On-chain security analysis — is it a scam or legit?
EthereumThe PUFFER contract is an ERC-20 token with voting capabilities.
Read the full analysisEach factor is an on-chain fact recorded at the time of this analysis. The score is computed from them by a deterministic function, so the same contract returns the same score for anyone who runs the audit. How scores are computed
Share held by contracts — treasury, vesting, bridge or staking — is discounted against share held by wallets when the score is computed: a contract cannot decide to sell the way an anonymous holder can, though it can still be drained or voted to sell. Effective concentration is the figure the risk score is actually calculated from.
Holder balances as recorded by the audit of Oct 15, 2026
The risk score reads depth across every pair.
The LP tokens of the analysed pool are not locked or burned, so whoever holds them can withdraw that liquidity.
0x495a…a1a20xe819…74ed0x6e59…5eb10xd766…75980xebb4…5f2f0xccfd…af690x8abc…1c360x1d7e…dc360x15fe…3d860x9403…d978No privileged address appears among these holders: the unlocked liquidity sits with independent providers, not with the deployer.
0.0% of the pool's LP is burned or time-locked. 100.0% is held, unlocked, by 2 address(es) other than the owner/deployer. One of them — a wallet, 0x495a…a1a2 — holds 81.1% and can remove that share at once; who controls it is not visible on-chain, so it is not treated as an independent provider. Some pools are concentrated-liquidity (V3/V4) positions; shares above are by position as GoPlus reports them. This assessment covers the main pool, which holds 56% of the token's DEX liquidity; the other pools were not assessed.
Check the lock's end date and beneficiary on the locker's own page before relying on it.
Acknowledged
A privileged switch checked on every transfer can stop all transfers. Ownership is renounced, so no one can call these functions now. Functions: unpause. Restricted to: owner.
Check who holds these functions and whether a timelock or multisig stands between them and holders.
Unresolved
The ten largest holders own 70.4% of supply. What remains: 27.3% in wallets, 43.1% in other contracts. 25,984 holders in total.
Watch the largest wallets that are not exchanges, pools or locks — those are the ones that can move the price.
Acknowledged
Listed on CoinGecko as Puffer (PUFFER), market cap $15M, rank #996. 25,984 holders. Verified by: CoinGecko.
Match the contract address against the project's official channels before trading.
Acknowledged
Liquidity $433K (DexScreener, all pools). 24h trading volume $6.7M (CoinGecko, all markets, daily snapshot). 24h trading volume $1.8M (DexScreener, all pools). CoinGecko's record for this coin: all-time high $0.991 on 2024-12-07; the price is now 97.45% below it.
Size any position to the liquidity and daily volume shown — they set how much you can sell and at what price.
Acknowledged
A token whose main use is voting on a protocol's decisions (delegation and vote checkpoints in its code). The class itself adds no points; the contract and market facts decide the score. Basis: CoinGecko category: Liquid Restaking Governance Tokens. Tokenomics — Supply: fixed — the contract has no mint function. Control: nobody (ownership renounced). Code: not upgradeable (no proxy). Fees: no buy or sell tax. Market: $433K of DEX liquidity across 5 pools. Launch: 730 days of market history.
Check how much of the voting supply insiders hold and what governance can change.
Acknowledged
The PUFFER contract is an ERC-20 token with voting capabilities. Its ownership has been renounced, meaning no single entity can control the contract's privileged functions, including those that could pause transfers or set address-specific transfer rules. One informational finding was identified regarding dormant pause functionality, which poses no active risk due to the renounced ownership.
The PUFFER contract implements standard ERC-20 token functionality (7.1 Architecture), including transfer, transferFrom, and approve. It also includes ERC20Permit and ERC20Votes for off-chain approvals and voting. Crucially, the contract's ownership has been renounced (7.3 Access Control), rendering all onlyOwner functions, such as unpause, setAllowedTo, and setAllowedFrom, permanently inactive. This eliminates potential risks associated with centralized control over transfer rules (7.2 Code Security).
The contract incorporates ERC20Votes, enabling token holders to delegate voting power and participate in governance (7.5 Governance). However, with renounced ownership, there are no active administrative functions that could be exploited for economic manipulation (7.4 Economic). The lack of a central controller significantly reduces governance and economic risks.
The PUFFER contract is not implemented as a proxy (7.7 Upgrades) and therefore does not support upgradeability. This eliminates any risks associated with upgrade mechanisms, such as malicious upgrade paths or proxy implementation mismatches.
Token holders should be aware that the contract's ownership has been renounced, meaning no single entity can modify its core parameters or privileged functions.
This provides a high degree of immutability and reduces central point of failure risks. Users should always verify the contract address and understand the token's specific functionalities before interacting with it.
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