Puffer Finance, an advanced Liquid Staking Derivatives protocol, has succeeded in raising a total of 5.5 million USD in a seed funding round. This new capital not only stimulates the development of Puffer's open source Secure-Signer solution but also marks an important step in creating a permissionless staking pool. What is Puffer Finance? To better understand Puffer Finance, read the detailed article below.
What is Puffer Finance?
Puffer Finance is a Liquid Staking Derivatives platform that provides solutions for both retail users who want to stake ETH to receive profits and those who want to operate nodes on Ethereum. Puffer solves the problem by optimizing capital utilization, reducing bond requirements and ensuring security with its unique Secure-Signer technology to bring power and economic viability to home nodes.
Puffer Finance also promotes decentralization and strengthens the diversity of Ethereum, facing challenges from centralized forces, to protect the trusted neutrality of the network. This is an important solution in the context of liquidity staking protocols (LSPs) that are becoming increasingly important in the blockchain world.
Core technology of the Puffer Finance project
Secure-Signer
Secure-Signer is a technology to protect validators' private keys , through TEE - a piece of computer hardware designed to run code in a secure environment. This helps protect the authentication key from unauthorized access.
Secure-Signer can be run locally or remotely. When running locally, Secure-Signer uses TEE on the user's computer. When running remotely, Secure-Signer will use a TEE on a remote server.
Secure-Signer manages authentication keys and integrates easily into recipient authentication systems. To prevent theft Secure-Signer protects keys by encryption and maintains a protected database.
Secure-Signer has several benefits, including:
- Reduced risk of theft: Secure-Signer uses TEE to protect authentication keys from unauthorized access. This helps reduce the risk of theft if a validator is hacked.
- Key protection during execution: Secure-Signer uses TEE to run signing code in a secure environment. This helps protect the key from unauthorized access during the signing process.
- Provides reliable security: Secure-Signer uses advanced technologies to provide reliable security for Ethereum transaction signing.
RAVe
RAVe is a set of Puffer smart contracts that help pools securely interact with the blockchain. RAVe uses remote attestation (RA) to allow drive pools to prove to the blockchain that they are running a specific SGX drive pool. This is important to ensure accuracy, offline secure computation, and high integrity in the blockchain.
RAVe has two main functions:
- Helps nodes prove they run Secure-Signer: Proving that nodes are running Secure-Signer helps ensure the security of Secure-Signer and prevents key disclosure.
- Solve the "stealth restaking" problem: Stealth restaking is a problem in staking platforms that allows nodes to retake without being detected. RAVe helps solve this problem by requiring nodes to provide RA certificates when retaking.
Puffer Finance token information
Currently there is no detailed information about the token of the Puffer project. The team will continue to update more in the near future.
Project investor Puffer Finance
Puffer Finance successfully raised 650,000 USD in a Pre-Seed round on January 1, 2023 with the participation of Jump Capital, IoTex and Arcanum Capital. The project also received funding from the Ethereum Foundation.
On August 9, 2023, Puffer Finance successfully raised 5.5 million USD in the Seed round with the participation of Lemniscap, Faction, LBank Labs, SNZ Capital,... In addition, the project also received investment from prominent Angel Investors such as Sreeram Kannan, Calvin Liu, Frederick Allen and Mr Block.
Investors of Puffer Finance.
Should you invest in Puffer Finance?
Puffer Finance is an advanced project built by an experienced and specialized development team. What is special is that this project is receiving strong support from reputable investors, including the Ethereum Foundation, a highly reputable organization in the blockchain community.
Puffer Finance's goal is to solve a real problem in the Ethereum ecosystem, which is to make the staking process easier and fairer. This not only creates an attractive investment opportunity but also contributes to the sustainable development of the crypto community.
Although the project is still in the development stage and has not yet launched tokens, the project will have a long development period ahead. This is a potential project in the market but there are not many detailed parameters to evaluate as well as investment opportunities for individual investors. We will continue to monitor, evaluate and look for opportunities in the future.
summary
Puffer Finance is an embodiment of progress in the blockchain world, with its Liquid Staking Derivatives protocol and strong financial support.
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