- Binance Labs invested in Puffer Finance.
- The investment amount and project evaluation are not disclosed.
- The funds will be used for further development of the protocol infrastructure.
Binance Labs, the venture capital division of the exchange of the same name, invested an undisclosed amount to the Puffer Finance project. This is an Ethereum liquid staking protocol based on EigenLayer.
The project's assessment has not been disclosed. Puffer Finance developers will use the funds received to develop internal infrastructure and available products, the release says.
In particular, the protocol plans to issue a liquidity restaking token nLRT, the developers said.
“Puffer aims to democratize Ethereum staking by reducing operational risks and verification costs, making the project attractive to self-hosted validators,” Binance Labs said in a release.
Puffer Finance received a grant from the Ethereum Foundation, and closed a $5.5 million seed round in early August 2023. The project was developed based on the EigenLayer solution.
This service allows Ethereum stakers to participate in the verification of software modules for an additional reward. More details about the project in a separate article: