Reports said that Panther Protocol, a privacy-enhancing technology provider for the decentralized finance (DeFi) industry, has raised $22 million in its recent public sale of ZKP tokens, bringing the total amount raised to $32 million.
It has been reported that the Panther Protocol public sale successfully closed in just under 90 minutes, as the Panther project announced previously.
However, launched in Q3 2020, the Panther Protocol is built using zk-SNARKs, a new form of zero-knowledge cryptography implemented for popular privacy-focused cryptocurrencies like Zcash (ZEC). The acronym “zk-SNARK” stands for “Zero-Knowledge Succinct Non-Interactive Argument of Knowledge,” referring to a situation where one can prove possession of certain information without revealing that information.
The report said that building on multiple blockchains including Ethereum, Polygon, Flare, Near, and Avalanche, Panther is developing an interoperable privacy layer for DeFi and Web 3.0. The protocol uses zAssets, 1:1 backed representations of the underlying assets offering users benefits of private transactions in the new asset type.
Likewise, the protocol’s public sale, as previously announced by Panther, involved 5% of the total ZKP supply with “varying unlocking schedules.” Fifteen percent of the total supply was sold via pre-seed, seed, and three subsequent private sale rounds.
According to Panther, the protocol has raised $10 million through private funding. Some of the supposed investors that were willing to participate in Panther’s $22 million public sales have complained about not being able to proceed with payment.
One investor stated:
“Shocking support on the discord, was on the site for 90 minutes and wouldn’t let me make a single payment because the buttons didn’t work, then no response for an hour from anybody in the discord.”
Moreover, amid a major rally on wider cryptocurrency markets, the DeFi industry has continued booming this year, with the total value locked across all DeFi protocols hitting a new record high above $270 billion in early November. In line with DeFi's growing popularity, industry projects have been increasingly working on privacy solutions.
Thus, according to Paolo Guida, head of investments for Blockchain Valley Ventures, privacy is the biggest challenge preventing DeFi lift-off.