Unveiling $PUFFER: The Future Governance Token for Puffer and UniFi
Disclaimer: This announcement is part of a series showcasing the innovations being developed at Puffer. Stay tuned for more updates in the coming weeks.
The time is nearly upon us! Our TGE is right around the corner, and we’re excited to share some important details with our dedicated community who have been patiently waiting for this moment! Together, let’s continue to build a truly decentralized and community-driven platform.
TLDR: $PUFFER is the soon-to-be-launched governance token that will empower our users to shape the future of the Puffer and UniFi ecosystem. As we prepare for our upcoming TGE, we will be releasing details on our tokenomics in the coming days, so stay tuned as more updates will follow in due course.
Key updates
- Our airdrop approach: Rewarding authentic engagement in the Puffer ecosystem.
- The role of $PUFFER in Puffer LRT, Puffer UniFi, and UniFi AVS.
- All three products will generate treasury rewards, of which future $PUFFER holders will be responsible for managing.
- We are introducing vePUFFER, a novel governance mechanism that rewards long-term engagement with the protocol.
Puffer: Advancing Decentralized Infrastructure for Ethereum
Puffer has evolved into a leading innovator in Ethereum’s decentralized infrastructure. Starting with our Liquid Restaking Token (LRT), we’ve expanded to build UniFi, the pioneering based rollup in the space, and UniFi AVS on EigenLayer, which offers preconfirmations as a service.
With a TVL exceeding 538k ETH (~$1.324 billion) and a community of about 300k users, Puffer is committed to advancing decentralization and empowering all participants in the Ethereum network.
Our Crunchy Carrot Campaign was a resounding success. We accomplished our mission of enhancing Ethereum’s decentralization by reducing stETH dominance by 2.38%, strengthening the network and fostering greater inclusivity.
Additionally, our technology has proven highly effective for Ethereum validators. By lowering bond requirements to only 2 ETH — with further reductions coming soon — we’ve enabled more participants to become validators. Our success with Validator Tickets has led to over 9,000 Ethereum validators joining our network, enhancing Ethereum’s decentralization and security.
$PUFFER Community Values
Our TGE approach reflects our commitment to Ethereum’s enduring success, underpinned by a distribution model that prioritizes:
- Authentic engagement in the Puffer ecosystem
- Contributions driving long-term value for Ethereum
- Consistent dedication to our shared principles.
As we’ve seen across the Web3 landscape, getting airdrops right is hard. There have been countless examples of crypto communities becoming fractured because of poorly designed or hastily executed airdrops. Our token distribution may look different from others you’ve seen, and while no design is perfect, we will be focusing on rewarding our most value-aligned community members. Our goal is to nurture a community that:
- Advocates for decentralization.
- Plays the long game for Ethereum’s success.
- Is passionate about tech innovation for good.
When token distribution skews heavily towards Sybils or whales, it can fragment our unified goals and shared values, undermining our collective long-term vision.
We want to properly reward genuine users, ensuring a strong foundation for the community that will guide and govern the future of the Puffer LRT, Puffer UniFi, and UniFi AVS. Remember, building a decentralized future on Ethereum is a marathon, not a sprint.
The Future Role of $PUFFER Across the Ecosystem
When launched, $PUFFER will play a crucial role across our suite of products:
Puffer LRT
- Govern key protocol parameters (fees, limits, bond requirements)
- Select guardians and restaking operators
- Curate supported AVSs
- Future feature: Help allocate ETH to different operators and AVSs (more details coming soon)
UniFi AVS
- Manage fee structures
- Whitelist new rollups for AVS support
- Oversee AVS security parameters
- Guide the integration of new preconfirmation and proposer commitment services
UniFi Rollup
- Set fee parameters for rollup transactions
- Direct ecosystem rewards to promote adoption
- Manage treasury funds for long-term sustainability
- Steer rollup upgrade decisions and feature prioritization
Importantly, all three products will generate treasury rewards. Future $PUFFER holders will be responsible for managing these rewards, ensuring they’re used effectively to foster growth and innovation across the entire ecosystem.
The Future of Governance: Introducing vePUFFER
We are introducing vePUFFER, a novel governance mechanism, with the help of Aragon. This ERC-721 implementation of a vote escrow token model aligns with our long-term goal of fostering value-aligned and committed participants.
With the launch of vePUFFER, we’re officially kickstarting the Community Voting, marking the beginning of true decentralization and community-led governance within the Puffer ecosystem.
Aragon’s veToken implementation builds on learnings from protocols like Curve and Prisma, with key innovations:
- Users stake PUFFER tokens to mint vePUFFER NFTs.
- vePUFFER doesn’t require specifying a lockup duration. Users can unstake their PUFFER at any time.
- Voting power accrues over time as long as PUFFER remains staked.
- Unstaking resets the accrued voting power, incentivizing long-term participation while maintaining flexibility.
This design offers several key advantages:
- Rewards long-term engagement with the protocol.
- Provides flexibility to adjust stake based on personal or market conditions.
- Allows users to maintain control over their assets while participating in governance.
- Creates a dynamic governance ecosystem that adapts to user needs.
vePUFFER empowers users to actively shape the future of the Puffer ecosystem while maintaining control over their investment strategy, fostering a community of engaged stakeholders.
Looking Forward
As we gear up for the launch of $PUFFER, this announcement marks a significant step in our journey towards a fully decentralized and community-governed ecosystem. We’re excited about the potential of $PUFFER and vePUFFER to put the power of governance in your hands.
The future of Puffer and UniFi is bright, and with $PUFFER, you’ll be at the forefront of shaping it. We appreciate your continued support and patience as we work diligently to bring these exciting developments to fruition.
Please stay tuned for more information on the $PUFFER tokenomics, the overarching utility framework, and more in the coming days!
Puffer — Building the Future of Ethereum
About Puffer
Puffer is a leading innovator in Ethereum infrastructure, focusing on next-generation rollups supported by liquid restaking (LRT) and preconfirmation as an AVS. With products like Puffer UniFi and Puffer UniFi AVS on EigenLayer, we are dedicated to enhancing Ethereum’s decentralization. puffer.fi
