Participated · Equity · Jul 2024

Build on Bitcoin (BOB) is creating a technology stack that makes Bitcoin-based DeFi possible, positioning itself as the “Gateway to Bitcoin DeFi.” Its core product is the first hybrid zero-knowledge (ZK) rollup designed for Bitcoin, which the team has already brought to testnet. BOB has also launched a BitVM bridge in collaboration with institutional partners and introduced the first Bitcoin intents system that offers one-click BTC access across major chains. The project plans an imminent token generation event (TGE) and a full transition to community governance, reflecting its goal of decentralized ownership. To date, BOB has secured more than $25 million in funding, comprising $21 million from seed and strategic rounds plus a recently completed community sale. This capital is being used to refine its rollup technology, expand cross-chain connectivity, and onboard users and developers into Bitcoin-based DeFi.

Participated · Series A · Apr 2024

Puffer Finance is an LSD protocol creating a permissionless staking pool that reduces the independent validator participation threshold from 32 ETH to 2 ETH. The design aims to increase capital efficiency for stakers by lowering entry barriers. Puffer also develops an open-source project called “Secure-Signer” intended to prevent validators from being slashed during validation. The protocol emphasizes permissionless access and reduced technical/financial requirements for validator participation. Puffer announced an $18M Series A financing led by Brevan Howard Digital and Electric Capital. The round included participation from Coinbase Ventures, Kraken Ventures, Lemniscap, Franklin Templeton, Fidelity, Mechanism, Lightspeed Faction, Consensys, Animoca and GSR. Puffer Finance is a decentralized native Liquid Restaking Protocol (nLRP) built on EigenLayer. It issues a native Liquid Restaking Token (nLRT) that accumulates PoS and staking rewards. Nodes on the protocol leverage Puffer's anti-slashing technology to reduce risk and improve capital efficiency. The protocol increases returns through re-staking mechanisms. Binance Labs announced an investment in Puffer, though the amount and terms were not disclosed. Puffer previously completed a $5.5M seed round in August 2023 led by Lemniscap and Lightspeed Faction. Puffer Finance, based in George Town, Cayman Islands, develops open-source infrastructure to secure and scale Ethereum validator operations. Its core products include Secure-Signer, a remote signing tool that limits access to validator keys to prevent slashable offenses, and Secure-Aggregator, which underpins a liquid staking protocol. The company aims to create a capital-efficient, permissionless staking pool (PufferPool) that lowers barriers for at-home stakers and preserves decentralization through anti-slashing technologies. Planned protocol features include reducing the effective bond requirement from 32 ETH to 2 ETH and enabling anyone to join as a Node Operator. Puffer intends to use its new funding to accelerate Secure-Signer development and rollout of the staking protocol. Financially, the company closed a $5.5M seed round following an earlier $650K pre-seed led by Jump Crypto.