Puffer Finance, an Ethereum liquid restaking protocol built on EigenLayer, has raised $18 million in a Series A funding round co-led by Brevan Howard Digital and Electric Capital.
Angel investors, including Polygon co-founder Sandeep Nailwal, Wormhole co-founder Anthony Ramirez, AltLayer co-founder Yaoqi Jia and Pendle Finance core contributor Anton Buenavista, also joined the round. Puffer's Series A round comes shortly after it raised funds from Binance Labs earlier this year. Last year, the project also raised a $5.5 million seed funding round and a $650,000 pre-seed round initially.The Ethereum restaking vertical has been gaining momentum since the launch of EigenLayer last year. This led to the launch of several EigenLayer-based platforms this year. Puffer Finance is currently the third-largest liquid restaking protocol by total value locked after Ether.
Puffer has previously also received a grant worth $120,000 from the Ethereum Foundation for its open-source tool called Secure-Signer. The tool allows Ethereum validators to reduce the risk of slashing or penalties.