How to Use Your pufETH as Collateral on Morpho
Ahoy, Puffers!
Not sure what to do with your idle pufETH? We have great news!
Our latest collaboration with Morpho, a lending and borrowing protocol, now enables you to borrow WETH using your pufETH as collateral.
Follow this easy guide to engage with Morpho, efficiently use your funds by leveraging your pufETH as collateral, and earn 1.15x Puffer Points!
🐡 Step 1: Stake Your ETH and Receive pufETH
I. Connect your wallet at quest.puffer.fi/home.
II. The ‘Deposit’ section now appears. Select it.
III. Enter the amount of ETH you wish to stake on Puffer.
IV. Confirm the transaction and wait for its completion.
🐡 Step 2: Deposit pufETH and Borrow wETH
I. Connect your wallet at app.morpho.org.
II. Select ‘Borrow’.
III. Enter the amount of pufETH you wish to supply on Morpho, then enter the amount of WETH you wish to borrow from Morpho.
IV. Choose to receive ETH or WETH by ticking the ‘Unwrap WETH’ box.
V. Confirm the transaction and wait for its completion.
Note: Maintain a healthy liquidation LTV (e.g., 80%) to avoid liquidation.
🐡 Step 3: Display the Received WETH
I. Open your Metamask wallet and select ‘Import tokens’.
II. Click ‘Import’ and wETH will now display on your Metamask wallet homepage.
🐡 Step 4: Check Your Boosted Puffer Points
Return to Puffer’s homepage (quest.puffer.fi/integration) and check your boosted Puffer Points!
Note: It may take 24 hours to be updated on the integration dashboard.
If you encounter any issues or have further questions, our support team on Discord is always ready to assist you. Get started today and be part of our mission to decentralize Ethereum!
About Puffer
As the first and only decentralized Liquid Restaking Protocol, Puffer is a pioneer in the Ethereum staking space. The Puffer protocol introduces native Liquid Restaking Tokens (nLRTs), which provide greater rewards opportunities than traditional LSTs. Highlighted by our first-to-market anti-slasher technology (backed by an Ethereum Foundation grant), and validator tickets (co-developed with Justin Drake), Puffer delivers solutions ahead of and aligned with the Ethereum roadmap. The protocol merges RocketPool’s decentralized ethos (permissionless Eth validators) with Lido’s efficiency (reputable restaking operators) to deliver a superior staking solution that proudly contributes back to Ethereum’s decentralization. Learn more: www.puffer.fi
