The Puffer × Anchorage Workflow

Puffer Finance and Anchorage Digital, operator of America’s first federally chartered crypto bank, have integrated to give institutions a direct and regulated path to Ethereum restaking yield.

Through this collaboration, institutions can stake ETH, receive pufETH, Puffer’s native liquid restaking token, and deploy it across DeFi strategies, all without leaving Anchorage’s custody environment. Ethereum restaking generates real yield, but the barrier has always been accessing it safely. This integration removes that barrier.

Here is exactly how it works.

The Workflow, Step by Step

1. Deposit ETH into Anchorage

Institutions deposit ETH directly on the Anchorage Digital platform. No external wallets and no protocol interfaces to navigate. Assets remain within qualified custody throughout.

2. Puffer Protocol Handles the Rest

Anchorage routes the ETH through the Puffer Protocol, which manages ETH staking across a decentralized and permissionless validator network and opts into EigenLayer restaking, securing additional AVSs for extra yield layers. Institutions do not run validators or manage any infrastructure themselves.

3. pufETH Is Minted and Credited

The institution receives pufETH, Puffer’s native liquid restaking token, credited directly into their Anchorage account. pufETH accrues value from both PoS staking rewards and EigenLayer restaking rewards simultaneously.

4. Hold or Deploy

pufETH can be held as a custodied position, earning yield passively. It can also be deployed across Anchorage’s DeFi integrations, including lending, swaps, and liquidity provision, as a fully liquid and composable token.

What pufETH Earns

pufETH accrues value from two sources simultaneously:

Ethereum PoS rewards. Generated by Puffer’s permissionless validator network, the only fully permissionless liquid restaking protocol on EigenLayer.

EigenLayer restaking rewards. Staked ETH secures additional on chain services, known as AVSs, generating layered yield on top of base PoS rewards.

Unlike conventional liquid staking tokens, pufETH accrues both PoS and restaking rewards, giving institutions more yield from the same ETH without additional complexity.

What Anchorage Brings

Anchorage Digital is the operator of America’s first federally chartered crypto bank. Four key elements it adds to this integration:

- Qualified custody. Assets are protected with institutional security controls and insurance throughout.
- Regulatory compliance.Anchorage’s federally regulated structure helps institutions meet compliance requirements without additional complexity.
- Operational simplicity.Stake ETH, receive pufETH, then deploy or hold within a single platform. No DeFi wallets and no validator management.
- DeFi access. pufETH is deeply integrated across Anchorage’s DeFi ecosystem, making it an actively deployable asset rather than just a yield receipt.

The Bottom Line

For institutions holding ETH as a treasury asset, this integration means ETH can now earn layered yield across staking and restaking without new counterparty risk, without operational fragmentation, and without requiring in-house blockchain expertise.

Ethereum yield, built for institutions.

Puffer is a leading innovator in Ethereum infrastructure, focusing on next-generation rollups supported by liquid restaking (LRT) and preconfirmation as an AVS. With products like Puffer UniFi and Puffer UniFi AVS on EigenLayer, we are dedicated to enhancing Ethereum’s decentralization. Visitpuffer.fifor more information.