GEORGE TOWN, Cayman Islands, Aug. 8, 2023 /PRNewswire/ — Puffer Finance, a blockchain infrastructure company, has announced the successful closure of its seed round, raising a total of $5.5 million USD. The round was co-led by Lemniscap and Lightspeed Faction, with participation from Brevan Howard Digital, Bankless Ventures, Animoca Ventures, DACM, LBK, SNZ and Canonical Crypto.
The funding will be leveraged to accelerate the development of Puffer’s open-source Secure-Signer solution for the public good, and to create a capital-efficient permissionless staking pool.
Puffer recognizes the inherent challenges validators face in the Ethereum Proof of Stake (PoS) network, particularly the risk of losing all of their staked ETH to slashing penalties resulting from software bugs or user errors. This carries significant risk for solo stakers without access to substantial amounts of ETH, discouraging small-scale participation and increasing the appeal of centralized services.
Puffer’s open-source project Secure-Signer is a remote signing tool designed to prevent Ethereum validators from committing slashable offenses, limiting access to validator keys in order to mitigate the effect of software bugs and user errors while simultaneously protecting them from costly penalties that disproportionately impact solo stakers. Secure-Signer previously received support from the Ethereum Foundation in the form of a $120k grant, underscoring its importance within the Ethereum ecosystem.
Additionally, Puffer Finance is actively working on a protocol to lower the barrier of entry for at-home stakers and to help them unlock additional rewards, providing a financially viable alternative to centralized Liquid Staking Providers (LSPs), whose economies of scale can otherwise provide greater rewards by addressing the issue of inactivity penalties and implementing innovative anti-slashing technology. The protocol will effectively reduce the bond requirement from 32 ETH to just 2 ETH.
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