As of January 31, the LST token pledged on Eiginlayer has reached more than 1 billion US dollars, and the LST track is in full swing in anticipation of Einglayer's currency issuance.

At the same time, Binance Labs announced its investment in Puffer Finance, which has continued to increase the popularity of the LST track.

But while we are watching the development of LST, we also need to recognize the pain points that the industry is currently facing:

As the scale of Ethereum contracts continues to expand, it is particularly important to increase the degree of network decentralization. Lido currently accounts for 31.8% of the Ethereum pledge market, which poses a potential threat to the security of the Ethereum network. In addition, a large amount of ETH is locked in centralized exchanges, large mining pools, and the relatively centralized LSD protocol. These highly concentrated entities are more susceptible to regulatory influences, weakening Ethereum's ability to resist censorship. In order to improve decentralization and censorship resistance, the Ethereum network urgently needs to attract the participation of more small-scale individual nodes.

Amid the amazement of the market, it is necessary for us to understand what Puffer Finance is and seize the potential opportunities.

There are three pain points faced by the LST track, and Puffer Finance solves them one by one through innovative methods.

Puffer is a liquidity staking protocol based on EigenLayer and is committed to removing obstacles for individual nodes to participate in Ethereum staking. Puffer believes that the high threshold (32 ETH) faced by individual nodes, the huge fines caused by verification errors, and the relatively low annualized rate of return are the three major problems that hinder individual participation.

In response to the aforementioned two major problems, Puffer developed Secure-Signer security signature and RAVe remote attestation technology. Through Intel SGX's Trusted Execution Environment, it moves the validator key management and signing logic to the Enclave, enforcing the signing logic and restricting access to the validator's private key, thus preventing verification errors and subsequent fund slashing.

Compared with DVT technology, Secure-Signer provides a more economical and practical solution. Due to the reduced risk of node fund forfeiture, Puffer has also reduced the node deposit to 2 ETH, significantly lowering the threshold for individual participation. These technologies are recognized and supported by the Ethereum Foundation.

For the problem of low yield, Puffer is built on EigenLayer, and nodes can obtain higher returns by re-staking. Overall, Puffer is similar to Rocket Pool, but it reduces the risk of capital penalties through its independently developed Secure-Signer technology, allowing the node deposit to be reduced to 2 ETH, which helps improve the competitiveness of personal staking. Puffer can also use EigenLayer to gain higher profits. These innovations help Puffer gain a larger share of the market.

Puffer Finance received a donation of US$120,000 from the Ethereum Foundation in its early years, and its cumulative financing in two rounds exceeded US$6.1 million.

Puffer's investors are one of the reasons why it is sought after by many users. In addition to the just-announced top CEX Binance, Puffer received a $120,000 donation from the Ethereum Foundation in its early years, and Justin Drake, a researcher at the Ethereum Foundation, serves as a team advisor. In Puffer's previous two rounds of financing, investors included EigenLayer founder Sreeram Kannan, Coinbase staking business director Frederick Allen and other important players in the LSD track. These capital forces have provided Puffer with a solid development foundation.

The first round of financing was US$650,000, led by Jump Crypto, with participation from Arcanum Capital and IoTeX;

The second round of financing raised US$5.5 million, led by Lemniscap and Lightspeed Faction, with participation from Brevan Howard Digital, Bankless Ventures, Animoca Ventures, Kucoin Ventures, Sreeram Kannan (Founder of Eigen Layer), Frederick Allen (Head of Coinbase Staking Business) , Shenyu (F2pool and Cobo joint venture), Richard Malone (Chief Commercial Officer of Obol), Mr. Block (core contributor of Curve), Ramble (President of North American Blockchain Association), etc.

Investors with good background will also promote the healthy development of the agreement.

The points airdrop activity has started. How far Puffer Finance can go in the future deserves attention.

Yesterday, Puffer launched a points airdrop event. Users only need to connect their wallet and X account on the event page of Puffer's official website, and then forward Puffer's tweets to get points for free. Points will be redeemed for Puffer token airdrops in the future.

The points activity uses a team gameplay, which makes many KOLs work hard to promote Puffer. The number of participants currently reaches 60,000, and the community is developing rapidly, reflecting the popularity of Puffer among users.

As a rising star in the EigenLayer ecosystem, Puffer’s most noteworthy point is its upcoming Ethereum mainnet staking function. At that time, users can directly participate in the Ethereum consensus through Puffer, which will greatly lower the threshold for personal participation in verification.

With the dual support of capital and community, Puffer is expected to attract more users to adopt its innovative mechanism to obtain ETH staking benefits. This not only enriches the application scenarios of Puffer, but will also help promote the decentralization of the Ethereum network. We expect that Puffer's product innovation will bring real value to users and promote the prosperity and development of the EigenLayer ecosystem.

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