Panther Protocol Teams Up With Polygon To Bolster Privacy Developments In DeFi

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Panther Protocol Teams Up With Polygon To Bolster Privacy Developments In DeFi
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Panther Protocol, a private scalable infrastructure DeFi, smart contracts, and Web3, is announcing a strategic partnership with Polygon layer-2 scaling solution.

Panther Protocol seeks to enable interoperable privacy alongside compliant selective disclosure mechanisms to the Polygon network. For this reason, the protocol is building its Minimum Viable Product (MVP) on Polygon.

Other than providing technical support, the collaboration will forge further partnerships between Polygon’s projects and Panther. In this way, fintech and other institutions will be empowered to use Panther’s private and compliant DeFi, increasing Panther’s popularity in the ecosystem.

Both Polygon and Panther uphold user privacy as a basic human right. Users can deposit their digital assets into Panther vaults from whichever blockchain. Panther then employs zkSNARK technology to allow users to mint privacy-enhancing and fully collateralized zero-knowledge assets (zAssets). Users can then use these zAssets for different functions across the DeFi space.

Panther’s MVP will allow the protocol’s initial users to familiarize themselves with zAssets. The MVP will also have shielding (minting) and unshielded (burning) mechanisms to keep zAssets permanently backed 1:1 by native collateral in Panther vaults.

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Other features of the MVP are private asset transfers, panther vaults, web wallet interaction with Panther, and voluntary full disclosure of selected transactions and their linkage.

Soon, the $ZKP token will be launched on Ethereum and will utilize Polygon’s interoperable abilities for bridging purposes. Panther chose the Polygon protocol for its MVP due to its low fees which allow proper shielding of zAssets. Besides, Polygon is expanding its roots and fast thriving in the 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. 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 CEO, Oliver Gale.

Importantly, Polygon is a framework for developing and connecting Ethereum-compatible blockchain networks., hence the name: “Ethereum’s Internet of Blockchains.” The protocol brings together scalable solutions to support a fully-fledged multi-chain Ethereum ecosystem. Polygon also eliminates blockchain pain points such as slow speeds and high gas fees without compromising security.

Panther Protocol, on the other hand, is an end-to-end privacy protocol that connects blockchains to re-establish privacy in DeFi and Web3. The protocol envisions zAssets becoming a favored asset class for users looking to maintain their transactions and strategies private.