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Puffer Finance: Based Rollups will help with Ethereum integration
Author: Roland Roventa
Trump's victory has sparked a revival wave of DeFi, giving Ethereum (which accounts for 63% of the global DeFi total lock-up amount) the potential to break through. Since the announcement of the results of the U.S. presidential election, the Ethereum ecosystem has continued to outperform expectations.
However, the rollup-based scaling roadmap of Ethereum, despite being crucial for scalability, faces a significant challenge: fragmentation.
The current rollup ecosystem is in a winner-takes-all state, leading to liquidity, user attention, and user base being scattered across isolated L2 chains.
To fully tap into the potential of the DeFi resurgence, Ethereum must address these divisive dynamics, resolve the current split, and build a more unified and open network.
Bridging the Gap: Addressing the Fragmentation and Liquidity Challenges of Ethereum
Puffer Finance's innovative solution - UniFi, directly addressing the fragmentation challenges of Ethereum. We believe that once the market realizes that Puffer is not just another liquidity-weighted staking token (LRT), but an innovative infrastructure solution, its performance will exceed expectations.
Puffer's past: Puffer was originally a leading LRT protocol, focusing on providing decentralized staking solutions.
Puffer's now: Puffer has evolved into an Ethereum-centered unified solution. Puffer has developed from the first native fluid staking protocol to a comprehensive Ethereum-integrated extended ecosystem, consisting of the following three core components:
Decentralized Liquidity Recasting Protocol (LRT)
Puffer's flagship product, featuring anti-shear characteristics, provides high yield and security, supporting decentralized heavy staking in the Ethereum ecosystem.
UniFi Based Rollup Stack
An L2 based serialization solution that enables seamless interaction between L2<>L2 and L2<>L1, supporting atomic composability for efficient cross-chain operations.
UniFi pre-confirmation AVS
The industry's first pre-confirmed AVS provides near-instant finality for L1 and L2 transactions, greatly improving the speed and reliability of the Ethereum network.
Through UniFi's rollup-based stack, Puffer Finance will transform the fragmentation of Ethereum into a positive ecological system.
Part 1 Puffer UniFi Based Roll-up Stack - What is it? How does it work?
What are based roll-ups?
Based rollups is an advanced scaling method that integrates directly with Ethereum's shared sequencer without relying on other centralized sequencers commonly used in L2, such as optimistic or zero-knowledge proof L2. Its core idea was first proposed by Justin Drake in a research paper in March 2023.
"Based rollup, also known as L1-ordered rollup, refers to its ordering being driven by the underlying L1. Specifically, based rollup refers to the next L1 proposer being able to collaborate with L1 searchers and builders to include the next rollup block in the next L1 block without permission." - Justin Drake
For non-technical background individuals, the above description may seem complex. In simple terms, the aggregation based on the main chain directly verifies transactions on L1, fully leveraging the efficiency of the existing Ethereum mechanism. In contrast, other common aggregation schemes (such as optimistic & ZK) usually first verify transactions on L2 and then submit them to L1.
By sorting based on (using Ethereum L1 validators for sorting), the following advantages can be obtained:
Inheriting the activity and decentralization of the Ethereum network: ensuring reliability, unaffected by single points of failure.
Simplified infrastructure: No need to run a separate sorter.
Faster execution speed: Achieve faster transaction finality through pre-confirmation (details will be explained later).
Aligned with the economic interests of L1: creates new revenue opportunities for existing validators through non-custodial MEV (Maximum Extractable Value).
Reduce operating costs: because the transaction sorting is handled by L1.
Based Rollups > Optimistic Rollups
tl'dr:
By optimizing the underlying transaction sorting process, costs can be reduced, speed can be improved, while retaining the inherent security and decentralization of the Ethereum network.
Puffer is Based
Puffer UniFi is an Ethereum-based rollup that realizes the creation of application chains through its technology stack.
It solves the problem of Ethereum liquidity fragmentation by implementing synchronous composability. Transactions on UniFi can directly interact with other based rollups without bridging, creating unified liquidity and application layers. Developers can easily launch their own application chains, capture transaction fees, and utilize shared liquidity.
