Puffer Finance, a leading liquid restaking infrastructure platform, has unveiled its new governance token along with details of an upcoming community airdrop. The airdrop claim process is set to begin on October 14, 2024, and will remain open until January 14, 2025.
Puffer has a total supply of 1 billion tokens, with an initial distribution of 102.3 million. The allocation includes:
Additionally, 7.5% (75 million tokens) of the supply will be allocated through the first season of an airdrop campaign called “Crunchy Carrot Quest”, with the snapshot taken on October 1. The second season is currently underway, allocating 5.5% of the tokens.
The new token will empower the community to participate in governance decisions regarding protocol parameters, including fees and security measures. It will operate on a vote escrow mechanism, allowing users to stake for vePUFFER, a governance token that grants holders voting rights proportional to their stake.
Puffer Finance began as a liquid staking protocol with the introduction of Puffer LST and later expanded to liquid restaking on EigenLayer. The platform currently holds over $1.3 billion in total value locked. Moreover, Puffer is developing UniFi, a rollup designed to utilize Ethereum validators for transaction sequencing, and UniFi AVS, a preconfirmation service aimed at expediting rollups.
In April, Puffer Finance successfully raised $18 million in a Series A funding round co-led by Brevan Howard Digital and Electric Capital.
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