đĄPuffer Finance, launched on February 1st, 2024, has swiftly emerged as a powerhouse in the decentralized finance (DeFi) space. This innovative platform allows users to deposit ether and, in return, receive a liquid staking token that not only earns yield from ETH staking but also maximizes returns through restaking across multiple protocols. The results speak volumes about Pufferâs success, with a staggering Total Value Locked of $146 million on its inaugural day, as reported by DefiLlama.
đIn just a few days, Puffer Finance surpassed rivals Renzo and Kelp DAO, securing the second position among liquid restaking protocols. As of February 10, it surged past the $850 million mark, positioning itself in close proximity to market leader ether.fi, showcasing an exponential growth trajectory. Puffer Finance is undeniably making waves in the dynamic landscape of decentralized finance.
âïžThe projectâs rapid ascent in TVL is fueled by an innovative five-stage points program, encouraging user adoption and interaction. This strategy has notably contributed to the platformâs success since its launch. Furthermore, Puffer Finance has secured substantial support, recently raising $7 million in a funding round led by Binance Labs, Animoca, Banckless, and Jump_. This backing not only attests to the platformâs potential but positions it as a significant player in the dynamic realm of decentralized finance.
Step-by-Step Guide
âïžBefore starting, please check out our Intro Guide: EVM Ecosystem, it will help you to set up your environment and save money on fees.
1) đ To start taking part in Puffer Quest, you will need to have stETH, there are a couple of ways to do so.
â You can stake your ETH on Lido. However, you will spend 15$â25$ on fees.
â Buy stETH on OKX and deposit it to your Ethereum wallet saving more on fees.ÊŒ
2) âïž After receiving stETH in the wallet, deposit it on the Puffer Finance quest page and receive pufETH.
đ You will need to choose your family while depositing stETH, it is still not clear what possibilities it will grant, so feel free to pick any.
3) đïž Then you will see your statistics there and your place in the leaderboard.
đ We recommend following Puffer Finance on Discord and Twitter, to keep up with updates and new chapters of the quest to receive more points.
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