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
$46m
Net APY
2.51%
Active Users
44k
Type
Liquid Staking
Network
Ethereum
BB-
Elevated RiskCeiling AA+
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CurrentPotential
This rating is based solely on publicly available information. DeFi protocol risk assessed across Security, Strategy and Operations on the AAA–D scale. 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.
SCSSmart Contract Security92
KMPKey Management Permissions81
MMarket87
LLiquidity85
CCollateral100
PMProtocol Mechanics90
ICEInfra Counterparty Exposures83
PCEProtocol Counterparty Exposures100
GGovernance56
FRFinancial Resilience29
TLCTeam Legal Compliance81
DTDocumentation Transparency100
Performance
Assets Under Management · 30D▼ 20.73%
$46m
Over the last 30 days, the total value of Puffer pufETH has dropped 20.73% with $12.16M in outflows.
Net APY · 30D▲ 63.09%
2.51%
Over the last 30 days, the APY has increased from 1.54% to 2.51%.
Active Users · 30D▼ 0.00%
44k
Over the last 30 days, active users have decreased by 0.00%, reaching 44.1K wallets.
Market Details
ChainEthereum
Treasury$0.00
Code AuditsTrail of Bits ↗Cantina/Spearbit ↗Nethermind ↗SlowMist ↗Quantstamp ↗BlockSec ↗Creed ↗Immunefi Boost ↗
Oracles UsedPufferOracle (Guardian-based) ↗
Stated Withdrawal TimeInstant or 14d
Component Ratings
Contract Addresses
Smart Contract0xD9A4...306a72
Timelock0x3C28...2126eA
PufferOracle0x0BE2...9e994f
AccessManager0x8c16...EBEE11
Pauser Multisig0x1ba8...620Df4
Community Multisig0x446d...86Cb2a
Operations Multisig0xC089...55580d
Key Strengths
S1Extensive audit coverage from 8 independent firms including top-tier auditors, with every major upgrade from V1 through V5 audited before deployment
S2BlockSec Phalcon integrated as a Safe module on the Pauser Multisig, enabling fully autonomous 24/7 pause execution with on-chain proof of operation
S3Hardcoded 7-day minimum timelock delay that cannot be reduced, with all multisig thresholds verified on-chain via Safe API
S4Battle-tested exit liquidity: processed large-scale withdrawals during a major TVL drawdown with the pufETH/ETH exchange rate monotonically increasing and no withdrawal delays
Key Risks
R1No active bug bounty program; the Immunefi Boost was a one-time competitive audit event and the ongoing bounty page is no longer available
R2Community Multisig signer identities are fully undisclosed, preventing independent verification of signer independence
R3Significant TVL decline from peak levels raises revenue sustainability concerns with operational runway unverifiable
R4No disclosed treasury or dedicated reserve beyond the narrow-scope validator bond mechanism; operational runway cannot be estimated from public information
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