Puffer Finance, an Ethereum liquid restaking protocol, now has $850 million in total value locked (TVL) in it, making it the second-largest of its kind.
With the launch of Puffer Finance on February 1st, users can deposit Ethereum (ETH) and receive a liquid staking token that can be used to earn yield from restaking, which is the practice of staking the same Ethereum across multiple protocols to obtain additional yield.
DefiLlama reports that Puffer Finance saw a TVL of over $146 million on its first day of operation. In a matter of days, it surpassed projects like Renzo and Kelp DAO, securing the second position among liquid restaking protocols.
It crossed the $850 million threshold on February 10 and is still quite close to the industry leader, ether.fi, which has $1.04 billion in TVL.
The five-stage points program Puffer Finance has been offering to promote adoption may have contributed to the increase in TVL. Participants receive points for interacting with the platform and depositing assets.
In the industry, the practice of allocating points before an airdrop is becoming more and more common. However, point programs don’t always lead to airdrops, and they are usually not confirmed beforehand.