LRT · PUFFER · $0.5B TVL. Puffer's differentiator is genuinely technical: Secure-Signer, a hardware-enclave-based anti-slashing layer intended to make node operation safer and more accessible, paired with pufETH as its LRT. The screen scores strong engineering attached to a category in retreat.
Solvency screens at B. Sub-1x fee coverage means emissions exceed revenue, 12% of supply unlocks within the year, and the 50% drawdown is among the deepest in the LRT cohort. The anti-slashing technology genuinely reduces one tail risk, but it does not address the economic problem the screen is measuring.
Legitimacy screens at BB. Audits are adequate and the research is credible, but delivery (6/10) reflects a roadmap — particularly the L2 ambitions — that has moved slower than announced, and governance is minimal.
Growth screens at B: 7% category share, momentum 3/10, TVL down 45%. Better technology has not translated into deposit share against ether.fi's distribution advantage.
Composite B. The screen's recurring lesson in miniature: in liquid staking, distribution beats engineering. A full rating would ask whether Secure-Signer is a product or a feature.
"A chain is as strong as its weakest link." The conservative composite takes the weakest dimension and inherits any notching cap, so a single structural weakness cannot be diluted by strength elsewhere.
