PUFFER soars after token launch and claims open

Puffer Finance’s native token, PUFFER, experienced a significant surge in price on October 14 after the platform announced that token claims were officially open. Following this announcement, the price of PUFFER spiked by more than 55%, reaching highs of $0.49. The surge in interest led to website congestion, as a growing number of users rushed to claim their tokens, overwhelming Puffer’s systems.

What is Puffer Finance?

Puffer Finance is a decentralized finance (DeFi) protocol that provides services like yield farming and staking for its users. Its native governance token, PUFFER, plays a central role in the protocol’s ecosystem, particularly within the liquid restaking model. Liquid restaking allows users to earn rewards and participate in decentralized governance through vePUFFER staking. The token also supports actively managed services and integrates with UniFi, a rollup platform for Ethereum.

Puffer Finance is gaining attention for its liquid restaking platform on Ethereum, a technology that allows stakers to earn yield and further contribute to the protocol’s governance. It currently ranks among the top DeFi protocols in terms of Total Value Locked (TVL), with over $1.4 billion locked in its ecosystem. Ether.Fi and EigenLayer are some of the other top players in this space.

Key Developments:

• PUFFER Token Surge: The token’s price jumped to $0.49, representing a 55% increase after Puffer Finance opened token claims to the public.
• Backing by Top Exchanges: PUFFER has received significant support from major exchanges such as Kraken, Bybit, and Bitget, boosting its visibility and liquidity in the market.
• Series A Funding: In April 2024, Puffer Finance raised $18 million in its Series A round, co-led by Brevan Howard Digital and Electric Capital, with additional backing from Coinbase Ventures, Lemniscap, and Franklin Templeton. This follows an earlier round in August 2023, where it secured $5.5 million led by Lemniscap and Lightspeed Faction.

As the protocol continues to grow and evolve, the increased attention and activity surrounding PUFFER token claims suggest that the platform’s innovations in DeFi, particularly around liquid restaking, are resonating with both users and investors. With Puffer Finance’s TVL continuing to climb and its funding rounds drawing support from major players, it appears to be well-positioned in the competitive DeFi landscape.