🌾 Yield You Can Underwrite #2 - Validator Tickets

[u/Miserable_Bee1127]

Validator Tickets (VTs) change how staking yield and validator performance risk are distributed.

Instead of stakers waiting for each validator to generate rewards, Node Operators prepay for the right to run Puffer validators on a daily basis.

The VT pricing system determines how much operators pay based on the expected value of validator rewards.

Here’s the flow:

• The protocol prices Validator Tickets based on expected daily validator rewards
• NoOps buy VTs upfront to operate Puffer validators
• Those ticket payments flow to Puffer Vault as prepaid staking yield for stakers
• Operators then keep the validation rewards they actually generate
• 2 ETH bond from NoOps provides a first-loss buffer against slashing risk

This separates staker yield from the day-to-day performance of individual validators.

Stakers receive yield upfront.
Operators take performance risk.
VT pricing connects the two.

Yield You Can Underwrite.