• Puffer Finance secures $18 million in investment spherical led via Brevan Howard Digital and Electric Capital.
• Crypto exchanges Coinbase and Kraken additionally put money into the Ethereum liquid restaking protocol.

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

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

Puffer’s financing effort additionally attracted the participation of a number of most sensible undertaking finances corporations, together with Fidelity, Coinbase Ventures, Franklin Templeton, and Consensys. Other key investments had been via Kraken Ventures, Lemniscap, Mechanism, Lightspeed Faction and Animoca.

As a liquid restaking protocol, Puffer Finance permits ETH stakers to give a contribution to Ethereum’s decentralization via staking simply 1 Ether (ETH). This is a long way lower than the 32 ETH a person staker must earn Ethereum staking rewards.

The venture’s Liquid Restaking Token (LRT) additionally permits holders to earn yield from different DeFi tasks.

Puffer Finance enlargement

Puffer Finance has to this point raised $23.5 million because it strikes nearer to its mainnet release. The Series A spherical follows a $5.5 million seed spherical raised in 2023 that undertaking finances corporations Lemniscap and Lightspeed Faction co-led.

Puffer has lately partnered tasks similar to Ethereum L2 platform CyberConnect, DeFi’s yield hub Balancer and multi-chain interoperability platform Wormhole.

According to DeFiLlama data, Puffer’s TVL stands at round $1.15 billion. The overall price locked reached $1.5 billion in mid-March.