The DeFi space has experienced rapid growth over the past few months, but interoperability is an area that could still grow. Developers find it hard to provide basic privacy features to their users without breaking the bank.
However, the DeFi ecosystem is growing, and new solutions are emerging to boost adoption for both the developers and the users.
Panther Protocol Raises More Than $32 Million
Panther Protocol, an end-to-end privacy solution that creates privacy for DeFi and Web3 users across public blockchains, has announced that it has raised $22 million in a public sale event. Thus, bringing the total amount raised by the team to $32 million.
According to its official website, Panther Protocol is an end-to-end privacy protocol for DeFi. Panther provides DeFi users with fully collateralized privacy-enhancing digital assets, leveraging crypto-economic incentives and zkSNARK technology.
The Panther team said the funds would be used to build an interoperable privacy layer for the decentralized finance space and web 3.0. Panther Protocol’s CEO Oliver Gale told FXEmpire that “The raise was a humbling moment for us all. Our team executed the public sale flawlessly and barely took a breath to issue quiet congratulations before continuing with business as usual and preparation for our token generation event. This year will see a groundbreaking privacy innovation for launching protocols privately, and in a decentralized fashion, an incentivized testnet followed by a v1 protocol release taking us in the holidays.”
By raising funds via a public sale, Panther Protocol is offering the opportunity for wider community engagement and participation in an end-to-end privacy protocol for DeFi and Web 3.0 users.
At the moment, the Panther team is building on numerous blockchains, including Ethereum, Polygon, Flare, Songbird, NEAR, and Elrond. In addition to developing APIs, SDKs and custom integrations, Panther will enable decentralized application developers to provide privacy features within their apps. Hence, eliminating the need for highly specialized cryptographers and privacy tech engineers.
The DeFi Ecosystem Continues to Grow
The DeFi space remains one of the fastest-growing in the cryptocurrency industry. Recent reports have indicated that the total value locked (TVL) across DeFi lending protocols surpassed the $230 billion mark earlier this year.
The space is expected to grow even bigger over the coming years, and Panther Protocol wants to play an important part in the sector. Panther Protocol co-founder Anish Mohammed concluded that “As with duality of light, privacy has a dual nature, we are in the history of privacy where we are just reconciling, privacy’s dual nature. Panther protocol has managed to allow both privacy and authenticity by combining zero-knowledge proof systems and selective disclosures.”