Binance Labs, the venture arm of the exchange of the same name, invested an undisclosed amount in 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.
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