Puffer Finance Announces the Launch of Its New Governance Token, $PUFFER, as Part of Its Expansion Strategy within the Crypto Industry

Initially known for its focus on liquid staking, the platform has expanded its reach into more advanced solutions such as rollups and liquid restaking.

Puffer Finance, known for its liquid staking platform, has announced the launch of its governance token, $PUFFER, as it expands its presence in the crypto industry.

Initially focused on liquid staking, the platform has ventured into advanced solutions like rollups and liquid restaking. In this new phase of growth, Puffer aims to establish itself as a central player in blockchain infrastructure while introducing community participation through decentralized governance.

The platform has introduced a “vote escrow” mechanism, where users can stake $PUFFER to receive vePUFFER, a token that grants voting rights based on the amount staked. This governance structure aims to encourage community involvement in the platform’s future direction.

To promote the use of the new token, Puffer Finance has announced an airdrop campaign, which will distribute a total of 13% of the total supply across two seasons. The first season, called “Crunchy Carrot Quest,” will allocate 7.5% of the tokens to eligible users, while the second season will distribute the remaining 5.5%.

The token claim process will begin on October 14, 2024, and will remain open until January 14, 2025. Additionally, 40% of the total supply has been reserved for community and ecosystem initiatives, which will help fund future incentives and provide initial liquidity on exchanges.

The launch of $PUFFER is a crucial milestone for the platform, which has attracted over $1.3 billion in total value locked (TVL) through its liquid restaking protocol and rollup solutions. The platform has also developed ‘UniFi,’ a rollup solution that leverages Ethereum validators for transaction sequencing, and UniFi AVS, a service designed to speed up preconfirmations in transactions.

The project has ensured its growth with an $18 million funding round in April 2024, led by Brevan Howard Digital and Electric Capital, enabling it to continue developing its ecosystem and strengthening its infrastructure.