Puffer (PUFFER): Uses, Supply and Risks

Puffer is an Ethereum-focused project working on staking, restaking and rollup infrastructure. Its products include Puffer Stake, a liquid restaking protocol that issues pufETH for staked ETH, and a rollup initiative called UniFi. The project describes its broader goal as improving Ethereum’s security and scalability, including through natively restaked validators and services intended to support rollups.

PUFFER is the project’s governance token. It is distinct from pufETH: pufETH is the liquid restaking token associated with Puffer Stake, while PUFFER is used for governance. Holding PUFFER does not by itself mean that you have deposited ETH, received pufETH, or are earning staking rewards. Nor should PUFFER be treated as a claim on ETH or on protocol revenue unless the project’s current token documentation explicitly establishes such a right.

PUFFER’s stated role is governance within the Puffer ecosystem. Governance tokens generally let holders participate in decisions through proposals or voting, but the precise powers, eligibility rules and voting process depend on the project’s current governance arrangements. Check those details before assuming that holding tokens gives you a particular level of control.

Puffer’s products are aimed at Ethereum infrastructure rather than everyday payments. Puffer Stake lets users restake ETH through a liquid-token model, while the project’s UniFi work focuses on rollup execution and settlement. These products are related to Puffer’s wider ecosystem, but using them is not the same as holding PUFFER. Do not assume that PUFFER automatically earns staking or restaking rewards: the token’s governance role and the ETH-related products have different functions and risks.

PUFFER has a maximum supply of 1 billion tokens. At the snapshot dated November 5, 2026, about 574.9 million were in circulation. The gap between circulating and maximum supply means some tokens were not yet counted as circulating at that time; it does not, on its own, explain when or how any remaining tokens may enter circulation. Check the project’s current token documentation for allocation, release and governance details.

The same snapshot listed a market capitalization of about $15.7 million and a fully diluted valuation of about $27.3 million. These are time-sensitive estimates, not fixed measures of value. PUFFER’s reported price was about $0.027 as of November 5, 2026, but market prices can change quickly. Such figures do not predict future performance and should not be treated as a reason to buy or sell.

PUFFER is issued on Ethereum and BNB Chain. It is not identified as the native token of either chain, so do not confuse it with ETH or BNB. Tokens with the same name and ticker can exist on different networks, and sending an asset to a wallet or exchange on an unsupported network can result in loss. Before transferring, check the network and token contract against Puffer’s official information and confirm that the receiving service supports that exact version.

Puffer’s staking and restaking products concern Ethereum, including the issuance of pufETH for staked ETH. That does not mean PUFFER itself represents staked ETH or that it is interchangeable with pufETH. Confirm which token a dApp is asking you to approve or deposit, and review its terms and contract details before interacting with it.

PUFFER holders face price volatility, limited liquidity and the possibility that governance rights or token demand may change. Restaking products have additional risks, including smart-contract faults, validator failures, slashing, operational problems and changes to withdrawal or liquidity conditions. These risks apply to use of relevant products; simply holding PUFFER is not the same as depositing assets into them.

For self-custody, use a wallet that supports the correct network and token standard, and keep recovery phrases and private keys offline and private. A hardware wallet can reduce exposure to some online threats, but it cannot prevent mistakes such as using a counterfeit token contract or signing a harmful transaction. Check the network, contract address and transaction details before approving anything, and never share your recovery phrase. Custodial services carry their own risks, including loss of access or failure of the provider.