Puffer Financeは、Ethereumインフラストラクチャプロジェクトで、liquid restaking、ロールアップ技術、およびトランザクションの事前確認（preconfirmation）を中心に構築されています。PUFFERはそのガバナンストークンです。これは、ユーザーがPufferのステーキングシステムにETHを預託した際に受け取るトークンであるpufETHと同じ資産ではありません。この違いを理解することが、プロジェクトを評価する出発点となります。
Pufferはいくつかの活動を一つの名称の下に集約しています。ユーザーは、ETHステーキング、liquid restakingトークン、Layer 2ネットワーク「UniFi」、またはガバナンス提案を調査する際にPufferに出会う可能性があります。これらの製品は異なる機能とリスクを持っています。PUFFERを購入することはETHを預託することを意味せず、pufETHを保有することは自動的にPUFFERをロックすることと同じガバナンス権限を与えるわけではありません。
このガイドでは、各要素がどのように連携しているか、トークンの役割、そして利用前に確認すべき事項について説明します。
Pufferの概要
| 項目 | 意味 |
|---|---|
| プロジェクト | Puffer Finance |
| トークン | PUFFER |
| 主なトークンの役割 | Pufferエコシステムのガバナンス |
| ステーキング関連資産 | pufETH（PufferのETHボールトにおけるポジションを表すliquid restakingトークン） |
| その他の製品 | UniFiロールアップと事前確認サービス |
| PUFFER供給量 | プロジェクトが公開した配分に基づく10億トークン |
| 重要な区別 | PUFFERはETHでもpufETHでもありません |
Pufferのドキュメントでは、インフラストラクチャの3つの部分、すなわちETH liquid restakingプロトコル、UniFiロールアップ、およびロールアップ向けの事前確認サービスについて説明されています。また、機関向けステーキング資料も公開しています。このエコシステムに製品が存在することは、すべてのサービスへのアクセスにPUFFERが必要であることを意味しません。例えば、Pufferの事前確認に関するドキュメントでは、参加はガバナンストークンの所有によって制限されていないと明記されています。
Pufferのliquid restakingシステムはどのように機能するか？
Ethereumのステーキングは、ネットワークのバリデーションプロセスをサポートします。liquid stakingプロトコル allows users to deposit ETH and receive a token representing a claim related to that deposit. Restaking adds another layer: staked assets may also support services beyond Ethereum’s base validation function, subject to the design and rules of the restaking system.
With Puffer, a user can deposit ETH into its vault and receive pufETH. Puffer’s published contract documentation describes pufETH as a reward-bearing token representing a share of the vault. The amount of ETH redeemable for a unit of pufETH can change over time as the vault accounts for rewards and other protocol activity. It should not be treated as a promise that one pufETH will always trade for exactly one ETH on an open market.
A holder can also transfer or use pufETH where supported. That creates a distinction between redemption value under a protocol’s rules and the market price available from another trader. If someone needs ETH at a specific time, they should check the current withdrawal route, available liquidity, fees, and any waiting period. A liquid token does not remove the risks of the contracts and services behind it.
Restaking can introduce sources of reward, but it can also introduce more dependencies. The outcome depends on validator operations, contract behavior, the services being secured, and the rules governing withdrawals. Advertised or historical yields are not guaranteed future returns.
PUFFER vs. pufETH vs. ガバナンス投票権
Similar names can obscure different economic exposures. The following table separates them.
| Asset or position | How someone obtains it | Primary function | Main question to ask |
|---|---|---|---|
| PUFFER | Acquire the governance token | Participate in the token economy and eligible governance processes | What rights does holding or locking it provide now? |
| pufETH | Deposit supported ETH into Puffer or acquire pufETH from another holder | Represent a position linked to Puffer’s ETH vault | How can it be redeemed, and what risks affect its ETH value? |
| Locked-PUFFER voting position | Lock PUFFER under the current governance mechanism | Exercise voting power under applicable rules | How long is the lock, and when can the tokens be withdrawn? |
| CARROT | Receive it through eligible incentive programs | Serve as an ecosystem rewards asset | What are the current earning and conversion rules? |
Puffer has used governance labels including vePUFFER in earlier reports, while its current token interface refers to vlPUFFER. Anyone planning to lock tokens should follow the live contract and interface rather than assume that an older article describes today’s mechanism. Puffer’s current app describes locking PUFFER for voting power and participation in incentive decisions; lock duration and exit conditions require review before any transaction.
The distinction also matters for price analysis. PUFFER’s market price reflects trading in a governance token. pufETH’s valuation is tied more directly to its underlying ETH position, withdrawal conditions, and market liquidity. Neither asset guarantees income or protects a holder from loss.
What does the PUFFER token do?
PUFFER’s central purpose is governance. Puffer has described decisions involving protocol changes, fees, operators, incentives, and treasury resources as areas for community input. Its DAO materials describe a process in which proposals move through discussion and review before eligible holders vote. The exact matters put to a vote—and the effect of that vote—depend on current governance rules.
