• Puffer Finance has secured $18 million in a funding spherical led by Brevan Howard Digital and Electrical Capital.
• Cryptocurrency exchanges Coinbase and Kraken have additionally invested in Ethereum's Liquid Restaking Protocol.

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

Brevan Howard Digital and Electrical Capital led the Sequence A funding spherical, in accordance with an announcement Tuesday.

Puffer's fundraising efforts additionally attracted participation from a number of high enterprise capital corporations, together with Constancy, Coinbase Ventures, Franklin Templeton, and Consensys. Different main investments had been from Kraken Ventures, Lemniscap, Mechanism, Lightspeed Faction, and Animoca.

As a liquid restaking protocol, Puffer Finance permits ETH stakers to contribute to the decentralization of Ethereum by staking only one Ether (ETH). That is a lot lower than the 32 ETH required for a person staker to earn Ethereum staking rewards.

The challenge's Liquid Restaking Tokens (LRT) enable holders to earn earnings from different DeFi initiatives.

Progress of Puffer Finance

Puffer Finance has raised $23.5 million up to now for its mainnet launch. The Sequence A spherical follows a $5.5 million seed spherical raised in 2023, co-led by enterprise capital corporations Lemniscap and Lightspeed Faction.

Puffer has just lately partnered with initiatives similar to Ethereum L2 platform CyberConnect, DeFi Yield Hub Balancer, and multi-chain interoperability platform Wormhole.

In line with DeFiLlama information, Puffer’s TVL is roughly $1.15 billion. The whole quantity locked reached $1.5 billion in mid-March.