Panther Protocol Raises $8M for DeFi Privacy Solution

coinedict

Key Takeaways

Panther Protocol has raised over $8 million from over 140 investors for its privacy-focused DeFi solution.
The protocol will allow users to mint 1:1 collateralized privacy-preserving synthetic assets.
Leveraging zk-SNARKs, such assets obfuscate all the information involved in an on-chain trade.

Share this article

Panther Protocol, an end-to-end privacy protocol that can be used across DeFi, has raised $8 million from over 140 investors in a private token sale.
Panther Offers DeFi Privacy
Panther Protocol, one of DeFi’s latest privacy-preserving solutions, has raised $8 million in a funding round. The raise came from over 140 participants, including Alphabit Fund, Arcanum Capital, Black Dragon, DeepVentures, Defiants, Ellipti, Moonwhale, Protocol Ventures, Kosmos VC, Rarestone Capital, and Titans Ventures. 
The funds will be used for the development of the protocol, which is interoperable with a range of DeFi applications. 
Privacy is considered one of DeFi’s missing jigsaw pieces today. While DeFi brings the world a permissionless and non-custodial financial system, many of those looking to preserve their identity find it cumbersome to use. When a person’s real identity is linked to a blockchain address, all of the transactions they make through that address are easily traceable. For example, many high-net-worth Uniswap traders find it difficult to execute their trades efficiently due to the visibility of Ethereum. Such large traders face the risk of being front-run by other traders or bots.
Panther is hoping to solve those problems. As planned in its roadmap, the protocol will allow users to deposit cryptocurrencies from a variety of chains and mint collateralized synthetic assets called zAssets. Each zAsset will be private. 
According to the team, anyone can issue private synthetics of various digital tokens, including zBTC, zETH, and zUSDT. These tokens can then be used across various DeFi applications. Oliver Gale, Panther Protocol CEO and co-founder, said in a press release: 
“We believe zAssets will become an ever-expanding asset class for users who want their transactions and strategies the way they should always have been: private. Stablecoins, utility tokens and NFTs will all become infused with privacy.”
The Power of zk-SNARKs 
zAssets will use zk-SNARKs, a type of cryptographic proof that shows someone possesses a piece of information without revealing it. The same technology is used in one of the leading privacy coins, Zcash. Such assets obfuscate the information involved in an on-chain trade, including wallet addresses and the assets exchanged. That way, all of the metadata linked to blockchain transactions remains private. 
The project will support zAssets across several blockchains, known as “peerchains.” Panther’s peerchains will initially include Ethereum, Polkadot, Solana, Cosmos, Flare, Binance Smart Chain, and Avalanche.
Besides zAssets, the project also plans to implement several dark pools called “Panther Pools.” These will be used to gather liquidity and execute trades. Those who contribute liquidity to the pools, known as “privacy miners,” will be rewarded with the Panther network’s native token, ZKP. 

As per the project’s litepaper, Panther Pools will enable institutional and retail users to obfuscate and transact compliantly on peerchains using the help of zAssets.
If successful, the project will be competition for several existing solutions that achieve privacy with Ethereum’s smart contracts. These include Ethereum bridge networks such as Secret Network and Incognito, as well as transaction mixers like Tornado.Cash. 
Panther can also be deployed in a compliant way on any public blockchain through “selective private disclosures” so that financial privacy can be balanced with regulations. 
Following the fundraiser, the team will offer its ZKP tokens in a public sale. 

This news was brought to you by ANKR, our preferred DeFi Partner.

Share this article

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.

Privacy Coins Are Unstoppable, Says Copenhagen Business School

According to a study published in the Journal of Information Technology, attempting to ban private cryptocurrencies would be nearly impossible for regulators due to the tokens’ privacy-preserving, decentralized nature. Privacy…

Incognito Enables Anonymous Uniswap Trading

Uniswap, the most used decentralized exchange (DEX) on Ethereum, has a newly updated private mode. Traders can benefit from anonymity by using the protocol with Incognito, a platform designed to…

How to Use Tornado.cash, Ethereum’s Privacy Solution

Ethereum currently processes around 1 million transactions daily. Due to the blockchain’s open nature, however, every address associated with a transaction on the network gets recorded on a public ledger….

What is Polygon (MATIC): Ethereum’s Internet of Blockchains

In terms of both decentralized app (DApp) development and adoption, no blockchain has been more successful than Ethereum (ETH). But despite its relative success, the Ethereum network still contains several…

bitcoin
Bitcoin (BTC) $ 75,156.14
ethereum
Ethereum (ETH) $ 2,820.95
tether
Tether (USDT) $ 1.00
solana
Solana (SOL) $ 188.97
bnb
BNB (BNB) $ 596.39
usd-coin
USDC (USDC) $ 1.00
xrp
XRP (XRP) $ 0.554867
dogecoin
Dogecoin (DOGE) $ 0.192909
staked-ether
Lido Staked Ether (STETH) $ 2,820.01
tron
TRON (TRX) $ 0.161319
cardano
Cardano (ADA) $ 0.369692
the-open-network
Toncoin (TON) $ 4.84
wrapped-steth
Wrapped stETH (WSTETH) $ 3,323.54
shiba-inu
Shiba Inu (SHIB) $ 0.000019
avalanche-2
Avalanche (AVAX) $ 27.06
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 75,054.11
weth
WETH (WETH) $ 2,820.15
chainlink
Chainlink (LINK) $ 12.36
bitcoin-cash
Bitcoin Cash (BCH) $ 377.03
sui
Sui (SUI) $ 2.25
polkadot
Polkadot (DOT) $ 4.10
leo-token
LEO Token (LEO) $ 6.15
usds
USDS (USDS) $ 1.00
uniswap
Uniswap (UNI) $ 8.95
litecoin
Litecoin (LTC) $ 71.05
wrapped-eeth
Wrapped eETH (WEETH) $ 2,963.76
near
NEAR Protocol (NEAR) $ 4.19
aptos
Aptos (APT) $ 9.62
pepe
Pepe (PEPE) $ 0.000010
bittensor
Bittensor (TAO) $ 516.40
internet-computer
Internet Computer (ICP) $ 7.81
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.39
dai
Dai (DAI) $ 1.00
ethereum-classic
Ethereum Classic (ETC) $ 20.11
monero
Monero (XMR) $ 162.87
kaspa
Kaspa (KAS) $ 0.118912
stellar
Stellar (XLM) $ 0.098061
ethena-usde
Ethena USDe (USDE) $ 1.00
whitebit
WhiteBIT Coin (WBT) $ 19.32
aave
Aave (AAVE) $ 184.97
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.342076
blockstack
Stacks (STX) $ 1.68
okb
OKB (OKB) $ 40.08
first-digital-usd
First Digital USD (FDUSD) $ 0.999354
dogwifcoin
dogwifhat (WIF) $ 2.34
crypto-com-chain
Cronos (CRO) $ 0.085742
arbitrum
Arbitrum (ARB) $ 0.571194
filecoin
Filecoin (FIL) $ 3.73
mantle
Mantle (MNT) $ 0.631530
celestia
Celestia (TIA) $ 5.12