- Binance Labs has invested an undisclosed quantity in Ethereum restaking protocol Puffer.
- Puffer Finance will use these funds to develop its Layer 2 community and to carry ETH staking and restaking rwards to BNB Chain customers.
- Binance Labs on Monday, January 29, denied claims it had participated in a $15 million funding spherical for SkyArk Chronicles.
Binance Labs, the enterprise capital and incubation arm of crypto exchange Binance, has made a strategic funding in Puffer Finance, a decentralised liquid restaking protocol on EigenLayer.
Although Binance Labs hasn’t disclosed the invested quantity, it revealed in its announcement that Puffer will use the funding to develop its open-source applied sciences.
Today’s announcement comes a day after Binance Labs released a statement distancing itself from claims that it had led a $15 million funding spherical for gaming platform SkyArk Chronicles.
Puffer to make use of funding on its L2 and restaking rewards
One of the challenge areas to see funding from the funding can be Puffer’s actively validated providers (AVSs) on a Layer 2 community. Puffer will run its upcoming L2 as an AVS on EigenLayer AVS, Binance Labs said on Tuesday.
“As Puffer continues to develop, our unique approach, supported by collaborations with eminent researchers, elevates validator profitability, contributing to Ethereum’s decentralization and securing its infrastructure with EigenLayer,” Amir Forouzani, founding father of Puffer, stated in a press release.
“We are incredibly excited about laying a robust foundation for the future of decentralized trust, ensuring a resilient and thriving ecosystem for years to come,” Forouzani added.
Also set to obtain a lift from Binance’s enterprise arm is Puffer’s liquid restaking expertise that can see the protocol’s native liquid restaking token go dwell on the BNB Chain. The goal right here is to carry ETH staking and restaking rewards to customers on the BNB Chain.
🚀 HUGE information! @BinanceLabs, the enterprise capital arm of @binance, has made a strategic funding in Puffer.
This collaboration marks a milestone in decentralized liquid staking, setting the stage for a fortified, accessible Ethereum ecosystem via EigenLayer tech! 🐡 https://t.co/oL4xDWi22A
— Puffer Finance 🐡 (@puffer_finance) January 30, 2024
Puffer has beforehand acquired funding funding from numerous enterprise companies, each throughout its pre-seed and seed spherical. Among buyers in the protocol’s $5.5 million seed round have been Lemniscap, Lightspeed Faction, Brevan Howard Digital, Animoca Ventures, Canonical Crypto and Bankless Ventures.
The challenge additionally secured a grant from the Ethereum Foundation for its first innovation – a distant signing instrument dubbed Secure-Signer. Validators on the Ethereum community can faucet into this instrument to scale back danger of slashing.
