [ETH](https://iq.wiki/wiki/ether-eth) and others in [ERC20](https://iq.wiki/wiki/erc-20) tokens.  
  
Validator Tickets require [ETH](https://iq.wiki/wiki/ether-eth) to [mint](https://iq.wiki/wiki/minting), with fees distributed to guardians, the treasury, and stakers in the PufferVault.[\[9\]](#cite-id-56c4bkbdtnr)  
  
## Guardians  
  
The Puffer Protocol's Guardians are authorized nodes that ensure protocol stability, with a role designed to phase out as [Ethereum](https://iq.wiki/wiki/ethereum) evolves. They are a community-based [decentralized autonomous organization (DAO)](https://iq.wiki/wiki/dao) focused on the protocol's success.  
  
Their main responsibilities include ejecting [validators](https://iq.wiki/wiki/validator) under certain conditions, vetting NoOp [validator](https://iq.wiki/wiki/validator) registrations, and returning bonds when validators exit. A majority consensus is required for significant actions.  
  
Puffer seeks full decentralization through key EIPs, with Guardians serving as a temporary measure to support growth and protect staker assets.[\[10\]](#cite-id-le8flq87fij)  
  
## Burst Treshold  
  
The Burst Threshold represents Puffer's commitment to capping its [validator](https://iq.wiki/wiki/validator) market share at 22% of [Ethereum's](https://iq.wiki/wiki/ethereum) total. Rather than stopping staking at this limit, Puffer aims to gradually reduce staker demand.  
  
As the threshold is approached, the number of mintable [validator](https://iq.wiki/wiki/validator) tickets will decrease, allowing only existing validators to be supported. This strategy is intended to prevent exceeding the critical 33% consensus threshold, which could compromise [Ethereum's](https://iq.wiki/wiki/ethereum) stability. Puffer seeks to establish this threshold from the outset.[\[11\]](#cite-id-4v4byblm5z6)  
  
# Products  
  
## Secure-Signer  
  
Secure-Signer is a remote signing tool that aims to prevent slashing offenses using Intel SGX technology, supported by an [Ethereum](https://iq.wiki/wiki/ethereum) Foundation grant.  
  
It utilizes Trusted Execution Environments (TEEs) to protect [validator](https://iq.wiki/wiki/validator) keys and plans to expand to AMD's SEV. Secure-Signer can operate locally or on remote servers.  
  
By encrypting [validator](https://iq.wiki/wiki/validator) keys and maintaining a secure database, it seeks to reduce slashing risks and enhance network resilience. Puffer also encourages diverse implementations to strengthen the [validator](https://iq.wiki/wiki/validator) ecosystem.[\[12\]](#cite-id-0hkdm9kkcstf)[\[13\]](#cite-id-oppn5irkdbn)  
![mevboost-c228df199c1eede83d53c31b8e81f5bc.png](https://ipfs.everipedia.org/ipfs/QmZPmuwHsmGZrJMBbtFYaRYot1eQbLZBbg5fDysMBSe7K1)  
  
## RAVe  
  
RAVe, or Remote Attestation Verification, is a component of Puffer's [Ethereum](https://iq.wiki/wiki/ethereum) Foundation grant that facilitates secure interactions between enclaves and [blockchains](https://iq.wiki/wiki/blockchain), aiming to support permissionless functionality.  
  
It allows nodes to verify that they are running a specific SGX enclave, ensuring application integrity. RAVe v1 utilizes EPID-based attestation through Intel's Attestation Service (IAS) to confirm enclave validity.  
  
