The anti-slashing LSD protocol, Puffer, has raised $5.5 million in its Seed funding round. It focuses on solo-stakers collaboration to spread decentralization in ETH liquid staking.
In the blog post, Puffer says that home stakers can join with as little as 2 ETH to secure the Ethereum network with its unique staking services built on Eigenlayer.
It has released a novel technology dubbed Secure-Signer which is designed to prevent validators from committing slashable offenses.
“Our technology enables this by using a secure enclave to limit access to validator keys in order to mitigate the effects of software bugs and user errors,” claims the protocol. This latest funding will be used to develop its liquid staking protocol with anti-slashing technology.
Lemniscap and Lightspeed Faction with participation from other leading ventures, including Animoca, Brevan Howard Digital, Bankless Ventures, LBank, and several other investors, led the funding round.
Puffer has also received funding from Jump Crypto, IOTEX, and numerous other angels in pre-seed capital.
Ethereum’s liquid staking ecosystem is growing rapidly, with newer innovations being released frequently. Previously this week, unshETH raised $ 3.3 million in seed funding for its LSD-focused marketplace.