Carrot by Puffer (CARROT): Uses, Supply and Risks

Carrot by Puffer (CARROT) is an ERC-20 token on Ethereum associated with Puffer’s Season 2 rewards. It replaced off-chain Puffer Points, which means the rewards are represented as tokens rather than only as points tracked outside the blockchain. The project describes CARROT as something participants can earn through staking, providing liquidity and voting on gauges. It is not a native network token, and public sources do not describe it as a general-purpose payment token.

After Season 2, CARROT is intended to convert into Puffer’s PUFFER token at a set rate. The rate is not specified here, so CARROT holders should check Puffer’s current official terms rather than assume a particular conversion value. CARROT’s role is therefore tied to the Season 2 incentive program and its stated conversion, not simply to the token’s market price.

CARROT rewards are linked to community voting on governance gauges. vePUFFER holders vote every two weeks to direct voting power toward gauges, which can include liquidity pools or protocol integrations. Once a voting period ends, the corresponding reward period begins. The amount allocated to each gauge depends on the voting support it received, so rewards are distributed proportionally rather than equally across all gauges.

The project says vePUFFER holders, pufETH holders and liquidity providers can claim CARROT rewards. Claims are available during a reward period or for up to one year after Season 2. A claimed amount has a 30-day lock before it can be withdrawn; making another claim resets that claim’s timer. These conditions matter if you expect to access tokens quickly. Check the applicable gauge, eligibility rules and claim schedule before participating, since reward allocation and claim timing are part of the program rather than guaranteed outcomes.

CARROT has a stated maximum and total supply of 100 million tokens. About 95.6 million were circulating at the reported snapshot. The project describes emissions as dynamic and occurring every two weeks, with the amount distributed shaped by community-voted gauges. A maximum supply does not mean every token is already circulating, and reward emissions can change the circulating amount over time.

As of 2026-11-05, CARROT’s reported price was about $0.015, with a market capitalization of about $1.4 million and fully diluted valuation of about $1.5 million. These are snapshots, not stable measures: trading prices, supply figures and valuation can change, and thin trading activity may make quoted prices less representative of what a buyer or seller can obtain. The token had also traded well above and below that snapshot historically. These figures describe market conditions at that date; they do not indicate future performance or a suitable purchase price.

CARROT’s risks include the uncertainty of token prices, the possibility of low liquidity, and the fact that its rewards depend on participation and gauge voting. The stated conversion into PUFFER is also important, but the conversion rate and detailed terms are not specified here. Do not assume the market price of CARROT will match the eventual value of any conversion. Reward claims have a 30-day lock, and each additional claim restarts the lock timer, which can limit access to claimed tokens.

As an ERC-20 token issued on Ethereum, CARROT can be held in a wallet that supports Ethereum tokens. Before sending or interacting with a token, verify its identity against Puffer’s official information. The contract address listed for CARROT is 0x282a69142bac47855c3fbe1693fcc4ba3b4d5ed6; compare it carefully, since unrelated or imitation tokens may use similar names. Protect your wallet’s recovery phrase and private keys, and never share them to claim rewards.