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* Add governance-token content * add image * add governance links * add mission * roadmap content * Update vePuffer.png
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title: Mission | ||
slug: /protocol/governance-mission | ||
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### Our Vision | ||
At Puffer, we envision a decentralized financial ecosystem that empowers users, fosters innovation, and upholds Ethereum's core principles. Puffer has always strived to preserve what we believe to be Ethereum's most important value - decentralization. This is why our ecosystems have been about fostering permissionless validator operations. | ||
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To embody these principles of decentralization within our own protocol, we're transitioning to a Decentralized Autonomous Organization (DAO). This move ensures that the future of Puffer is shaped not by a centralized authority, but by our community of token holders and ecosystem participants. Through the DAO, we're not just advocating for decentralization – we're living it, allowing our governance to reflect the very values we seek to promote in the broader Ethereum ecosystem. | ||
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### Our Ecosystem | ||
The Puffer ecosystem now encompasses: | ||
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- Puffer LRT: Our flagship Liquid Restaking Protocol | ||
- Puffer UniFi: A Based Rollup stack | ||
- UniFi AVS: The first-of-its-kind preconf service for based rollup preconfirmations | ||
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### Our Commitment | ||
Throughout our growth, we remain steadfast in our commitment to building a: | ||
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- Trustless protocol | ||
- Decentralized infrastructure | ||
- Community-governed ecosystem | ||
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### The Puffer Foundation | ||
To ensure our growth aligns with our community's vision, we established the Puffer Foundation. Its mandate is to: | ||
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- Provide initial guidance | ||
- Facilitate transparent governance | ||
- Support the transition to full community control | ||
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### Community Governance | ||
The $PUFFER token is the cornerstone of our governance model, empowering our community to: | ||
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- Participate in key decisions | ||
- Shape the future of the Puffer ecosystem | ||
- Uphold Ethereum's core principles in all our endeavors | ||
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### Inclusive Participation | ||
We believe in the power of diverse perspectives. Therefore: | ||
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- We invite everyone interested in Puffer's mission to join the conversation and contribute ideas. | ||
- While voting rights are reserved for $PUFFER token holders, we value input from our entire community. | ||
- Your voice matters in shaping our protocol and contributing to the broader Ethereum ecosystem, regardless of token ownership. | ||
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Together, we're not just building protocols; we're shaping the future of decentralized finance on Ethereum. |
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title: Governance Roadmap | ||
slug: /protocol/governance-roadmap | ||
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# Puffer Governance Roadmap | ||
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Our transition to full community governance will occur in stages, ensuring a smooth, secure, and effective implementation. Note that the roadmap and timeline are subject to change as the protocol evolves. | ||
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Throughout all phases, we remain committed to: | ||
- Fostering broad community participation in discussions and decision-making | ||
- Maintaining transparency in all governance processes | ||
- Balancing innovation with security and stability | ||
- Upholding Ethereum's core principles of decentralization and permissionlessness | ||
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## Phase 0: Initial Allocation and Off-Chain Voting | ||
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- Launch of the PUFFER token | ||
- Introduction of vePUFFER minting | ||
- Users can immediately lock their PUFFER tokens to mint vePUFFER NFT | ||
- This action initiates the accrual of voting power necessary for future governance participation | ||
- Opening of the [governance forum](https://governance.puffer.fi) for community discussions | ||
- Implementation of [off-chain voting mechanisms](https://vote.puffer.fi) for initial community input | ||
- Launch initial proposals to whitelist AVSs | ||
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## Phase 1: On-Chain Voting | ||
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- Transition from off-chain to on-chain voting mechanisms | ||
- Implementation of smart contracts for governance proposals and voting | ||
- Exploration of delegation | ||
- Gradual increase in governance scope over: | ||
- Puffer LRT: Adjusting protocol parameters, fees, and limits | ||
- UniFi AVS: Managing fee structures and whitelisting new rollups | ||
- UniFi Rollup: Setting fee parameters and directing ecosystem rewards | ||
- Introduction of more complex decision-making processes | ||
- Launch of the UniFi Grants Program | ||
- Community-driven initiative to fund projects contributing to the UniFi ecosystem | ||
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## Phase 2: vePUFFER Utility Expansion | ||
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- Full implementation of the vePUFFER model in collaboration with Aragon | ||
- Enhanced utility for vePUFFER holders: | ||
- Boosted voting power based on lock duration | ||
- Gauges for AVS allocations | ||
- Potential for additional protocol rewards or benefits | ||
- Refinement of governance mechanisms based on community feedback | ||
- Exploration of cross-protocol governance opportunities within the UniFi ecosystem | ||
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## Phase 3: Protocol Ossification | ||
- Transition towards a fully autonomous and self-sustaining governance model | ||
- Ossify governance processes and smart contracts |
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title: PUFFER Token | ||
slug: /protocol/puffer-token | ||
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# $PUFFER Token | ||
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The [PUFFER token](https://etherscan.io/address/0x4d1C297d39C5c1277964D0E3f8Aa901493664530) is the native governance token of the Puffer Protocol and UniFi ecosystem. | ||
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### The Role of $PUFFER | ||
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#### Puffer LRT | ||
