Panther and Polygon partner up to bolster privacy in DeFi

By September 23, 2021Layer2
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Midtown, Gibraltar, Sept. 21, 2021 — Panther Protocol creates private scalable infrastructure for smart contract platforms, decentralized finance and Web 3.0, and is delighted to announce a strategic partnership with Polygon, the layer-two scaling solution often referred to as “the Ethereum’s Internet of Blockchains.”

Panther Protocol is building its minimum viable product on Polygon and also aims to bring interoperable privacy and compliance-friendly selective disclosure mechanisms to the Polygon network. Besides providing technical support, Polygon will help Panther collaborate with projects within its ecosystem in the development efforts of privacy features that empower end-users. It will also aid our mission in giving institutions and fintechs a clear path into private and compliant DeFi.

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Polygon and Panther both acknowledge the value of privacy as a basic human right. Panther leverages the zk-SNARK technology to let users mint fully collateralized, privacy-enhancing zero-knowledge assets (zAssets) by depositing their digital assets from any blockchain into Panther vaults. They can then use zAssets across the DeFi ecosystem.

The MVP will allow the first Panther users to get acquainted with zAssets, which provide privacy by default while retaining DeFi composability. Minting zAssets can effectively be seen as a shielding mechanism, and burning as unshielding. It will be implemented via a small number of shielded privacy pools on Polygon, keeping the balances of zAssets permanently backed at a one-to-one ratio by native collateral in Panther vaults.

Expect to see in the Panther MVP:

  • Shielding and deshielding of assets — the foundation for zAssets to function.
  • Private transfer of assets.
  • Voluntary full disclosure of selected transactions and their linkage.
  • Ability to interact with Panther via web wallet.
  • Panther vaults.

Why launch the MVP on Polygon?

Panther decided to launch our MVP on Polygon (formerly known as Matic) while the Panther Protocol (ZKP) token will be launched on Ethereum and use Polygon’s interoperable capabilities to bridge tokens over. The project chose Polygon because it demonstrated its incredible technical capabilities and very low fees, which will allow the proper shielding of zAssets, as well as of course, its thriving and rapidly expanding DeFi ecosystem.

Oliver Gale, CEO of Panther Protocol, said:

“Polygon’s approach brings scalable, low-cost transactions to the Ethereum network as well as a burgeoning ecosystem of DeFi protocols already using their technology. Panther’s partnership will enable zAsset utility between all Panther users in a privacy-preserving, scalable and regulatory compatible fashion, opening the doors for true institutional adoption and retail usage.”

About Polygon

Polygon is a protocol and a framework for building and connecting Ethereum-compatible blockchain networks. Polygon aggregates scalable solutions on Ethereum, supporting a multichain Ethereum ecosystem and combines the best of Ethereum and sovereign blockchains into a full-fledged multichain system. Polygon solves pain points associated with blockchains such as high gas fees and slow speeds, without sacrificing security.

About Panther Protocol

Panther is an end-to-end privacy protocol connecting blockchains to restore privacy in Web 3.0 and DeFi while providing financial institutions a clear path to compliantly participate in digital asset markets.

Panther provides DeFi users with fully collateralized privacy-enhancing digital assets, leveraging crypto-economic incentives and zk-SNARKs technology. Users can mint zero-knowledge zAssets by depositing digital assets from any blockchain into Panther vaults and zAssets flow across blockchains via a privacy-first interchain decentralized exchange and a private metastrate. Panther envisions that zAssets will become an ever-expanding asset class for users who want their transactions and strategies the way they should always have been — private.

Want to learn more about Panther? Check out the website.

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