Puffer pufETH DeFi Yield & Risk Rating
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
$31m
Net APY
2.18%
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▼ 44.67%
$31m
Over the last 30 days, the total value of Puffer pufETH has dropped 44.67% with $25.03M in outflows.
Net APY · 30D▲ 15.66%
2.18%
Over the last 30 days, the APY has increased from 1.88% to 2.18%.
Active Users · 30D▼ 0.08%
44k
Over the last 30 days, active users have decreased by 0.08%, reaching 44.1K wallets.
Market Details
ChainEthereum
TreasuryNot reported
Code AuditsTrail of Bits ↗Cantina/Spearbit ↗Nethermind ↗SlowMist ↗Quantstamp ↗BlockSec ↗Creed ↗Immunefi Boost ↗
Oracles UsedPufferOracle ↗
Stated Withdrawal TimeInstant or 14d
Component Ratings
Contract Addresses (7)
Key Strengths
S1Extensive audit coverage from multiple independent firms, including top-tier auditors, spanning every major contract version
S2Automated security monitoring wired directly to an on-chain pause, with a real pause executed autonomously without human signatures
S3A hardcoded seven-day upgrade timelock that cannot be shortened, with all multisig thresholds verifiable on-chain and no single key able to move funds
S4Battle-tested exit liquidity — the protocol processed a near-total withdrawal wave with no delays, queues, or freezes while the redemption rate kept rising
Key Risks
R1No active bug bounty program; the prior competitive audit event has ended and no ongoing bounty is available
R2Signer identities behind the emergency multisig are not publicly disclosed, so signer independence cannot be confirmed
R3A severe decline in assets under management from its peak raises questions about revenue sustainability
R4No disclosed treasury or dedicated treasury wallet, leaving operational runway unverifiable
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