The token also connects to ecosystem incentives. Puffer’s published DAO report explains that locked-token voting has been used to direct CARROT rewards among eligible activities. That gives participants a reason to understand voting rules, but it does not make reward rates fixed. An incentive can change through an epoch, a proposal, or a program update.
There is an important limit to the token’s role: governance utility is not the same as a claim on project revenue. A token holder should not assume a right to profits, ETH in the staking vault, or assets in the treasury merely because governance discussions cover those topics. Read the applicable token and governance documents for the rights attached to a specific position.
PUFFER tokenomics and supply
Puffer published a total PUFFER supply of 1,000,000,000 tokens. Its February 2025 DAO report listed the following allocation. These figures describe the project’s distribution plan, not the number of tokens available for trading at any given moment.
| Allocation | Share of total supply |
|---|---|
| Ecosystem and community | 40% |
| Season 1 airdrop | 7.5% |
| Season 2 airdrop | 5.5% |
| Investors | 26% |
| Early contributors and advisers | 20% |
| Protocol Guild | 1% |
| Total | 100% |
The same report states that 102.3 million PUFFER, or 10.23% of total supply, formed the initial supply at the token-generation event (TGE). Initial supply is not current circulating supply. Releases, distributions, and changes in how data providers classify circulating tokens can alter that figure over time. Check a dated supply figure before using it in a valuation calculation.
For example, fully diluted valuation (FDV) uses the total token count at a given market price, while circulating market capitalization uses the reported circulating count. Neither number tells a reader when locked tokens will become available or whether their owners intend to sell. Reviewing unlock information is more useful than relying on a single supply headline.
What are UniFi and Puffer Preconf?
UniFi is Puffer’s rollup project. A rollup processes activity outside Ethereum’s base execution path while using Ethereum-related infrastructure for parts of its operation. Puffer describes UniFi as a “based” rollup, a design that aligns sequencing with Ethereum validators rather than relying solely on a separate sequencer. Technical goals do not, by themselves, establish adoption or future token demand.
Puffer Preconf is a service designed to provide transaction preconfirmations for rollups. A preconfirmation is an early commitment about a transaction before the normal settlement path has finished. Its value depends on what the commitment guarantees, who makes it, and what happens if the commitment fails. Puffer’s documentation discusses validator participation, gateways, and enforcement mechanisms. It also states that a validator, gateway, or rollup does not need to hold PUFFER merely to participate.
For a token researcher, this prevents a common shortcut: assuming that every use of a Puffer product directly creates a purchase requirement for PUFFER. Product adoption may matter to governance and incentives, but the economic connection between a product and its token should be explained rather than presumed.
What risks should readers consider?
| Risk | Why it matters |
|---|---|
| Token price and liquidity | PUFFER may move sharply; the available trading price can differ from the last quoted price. |
| Supply releases | Tokens becoming available can change the amount offered for sale, though a release does not prove that holders will sell. |
| Smart contracts and operators | pufETH users depend on vault contracts, validator operations, and other parts of the staking system. |
| Restaking | Supporting additional services adds rules and potential failure points beyond basic ETH holding. |
| Governance locks | Tokens committed to voting may not be withdrawable until the applicable lock ends. |
| Product execution | A roadmap or technical design does not ensure usage, revenue, or token appreciation. |
These risks do not affect every user in the same way. Someone who buys PUFFER without staking faces token-market risk but does not hold a pufETH vault claim. Someone who deposits ETH for pufETH takes on protocol and redemption risks even without buying PUFFER. A person who locks PUFFER adds an exit-timing constraint. The first step is to identify which position a proposed action creates.
Check token contracts through the project’s official materials and a blockchain explorer before using a wallet. A ticker alone is not enough: a different token can display the same symbol. Confirm the network as well as the contract, particularly when moving an asset between services.
Is PUFFER available on Phemex?
Do not assume that it is. Phemex announced that it would delist its PUFFER/USDT spot pair on July 9, 2026, and said PUFFER deposits and withdrawals would stop at the stated cutoff. An older listing announcement or trading guide should not be used as evidence of current availability. Check live market information and the delisting notice rather than following an outdated “buy on Phemex” instruction.
Frequently asked questions
Is PUFFER the same as pufETH?
No. PUFFER is the ecosystem’s governance token. pufETH represents a position associated with ETH deposited into Puffer’s vault. Holding one does not mean holding the other.
Does PUFFER have a maximum supply?
Puffer’s published allocation and the market-data page provided for this article both state a supply of 1 billion PUFFER. Circulating supply is a separate, time-sensitive figure.
Do I need PUFFER to use every Puffer product?
No. Product requirements differ. Puffer’s preconfirmation documentation says its validator, gateway, and rollup participation is not gated by ownership of the governance token. Check the specific product’s rules before using it.
Bottom line: PUFFER is best understood as the governance token for an Ethereum project with staking and rollup products. Evaluate the token, pufETH, and any locked governance position separately. Their purposes, exit conditions, and risks are not interchangeable.
