Puffer

Puffer pufETH

Puffer pufETH is a liquid restaking token on Ethereum representing staked and restaked ETH via EigenLayer. Yield is generated from Ethereum consensus and execution layer staking rewards plus EigenLayer restaking rewards, distributed across diversified PufferModules.

AUM

$67.11m+9.6%

APY

2.32%+33.9%

BB-Rated Protocol

Updated Apr 23, 2026

Risk Rating

BB-

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This rating is based solely on publicly available information. The range from BB- to AA+ reflects the gap between the current assessment and the potential rating achievable if all identified improvement areas are addressed.

SCS: Smart Contract Security

KMP: Key Management Permissions

M: Market

L: Liquidity

C: Collateral

PM: Protocol Mechanics

ICE: Infra Counterparty Exposures

PCE: Protocol Counterparty Exposures

G: Governance

FR: Financial Resilience

TLC: Team Legal Compliance

DT: Documentation Transparency

Potential Score

Provider risk assessed across Business, Operations, Reliability, and Security.

View the detailed scoring breakdown

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Contract Addresses

TokenContract

0xD9A4...6a72

Timelock

0x3C28...26eA

PufferOracle

0x0BE2...994f

AccessManager

0x8c16...EE11

Pauser Multisig

0x1ba8...0Df4

Community Multisig

0x446d...Cb2a

Operations Multisig

0xC089...580d

Key Strengths

Extensive audit coverage from 8 independent firms including top-tier auditors, with every major upgrade from V1 through V5 audited before deployment
BlockSec Phalcon integrated as a Safe module on the Pauser Multisig, enabling fully autonomous 24/7 pause execution with on-chain proof of operation
Hardcoded 7-day minimum timelock delay that cannot be reduced, with all multisig thresholds verified on-chain via Safe API
Battle-tested exit liquidity: processed large-scale withdrawals during a major TVL drawdown with the pufETH/ETH exchange rate monotonically increasing and no withdrawal delays
Validator bond mechanism automatically burns operator bonds on slashing before affecting pufETH holders, with diversification across many PufferModules
Publicly identified team of 26 employees with perfect Documentation score covering comprehensive docs, canonical deployment registry, and all contracts verified on Etherscan

Key Risks

No active bug bounty program; the Immunefi Boost was a one-time competitive audit event and the ongoing bounty page is no longer available
Community Multisig signer identities are fully undisclosed, preventing independent verification of signer independence
Significant TVL decline from peak levels raises revenue sustainability concerns with operational runway unverifiable
No disclosed treasury or dedicated reserve beyond the narrow-scope validator bond mechanism; operational runway cannot be estimated from public information
PufferOracle relies on trusted guardian signatures for validator-locked ETH valuation without independent fallback oracle
Community Multisig can bypass the 7-day timelock entirely with zero-delay emergency execution capability