UniFi's goal is to bring atomic composability to the Ethereum chain - redefining the possibilities of on-chain interactions. Through atomic composability, UniFi will enable smooth, integrated interactions between Layer 1 and Layer 2 within a single Ethereum block. For example, users or protocols can deposit assets from L1 into UniFi, perform complex operations such as exchanging or liquidity mining, and then withdraw the assets back to L1 within the same 12-second Ethereum block. This is not only fast, but also a major breakthrough in blockchain interoperability.
Puffer does not compete with L1, but collaborates with L1 to extend its functionality in an integrated way.
How does it work?
Inspired by research collaboration with Justin Drake, Puffer UniFi has adopted trusted execution environments (TEEs) in its processing stack. TEEs will be used as a temporary auxiliary tool for real-time proofs, which significantly improves interoperability. Once zero-knowledge proof (ZKP) technology reaches sufficient speed, the prover will be able to shift from relying on trusted hardware to a fully ZKP-based solution.
Analysis of Puffer UniFi Architecture
Architecture Overview - Puffer's UniFi pre-confirmed AVS provides users with L2 execution confirmation services. Users can experience sub-second transaction speed when interacting with UniFi. In the UniFi Universal Rollup, native yield tokens can be used as fuel (Gas) tokens.
The consensus layer, data availability layer, and settlement layer are all handled by the base layer (Layer 1, i.e. Ethereum). Rollup focuses on the functionality of the execution layer.
This is the unique feature of the Puffer app-chain.
Why is this important?
Puffer is using based rollups to build its own app-chain, achieving seamless integration of the EVM protocol. This provides opportunities for everyone in the ecosystem to participate and benefit, whether individual validators or large dApps, all can benefit from a faster, more efficient, and more decentralized Ethereum. The fragmentation problem of Ethereum has existed for too long, and now is the time to change this status quo.
Overview of the ecosystem
Growth will be carried out in stages:
Phase 1: Puffer will introduce based rollups to users and developers. For protocols that are not yet ready to run their own application chains, they can be deployed directly on UniFi.
Phase 2: UniFi will release an SDK that enables any dApp developer to quickly build and deploy their own application chain in a simplified manner.
Part 2: UniFi Pre-Confirmation AVS
UniFi provides near-instant execution confirmation through preconfirmation (preconf) technology. This is not just a speed improvement, but a new Ethereum scalability solution. Preconfirmation technology addresses Ethereum's fragmentation problem while providing fast transaction confirmation.
How to achieve it? Due to the 12-second block time limit of Ethereum, the finality of fast transactions is limited, and preconfirmation (preconf) becomes crucial to improving user experience. To solve this problem, Puffer has developed a proprietary preconfirmation AVS technology, which can provide nearly instant (about 100 milliseconds) transaction confirmation guarantee, ensuring that transactions will be included in the next block. This innovation greatly improves the speed and reliability of the based rollup ecosystem.
If it works?
Preconfirmation (preconfs) is divided into two types: execution preconfirmation (Execution) and inclusion preconfirmation (Inclusion). Both can be used to provide faster transaction confirmation for users on L1 or L2: the advantage of execution preconfirmation is to provide users with a final and guaranteed commitment, including confirmation of the state after transaction execution. For example, it can confirm the price of transaction execution, significantly improving the user experience.
Implementing execution pre-confirmation for L1 is challenging; however, execution pre-confirmation for L2 effectively solves this problem. Puffer UniFi AVS leverages this capability to provide a more optimized user experience.
Pre-confirmed security mechanism: Pre-confirmation represents the commitment of the proposer (validator or authorized proposer) to the user. If this commitment cannot be fulfilled, it should be punished, such as slashing. Protocols like EigenLayer play a crucial role in providing slashing protection for pre-confirmation. It is worth noting that Puffer UniFi's pre-confirmation AVS is the first similar service to run on EigenLayer.