In the Puffer Protocol, RAVe is used to verify that nodes are operating Secure-Signer and registers [validator](https://iq.wiki/wiki/validator) public keys on-chain. Additionally, it aims to ensure correct program execution in enclaves, addressing concerns related to "stealth restaking" on [Eigenlayer](https://iq.wiki/wiki/eigenlayer).[\[14\]](#cite-id-xuaui03d7a)  
  
# Tokenomics  
  
## Puffer Token ($pufETH)  
  
pufETH is a reward-bearing [ERC20](https://iq.wiki/wiki/erc-20) token designed for compatibility with [decentralized finance (DeFi)](https://iq.wiki/wiki/defi), inspired by [Compound's](https://iq.wiki/wiki/compound) cToken. It offers a dual-source reward system that combines [Ethereum](https://iq.wiki/wiki/ethereum) [Proof of Stake (PoS)](https://iq.wiki/wiki/proof-of-stake) rewards with earnings from restaking services, potentially outperforming traditional liquid staking tokens (LSTs).  
  
The token uses [validator](https://iq.wiki/wiki/validator) tickets to enhance value growth by frontloading [PoS](https://iq.wiki/wiki/proof-of-stake) rewards, encouraging participation. Unlike LSTs, pufETH decouples rewards from validator performance, ensuring stable returns.  
  
pufETH integrates seamlessly within the LSDeFi ecosystem, allowing users to access restaking rewards directly by holding the token, thus maximizing the utility of their staked assets.[\[6\]](#cite-id-4dyduhf7h24)  
  
# Funding  
  
Puffer has raised a total of $23.5 million through two funding rounds to support its development within the [Ethereum](https://iq.wiki/wiki/ethereum) ecosystem. The initial $5.5 million seed round, co-led by Lemniscap and Lightspeed Faction, aims to improve the viability of home stakers and promote decentralization through anti-slashing technology.  
  
Subsequently, Puffer secured $18 million in a Series A round led by Brevan Howard Digital and Electric Capital to facilitate the launch of the Puffer Mainnet and reduce the entry threshold for [validators](https://iq.wiki/wiki/validator).  
  
These funding rounds involved various aligned investors and community funds, reflecting a commitment to the objectives of the Puffer protocol and the [liquid staking](https://iq.wiki/wiki/liquid-staking) market.[\[16\]](#cite-id-lx8ir6lgah)[\[17\]](#cite-id-4lra1jtb7jp)  
![1*KvNjia9U16Ucp1x9QbtNww.webp](https://ipfs.everipedia.org/ipfs/QmeN5Hh3u7XcMWpJ7MSrPm1W4NJkwTD51JC7gS8h3VHZn3)  
  
# Ambassador Program  
  
The Puffer Pioneers Ambassador Program aims to engage community members in supporting [Ethereum](https://iq.wiki/wiki/ethereum) and the [liquid staking](https://iq.wiki/wiki/liquid-staking) token (LST) market.  
  
Participants may receive rewards and financial incentives, along with the “Puffer Pioneer” role and an [NFT](https://iq.wiki/wiki/non-fungible-token-nft). They also gain early access to updates and training opportunities.  
  
The program seeks individuals who are passionate about cryptocurrency and knowledgeable in [DeFi](https://iq.wiki/wiki/defi) and LSTs. Roles include content creation, community building, or business development. Applications are open for two weeks through a designated form.[\[15\]](#cite-id-h3vw1dn193c)  
![1*0rjNy86OXJAL3jcXEbLMcA.webp](https://ipfs.everipedia.org/ipfs/QmXKMAAY92hwcKmhVvUbhUwDr12nYkcB5Cd136484WHRsR)

Puffer was founded

Mainnet Launch

N3h9cRjJI7o

PufferProtocol-90ac8dc6bee77025247c9873cd53649d.png

PufferModule-303be81790d75a687e501ceac0197b02.png

mint-vt-3e5e230782e53dd275a5ee25e65a8e0a.png

mevboost-c228df199c1eede83d53c31b8e81f5bc.png

1*KvNjia9U16Ucp1x9QbtNww.webp

1*0rjNy86OXJAL3jcXEbLMcA.webp

Puffer is a decentralized native liquid restaking protocol on Eigenlayer, enabling secure, simplified Ethereum PoS validator operations with Anti-Slashing and S...

Puffer

IQ.wiki

Popular Wikis

Popular Wikis

Popular Wikis

Popular Wikis

Timeline of Events

Puffer

Puffer was founded

Mainnet Launch

IQ

公司

资源

政策