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Puffer Finance’s PUFFER Token Price Surges After Token Claims Open
Puffer Finance Token Spikes on Token Claims Announcement
Puffer Finance’s native token experienced a significant price surge on October 14 following the announcement of the opening of token claims. The PUFFER token, backed by major crypto exchanges like Kraken, Bybit, and Bitget, reached a peak of 49 cents, marking a surge of over 55% right after the token claims became available. The sudden influx of users trying to reclaim PUFFER tokens caused congestion on the Puffer Finance website.
Understanding Puffer Finance and PUFFER Token
PUFFER serves as the governance token for Puffer Finance, a decentralized finance platform that offers yield farming and staking services to its users. The token plays a pivotal role in Puffer and UniFi, a rollup based on Ethereum, enabling liquid restaking and supporting actively managed services. Through its integration with Puffer’s liquid restaking technology and UniFi’s AVS, PUFFER holders can earn yields and participate in governance decisions related to the protocol’s treasury rewards. Holders can stake or engage in governance using the vePUFFER staking service.
TVL and Funding Rounds
Puffer Finance’s liquid restaking protocol has positioned it as one of the leading platforms by total value locked, alongside ecosystem giants such as Ether.Fi and EigenLayer. As per DeFiLlama data, Puffer boasts a TVL exceeding $1.4 billion. The protocol successfully raised $18 million in Series A funding in April 2024, with Brevan Howard Digital and Electric Capital as co-leads, supplemented by investments from Coinbase Ventures, Lemniscap, and Franklin Templeton. In a prior funding round in August 2023, Puffer secured $5.5 million, with Lemniscap and Lightspeed Faction in the lead.