Puffer UniFi: Catalyst for the Next Chapter of Ethereum - Unification
The synchronizable composability of UniFi is a disruptive innovation. Interactions across rollups are like operating on a unified chain without using an L2 bridge (which everyone dislikes), reducing costs and mitigating security risks associated with asset transfers. UniFi's approach achieves liquidity unification, enabling developers and users to seamlessly interact across chains, unprecedentedly enhancing Ethereum's liquidity and user experience.
The significance for developers: UniFi provides developers with a unique opportunity to expand their applications in a unified and low-friction environment. By eliminating centralized sequencers, UniFi significantly reduces operating costs, allowing developers to focus on the product itself without worrying about the complexity of isolating L2 applications. In addition, UniFi's architecture makes the deployment of based rollups almost as simple as deploying smart contracts, greatly reducing the entry barrier for developers and encouraging innovation.
Revenue gains: How Puffer's Based Rollups and pre-commitment drive value in the Ethereum ecosystem
All sources of income will be converted into profits for the funding pool, governed by the $PUFFER token.
The upgraded revenue model of Puffer (please note, not just an LRT) fully utilizes based rollups and pre-commitment technology to create sustainable value within the Ethereum ecosystem. Through based rollups, Puffer generates sorting fees, benefiting from the mechanism that allows Ethereum validators to manage transaction sorting. UniFi not only supports seamless interoperability between Ethereum L1 and L2, but also supports interoperability between L2, thus achieving unified liquidity and composability. By integrating sorting fees into the Ethereum validator network, Puffer captures transaction-based revenue while reinforcing the value of the native economy of Ethereum.
Users can also pay pre-confirmation tips to prioritize their transactions. This provides Puffer with an additional source of income diversifying revenue streams along with transaction inclusion fees. These fees and tips will be reinvested into Puffer's ecosystem, further enriching the value of its native tokens pufETH and unifiETH, while providing additional income for token holders.
As explained by Puffer's core contributor Amir:
If each user pays extra fees for these pre-confirmed payments to ensure faster and more reliable transactions on Ethereum, AVS will be closely linked to each transaction on Ethereum. This builds a very powerful and efficient revenue-generating AVS that can stably output organic revenue.
About vePuffer
One of the key factors in enabling the protocol to achieve sustainable long-term price growth is token economics. An excellent protocol must have a carefully designed token model, with a focus on creating value for long-term holders. At Mechanism Capital, our core focus is on the design of token economics, supporting teams that can innovate and maximize token value capture.
Puffer Finance is launching vePuffer as an update to token economics. Its goal is to deliver value to token holders and align incentive mechanisms throughout the ecosystem. To do this, they are introducing the following innovations:
Decentralized Governance:
vePUFFER enables the community to participate in the allocation voting of PUFFER points, in line with Puffer's decentralized goals.
Tradable Points:
In the second quarter, ERC20 PUFFER points are supported for trading, and users can obtain early returns or make additional purchases through transactions to increase flexibility and arbitrage potential.
Flexible strategies:
The tradable points allow users to decide to hold, sell, or buy according to their personal strategies and market sentiment, enhancing risk management capabilities.
Bribery market:
The protocol can provide incentives to vePUFFER holders to increase the voting power of their pools, thereby enhancing APR and liquidity.
Competitive Agreement:
Bribery mechanism allows the protocol to attract votes to improve APR, promote user participation and create a consistent incentive mechanism.
Community-driven reward mechanism:
The vePUFFER model supports governance, speculation, and diverse strategies, empowering users to shape the incentive mechanism of the ecosystem.
Why Puffer's UniFi Stands Out: Reshaping Ethereum's Rollup Landscape
By launching UniFi, Puffer has created an opportunity for Ethereum to transition from a fragmented Rollup environment to a unified and positive ecosystem. This ecosystem brings developers, users, and liquidity together in unprecedented ways. The end result? A more powerful and resilient Ethereum capable of meeting the needs of billions of users.
Disclaimer: The content of this article does not constitute any investment advice.