Owning PUFFER: Uses, Storage and Risks

PUFFER is Puffer’s governance and ecosystem token; it is not the same asset as pufETH, the liquid restaking token associated with Puffer Stake. Puffer’s broader project works on Ethereum staking and restaking, rollups and preconfirmation services. Its description includes a UniFi rollup stack intended to support fast transactions and settlement, but owning PUFFER does not itself mean you have deposited ETH, received pufETH or earned staking rewards.

Before treating PUFFER as a governance asset, check what voting or other rights are currently available to holders. A token’s governance label does not guarantee that every holder can vote, that proposals are active or that holding the token gives you a claim on project revenue. If your aim is to earn restaking yield, assess Puffer Stake separately: its deposit risks and terms are different from the risks of holding PUFFER.

PUFFER is issued on Ethereum and BNB Chain; it is not listed as the native token of either network. If you hold it, make sure your wallet is set to the same chain as the tokens you are sending or receiving. An EVM-compatible wallet may support these networks, but check that it supports the specific network and token before transferring. A token balance on Ethereum will not automatically appear as a spendable balance on BNB Chain.

Use the official project channels to confirm the correct token contract for the network you intend to use. Do not rely on a token name or ticker alone: unrelated tokens can use the same label. If you bridge tokens, check the bridge’s supported networks, fees and risks first. A transfer sent to the wrong network or an unsupported address may be difficult or impossible to recover. Test with a small amount when appropriate, and never share your recovery phrase or private keys with someone offering to help.

PUFFER has a maximum supply of 1 billion tokens. As of November 8, 2026, about 574.9 million were circulating, with 1 billion reported as the total supply. The gap between circulating and maximum supply matters: tokens that are not circulating may enter circulation later, depending on the project’s allocation and release schedule. More supply can affect the balance between available tokens and demand, but it does not tell you what the price will do.

As of the same date, PUFFER’s market capitalisation was about $15.2 million and its fully diluted valuation was about $26.5 million. These are snapshots, not fixed values. Market capitalisation uses circulating supply, while fully diluted valuation estimates the value at the maximum supply using the current price. Check current figures before making a decision, and look into token unlocks and allocations rather than relying on the supply ceiling alone.

For a longer-term holding, keep PUFFER in a wallet where you control the recovery phrase or private keys, rather than leaving it on an exchange by default. Choose a wallet that supports the network your tokens are on, and protect its recovery phrase offline. Anyone with that phrase may be able to control the wallet, so do not enter it into websites, share it in messages or store it in an unprotected screenshot.

Confirm the chain and recipient address before sending. If you interact with Puffer contracts, check that you are using the intended project interface and review the transaction details before signing. A wallet prompt can grant permissions beyond a simple transfer; avoid approving transactions you do not understand, and review token allowances when possible. A hardware wallet can reduce exposure of signing keys, but it cannot prevent you from approving a malicious transaction or sending tokens to the wrong address.

PUFFER’s value can move sharply, and the token remains exposed to market-wide volatility, trading liquidity and changes in demand. Its supply is not fully circulating, so future releases may add to the tradable supply. Do not assume that Puffer’s staking or rollup products guarantee demand for PUFFER or protect its price.

There are also project and technology risks. Restaking and rollup systems involve smart contracts, validators and connected services; bugs, exploits, operational failures or changes to those systems could affect users or confidence in the project. PUFFER holders also face chain, wallet and bridge risks if they move tokens across networks. Keep separate the risks of holding PUFFER from the risks of depositing ETH into Puffer Stake: a deposit can involve protocol, liquidity and withdrawal risks that simply holding the governance token does not. Only commit an amount you can afford to lose.