- Govern key protocol parameters (fees, limits, bond requirements) | ||
- Select guardians and restaking operators | ||
- Curate supported AVSs | ||
- Future feature: Help allocate ETH to different operators and AVSs (more details coming soon) | ||
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#### UniFi AVS | ||
- Manage fee structures | ||
- Whitelist new rollups for AVS support | ||
- Oversee AVS security parameters | ||
- Guide the integration of new preconfirmation and proposer commitment services | ||
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#### UniFi Rollup | ||
- Set fee parameters for rollup transactions | ||
- Direct ecosystem rewards to promote adoption | ||
- Manage treasury funds for long-term sustainability | ||
- Steer rollup upgrade decisions and feature prioritization | ||
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### vePUFFER | ||
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#### What is vePUFFER? | ||
![alt text](/img/vePUFFER.png) | ||
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vePUFFER is a novel ve (voting escrow) governance mechanism implemented as an ERC-721 token, developed in collaboration with [Aragon](https://aragon.org/). It's designed to align with Puffer's long-term goal of fostering value-aligned and committed participants in the ecosystem. | ||
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Key features of vePUFFER: | ||
- Users stake PUFFER tokens to mint vePUFFER NFTs | ||
- Voting power accrues over time as long as PUFFER remains staked | ||
- No fixed lockup duration is required | ||
- Users can unstake their PUFFER at any time | ||
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#### How is vePUFFER different from other ve tokens? | ||
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vePUFFER builds on learnings from protocols like Curve and Prisma, but introduces several key innovations: | ||
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- **Flexible staking:** Unlike traditional ve tokens, vePUFFER doesn't require users to specify a lockup duration. | ||
- **Dynamic voting power:** Voting power increases over time, rewarding long-term engagement without forcing users into rigid lockups. | ||
- **Reset mechanism:** Unstaking resets the accrued voting power, creating a balance between long-term incentives and flexibility. | ||
- **NFT-based:** Implemented as ERC-721 tokens, providing unique possibilities for governance participation. | ||
- **Incentivizes long-term engagement:** The accruing voting power mechanism rewards users for sustained participation in the protocol. | ||
- **Flexible stake management:** Users can adjust their stake based on personal or market conditions while still participating in governance. | ||
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#### How is vePUFFER used? | ||
vePUFFER is used for voting within the ecosystem. To start participating in governance, users will stake PUFFER to mint a vePUFFER NFT which will begin accruing voting power on a weekly cadence. After the warmup period, they will be able to begin voting. This mechanism empowers users to actively shape the future of the Puffer ecosystem through voting rights, kickstarting true decentralization and community-led governance within the Puffer ecosystem. | ||
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#### vePUFFER Parameters | ||
The following parameters are the initial vePUFFER parameters. They can be changed by the PUFFER community through future governance proposals. | ||
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| Category | Name | Description | Value | | ||
|----------|------|-------------|--------| | ||
| Voting Power Curve | Max Multiplier | Maximum boost on initial deposit that will be reached if a user leaves staked tokens in, indefinitely. | 2x | | ||
| Voting Power Curve | Max Duration | The time it takes to reach the max multiplier following a linear increasing curve .| 2 years | | ||
| Voting Power Curve | Warmup Period | Time after locking in which a user can vote. | 3 days | | ||
| Exit Queue | Cooldown | Cooldown is the period between the user entering the exit queue and being able to withdraw the underlying tokens. They do not have voting power at this time as their NFT is held in the staking contract. | 1 month | | ||
| Exit Queue | Min Lock | Min amount of time a staker must hold before they can begin the exit process. | 1 Month | | ||
| Exit Queue | Exit Fee Percent | Tax paid in the underlying token on exit. | 0% | | ||
| Escrow | Minimum Deposit | Number of PUFFER tokens a user must deposit as a minimum. | 100 PUFFER | | ||
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### PUFFER Allocations | ||
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Total Supply: 1,000,000,000 | ||
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Initial Supply: 102,300,000 (10.23%) | ||
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| Allocation | Percentage | Description | | ||
|------------|------------|-------------| | ||
| Ecosystem and Community | 40% | Allocated to initiatives that build a dynamic and engaged ecosystem, rewarding community support and ensuring continuous growth. This reserve will fund future airdrop seasons, community incentives, and initial liquidity on exchanges. | | ||
| Airdrop Season 1 | 7.5% | Allocated to the Crunchy Carrot Quest Season One airdrop, available immediately to reward early Puffer supporters from the Crunchy Carrot Campaign. 65% is available on day 1 and for larger depositors, the rest is vested over 6 months for equal opportunity for all of our community. | | ||
| Airdrop Season 2 | 5.5% | Allocated to Crunchy Carrot Quest Season Two participants. Season 2 has already started after the snapshot of Season 1 on Oct 5th. More information on Puffy's quest will be coming in the following days. | | ||
| Investors | 26% | By providing resources and support, investors enabled Puffer to build great products for the community. Investors will receive their allocation over 3 years, with a 1-year cliff and 2 years vesting. | | ||
| Early Contributors & Advisors | 20% | This allocation is for the Puffer core team and advisors, who are fully committed to Puffer's success. This will vest over 3 years, with a 1-year cliff, ensuring long-term dedication to the ecosystem's vision. | | ||
| Protocol Guild | 1% | In alignment with the Protocol Guild Pledge, 1% of the total $PUFFER supply will support Ethereum core development, vested over a 4-year period. This contribution strengthens the security and scalability of Ethereum, benefiting the broader ecosystem. | |
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title: Voting | ||
slug: /protocol/governance-voting | ||
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:::caution Under Construction 🚧 | ||
👷♂️ Puffer's governance is under construction ~ working with the brightest minds to design something resilient and decentralized 👷♀️ | ||
::: |
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