Panther protocol, which brings unparalleled privacy to Web3 and DeFi, has announced a strategic partnership with Polygon.
Now all projects based on Polygon will be able to use Panther’s interoperable privacy and compliance-friendly selective disclosure mechanisms. Its technology will be particularly appealing to institutions and fintech platforms interested in private and compliant DeFi. In addition, Panther is launching its own MVP (minimum viable product) on Polygon.
Panther recently raised $6 million from investors. Polygon, for its part, has been growing fast in its role as a framework for building and connecting Ethereum-compatible blockchain networks.
As a Layer-2 scaling solution for Ethereum, Polygon is sometimes referred to often referred to as the “Ethereum’s Internet of Blockchains”. It was previously known as the Matic Network but rebranded in February 2021 as part of its pivot to supporting Layer 2 infrastructure development.
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Panther Protocol, which is building its MVP on Polygon, 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 in Panther’s mission in giving institutions and fintechs a path into private and compliant DeFi.
Panther able to mint zero-knowledge assets
Panther leverages the zkSNARK 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 whilst 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 balances of zAssets permanently backed 1:1 by native collateral in Panther vaults. Polygon and Panther say that privacy is a basic human right.
What the Panther MVP is expected to include:
- 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
Panther decided to launch its MVP on Polygon while the $ZKP token will be launched on Ethereum and use Polygon’s interoperable capabilities to bridge tokens over. The project says it was attracted by Polygon’s technical capabilities and low fees, which it says can deliver the full shielding of zAssets. Polygon is also making great strides as an expanding DeFi ecosystem.
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. Its MATIC token is ranked 23rd by market cap and valued at $7.8 billion, according to coinmarketcap.com.
“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,” said Panther Protocol chief executive Oliver Gale.
Polygon aggregates scalable solutions on Ethereum, supporting a multi-chain Ethereum ecosystem and combines the best of Ethereum and sovereign blockchains into a full-fledged multi-chain system. Polygon solves pain points associated with Blockchains, like high gas fees and slow speeds, without sacrificing on security.
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