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Panther Protocol announced a strategic partnership with leading Layer 2 scaling solution Polygon.
Panther and Polygon Tackle Privacy
Panther Protocol, which builds its MVP on Polygon, aims to provide the Polygon network with interoperable disclosure mechanisms that respect confidentiality and compliance. In addition to providing technical support, Polygon will help Panther collaborate with projects within its ecosystem in efforts to develop privacy features that empower end users. It will also help our mission to give institutions and fintechs a clear path to private and compliant DeFi.
Polygon and Panther both recognize the value of privacy as a basic human right. Panther leverages zkSNARK technology to enable users to create fully secured, privacy enhancing zero-knowledge assets (zAssets) by depositing their digital assets from any blockchain into vaults. They can then use zAssets in the DeFi ecosystem.
The MVP will allow early Panther users to familiarize themselves with zAssets, which provides privacy by default while retaining DeFi composability. Extracting zAssets can effectively be viewed as a protection mechanism and burning as a protection removal. It will be implemented through a small number of protected privacy pools on Polygon, maintaining zAssets balances continuously backed 1: 1 by native guarantees in Panther vaults.
Users can expect to find a range of features in the MVP, including:
- Shielding and de-shielding assets – the basis of how zAssets works
- Private transfer of assets
- Voluntary Full disclosure of selected transactions and their link
- Ability to interact with Panther through a web wallet
- Panthers cellars
The project chose Polygon because it demonstrated incredible technical capabilities, it has very low costs, allowing for proper shielding of zAssets, and of course, because of its thriving and rapidly expanding DeFi ecosystem. While the $ ZKP token will be launched on Ethereum, users can use Polygon’s interoperable capabilities to link the tokens.
Speaking on the partnership, Oliver Gale, CEO of Panther Protocol, said:
“Polygon’s approach brings low-cost, scalable transactions to the Ethereum network as well as a growing ecosystem of DeFi protocols already using their technology. Panther’s partnership will enable zAsset to be used by all Panther users in a privacy-friendly, scalable, and regulatory-compliant manner, opening the door to true institutional adoption and retail use, ”
Polygon is a protocol and framework for creating and connecting blockchain networks compatible with Ethereum. Polygon brings together 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 problems associated with Blockchains, such as high gas costs and slow speeds, without sacrificing safety.
Panther is an end-to-end privacy protocol connecting blockchains to restore privacy in Web3 and DeFi while providing a clear path for financial institutions to participate in digital asset markets in a compliant manner.
Panther provides DeFi users with fully secured digital assets enhancing privacy, leveraging crypto-economic incentives and zkSNARKs technology. Users can create zero-knowledge zAssets by depositing digital assets from any blockchain into Panther vaults. The zAssets circulate through the blockchains via a first private interchain DEX and a private metastrate. The protocol foresees that zAssets will become an ever-expanding asset class for users who want their transactions and strategies to be as they always should have been: private.
For more information on Panther visit the site.
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