Ethereum re-pledge protocol Puffer Finance mainnet is online! Will convert user assets to ETH

The Ethereum Redemption Protocol (LRT) project Puffer Finance announced the launch of the mainnet, on which node operator registration is now available. However, the team will convert stETH, wstETH and other assets deposited by users into ETH within a few weeks, so participating users need to pay special attention.

Introduction to Puffer Finance

Puffer Finance is a validator service in the Ethereum ecosystem. Its highlight is to lower the threshold for participants to become validators. Any user only needs to contribute 2 ETH, and the Puffer Finance protocol will provide the remaining 30 ETH to become a validator to participate in maintaining the security of Ethereum and receive rewards.

These ETH will be deposited into the Puffer Finance protocol from other users, and include Puffer Finance’s future token economics, EigenLayer pledge income, validator fees for renting ETH, etc.

The protocol has been following the re-staking boom since last year. The mainnet with the above functions is still under development, but the team first launched the marketing campaign Crunchy Carrot Quest to encourage users to pledge stETH assets.

Puffer Finance mainnet is online

Today the team announced that the Puffer Finance mainnet is online, the marketing activities have entered Chapter 4, and users have opened the deposit and withdrawal functions of ETH, stETH, wstETH and other tokens. It will also be enabled (previously it could only be deposited but not withdrawn).

Will convert user assets to ETH

However, since the core mechanism of Puffer Finance’s operation is ETH, it has nothing to do with the stETH attracted by the current agreement due to marketing activities and re-staking craze, so the team implemented A new decision: converting users’ stETH and wstETH to ETH in the coming weeks.

Although the team’s statement is to reduce the centralization risk of Ethereum, the reason behind it is actually for Puffer Finance to smooth the cold start of the protocol and increase the stability of the initial operation of the main network.

If users want to retain stETH, they only need to withdraw their own assets from the protocol before the team executes it.

Node operators are open for registration

Users can use their wallet address to register as node operators (Node Operators) on the Puffer Finance official website. They need to provide 2ETH as a deposit to prevent risk reduction. Node operator computer equipment requirements can be found here.

Puffer’s anti-slasher protection program will be opened in the future. Users can choose to provide only 1ETH. This feature is expected to be enabled within a few weeks.

At present, due to the work of optimizing the fuel cost of the EIgenLayer protocol is still continuing, node operators are currently unable to receive their consensus rewards.

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