TL;DR
- Puffer Finance launches its new governance token with an initial supply of 102.3 million, focused on community participation.
- The airdrop campaign will distribute 13% of the total supply in two seasons starting on October 14, 2024.
- The platform secured $18 million in funding and surpasses $1.3 billion in total value locked through restaking and rollup solutions.
Puffer Finance has announced the launch of its new governance token, $PUFFER, as part of its expansion strategy within the crypto industry.
Initially known for its focus on liquid staking, the platform has expanded its reach into more advanced solutions such as rollups and liquid restaking. With this new phase of growth, The platform aims to establish itself as a key player in blockchain infrastructure while introducing community participation mechanisms through decentralized governance.
🐡 $PUFFER Tokenomics Breakdown: Empowering the Puffer Community and Beyond 🐡https://t.co/nlv6LAbpGT
It’s almost here! The $PUFFER airdrop goes live on October 14th, 2024, 11 PM UTC Until January 14th, 2025, 11 PM UTC!
Link: https://t.co/ihnAvILDtn$PUFFER is the cornerstone…— Puffer Finance 🐡 (@puffer_finance) October 10, 2024
The token will have a total supply of 1 billion, with an initial supply of 102.3 million. This token will allow users to participate in important protocol decisions, such as fee structures and security measures.
The platform has introduced a “vote escrow” mechanism, where users can stake $PUFFER to receive vePUFFER, a token that grants voting rights based on the amount staked. This governance structure aims to encourage community involvement in the platform’s future direction.
Puffer Finance to Hold an Airdrop
To promote the use of the new token, Puffer Finance has launched an airdrop campaign, which will distribute a total of 13% of the total supply across two seasons. The first season, called “Crunchy Carrot Quest,” will allocate 7.5% of the tokens to eligible users, while the second season will distribute the remaining 5.5%.
The token claim process will begin on October 14, 2024, and remain open until January 14, 2025. Additionally, 40% of the total supply has been reserved for community and ecosystem initiatives, which will help fund future incentives and provide initial liquidity on exchanges.
The Platform Secures $18 Million in Funding
The launch of $PUFFER is a crucial milestone for the platform, which has attracted over $1.3 billion in total value locked (TVL) through its liquid restaking protocol and rollup solutions. The platform has also developed ‘UniFi,’ a rollup solution that leverages Ethereum validators for transaction sequencing, and UniFi AVS, a service designed to speed up preconfirmations in transactions.
The project has ensured its growth with an $18 million funding round in April 2024, led by Brevan Howard Digital and Electric Capital, enabling it to continue developing its ecosystem and strengthening its infrastructure
