Step-be-Step Guide: Puffer Finance
🐡Puffer Finance, launched on February 1st, 2024, has swiftly emerged as a powerhouse in the decentralized finance (DeFi) space. This innovative platform allows users to deposit ether and, in return, receive a liquid staking token that not only earns yield from ETH staking but also maximizes returns through restaking across multiple protocols. The results speak volumes about Puffer’s success, with a staggering Total Value Locked of $146 million on its inaugural day, as reported by DefiLlama.
📈In just a few days, Puffer Finance surpassed rivals Renzo and Kelp DAO, securing the second position among liquid restaking protocols. As of February 10, it surged past the $850 million mark, positioning itself in close proximity to market leader ether.fi, showcasing an exponential growth trajectory. Puffer Finance is undeniably making waves in the dynamic landscape of decentralized finance.
☝️The project’s rapid ascent in TVL is fueled by an innovative five-stage points program, encouraging user adoption and interaction. This strategy has notably contributed to the platform’s success since its launch. Furthermore, Puffer Finance has secured substantial support, recently raising $7 million in a funding round led by Binance Labs, Animoca, Banckless, and Jump_. This backing not only attests to the platform’s potential but positions it as a significant player in the dynamic realm of decentralized finance.
Step-by-Step Guide
❗️Before starting, please check out our Intro Guide: EVM Ecosystem, it will help you to set up your environment and save money on fees.
1) 🌊 To start taking part in Puffer Quest, you will need to have stETH, there are a couple of ways to do so.
– You can stake your ETH on Lido. However, you will spend 15$–25$ on fees.
– Buy stETH on OKX and deposit it to your Ethereum wallet saving more on fees.
2) ☝️ After receiving stETH in the wallet, deposit it on the Puffer Finance quest page and receive pufETH.
🔎 You will need to choose your family while depositing stETH, it is still not clear what possibilities it will grant, so feel free to pick any.
3) 🏛️ Then you will see your statistics there and your place in the leaderboard.
🙌 We recommend following Puffer Finance on Discord and Twitter, to keep up with updates and new chapters of the quest to receive more points.
