Liquid restaking and rollup platform Puffer introduces token along with community airdrop

Liquid restaking infrastructure platform and rollup solution Puffer Finance has announced the release of its new governance token and provided details regarding an upcoming airdrop.

The airdrop claim process will begin on Oct. 14, 2024, and remain open until Jan. 14, 2025.

Puffer has a total supply of 1 billion tokens, with an initial supply of 102.3 million. Distribution includes 40% for ecosystem and community initiatives, 13% for airdrops, 1% for Ethereum core development, 20% for early contributors and advisors, and 26% for investors.

The project has allocated 7.5% (75 million tokens) of the supply through the first season of an airdrop campaign called “Crunchy Carrot Quest,” with the snapshot taken on Oct. 1. The second season, currently taking place, will allocate 5.5% of the tokens.

The token will allow the community to participate in governance decisions related to protocol parameters, including fees and security measures.

The Puffer token will be based on a vote escrow mechanism, allowing users to stake for vePUFFER, another token that gives holders governance rights proportional to their votes.

Puffer Finance began as a liquid staking protocol with the introduction of Puffer LST and later expanded to liquid restaking on EigenLayer. It holds over $1.3 billion in total value locked. It’s also developing UniFi, a rollup that aims to leverage Ethereum validators for transaction sequencing, and UniFi AVS, a preconfirmation service to help speed up rollups. 

In April, Puffer raised $18 million in a Series A funding round co-led by Brevan Howard Digital and Electric Capital.