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Panther Protocol has announced a strategic partnership with the leading Layer 2 scaling solution Polygon.
Panther and Polygon Tackle Privacy
Panther Protocol, who is building their MVP on Polygon, aims to bring interoperable privacy and compliance friendly 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.
Polygon and Panther both acknowledge the value of privacy as a basic human right. 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 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.
Users can expect to find a range of features in the MVP, Including:
- 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
The project chose Polygon because it has demonstrated incredible technical capabilities, it has very low fees, allowing for the 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 utilize Polygon’s interoperable capabilities to bridge tokens over.
Speaking on the partnership, Panther Protocol CEO Oliver Gale 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,”
Polygon is a protocol and a framework for building and connecting Ethereum-compatible blockchain networks. 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.
Panther is an end-to-end privacy protocol connecting blockchains to restore privacy in Web3 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 zkSNARKs technology. Users can mint zero-knowledge zAssets by depositing digital assets from any blockchain into Panther vaults. zAssets flow across blockchains via a privacy first interchain DEX and a private metastrate. The protocol 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.
For more information on Panther check out the website.