Puffer (pufETH): liquid restaking rating breakdown
The weakest risk-adjusted profile in this group on today’s numbers — though its anti-slashing hardware is a genuine engineering effort, not marketing.
The weakest risk-adjusted profile in this group on today’s numbers — though its anti-slashing hardware is a genuine engineering effort, not marketing.
How the score is built
Each criterion is scored 0–10 and weighted. The median column is the middle score across every entry in this ranking, so a row reads as a position rather than a number.
| Criterion | What we measured | Weight | Score | Category median | Rank | Weighted gap |
|---|---|---|---|---|---|---|
| Restaking risk, disclosed | — | 30% | 2 | 3 | 4 of 5 | -0.30 |
| Is “liquid” actually true? | 1% of principal cost to exit immediately · published · 2026-07-15 · source~14 days free exit takes · published · 2026-07-15 · source | 30% | 2 | 2 | 2 of 5 | 0.00 |
| Does it beat simply staking? | 1.549 net yield · sourced · 2026-07-15 · source | 20% | 1 | 8 | 5 of 5 | -1.40 |
| Custody and slashing cover | — | 12% | 5 | 5 | 3 of 5 | 0.00 |
| Do they tell you what they take? | — | 8% | 4 | 6 | 5 of 5 | -0.16 |
Measured 15 July 2026 · weights and method · decided by does it beat simply staking?, worth -1.40 points against the median
Restaking risk, disclosed: 2/10
EigenLayer slashing has been live since April 2025, and redistribution now lets a service take your slashed funds rather than burn them. We ask whether the extra risk is quantified for the holder: which services the stake is delegated to, what the maximum loss is, and who decides. It essentially never is.
Scored 2 of 10 against a category median of 3, which places it 4th of 5 among liquid restaking on this criterion. At a 30% weight that is 0.30 points below the median contribution of the weighted total. The best score in the category is 10, the worst 2.
Is “liquid” actually true?: 2/10
Outstanding value against the depth genuinely available to sell into. ezETH wicked 73% in April 2024 on a fully-backed token because there was no market underneath it. Every token here is thinner than the liquid staking token it wraps, and the ratio is the score.
Scored 2 of 10 against a category median of 2, which places it 2nd of 5 among liquid restaking on this criterion. At a 30% weight that is exactly level with the median of the weighted total. The best score in the category is 5, the worst 1.
Does it beat simply staking?: 1/10
Measured against plain staking, not against other restaked tokens. A token paying less than a plain stake while adding a slashing layer is not a yield product, and it is scored as what it is.
Scored 1 of 10 against a category median of 8, which places it 5th of 5 among liquid restaking on this criterion. At a 20% weight that is 1.40 points below the median contribution of the weighted total. The best score in the category is 8, the worst 1.
Custody and slashing cover: 5/10
Do you hold an asset or an IOU, who can change the operator set, and what covers a slashing event — a claim you own, a fund of stated size, or a governance vote after the fact.
Scored 5 of 10 against a category median of 5, which places it 3rd of 5 among liquid restaking on this criterion. At a 12% weight that is exactly level with the median of the weighted total. The best score in the category is 7, the worst 5.
Do they tell you what they take?: 4/10
Whether the advertised rate is net of the protocol’s cut, and whether the formula and the raw inputs are published so a holder can recompute it.
Scored 4 of 10 against a category median of 6, which places it 5th of 5 among liquid restaking on this criterion. At a 8% weight that is 0.16 points below the median contribution of the weighted total. The best score in the category is 8, the worst 4.
Its nearest neighbours in this ranking
| # | Entry | Does it beat simply staking? | How it differs |
|---|---|---|---|
| 3 | Kelp DAO (rsETH) | 8 | Ahead by 7 on does it beat simply staking?. |
| 4 | Renzo (ezETH) | 3 | Ahead by 2 on does it beat simply staking?. |
Questions about this score
What is Puffer's anti-slashing technology?
+
It uses secure hardware enclaves to make certain slashable faults — double-signing in particular — impossible for its node operators rather than merely discouraged. That is a real technical contribution to a real problem, and it is worth distinguishing from the yield question, which is where the position currently fails.
Should I hold pufETH?
+
Not on today's numbers. At 1.549% against plain staking's 2.226%, you would be paid less than for simply staking while taking on EigenLayer slashing on top — and since April 2025 that slashing is live, with redistribution. If the yield changes materially the calculation changes with it.