Polygon has announced a strategic partnership with Panther Protocol, which brings unparalleled privacy to Web3 and DeFi.
Panther’s interoperable privacy and compliance-friendly selective disclosure mechanisms will now be available to all Polygon-based projects. Institutions and fintech platforms interested in private and compliant DeFi will find its technology particularly appealing. Panther will also debut its own MVP (minimum viable product) on Polygon.
Panther recently received $6 million in funding from a group of investors. Polygon, on the other hand, has been rapidly expanding as a framework for creating and connecting Ethereum-compatible blockchain networks.
Polygon is sometimes referred to as “Ethereum’s Internet of Blockchains” because it is a Layer-2 scaling solution for Ethereum. It used to be known as the Matic Network, but it changed its name in February 2021 to reflect its shift to supporting Layer 2 infrastructure development.
Panther Protocol, which is developing its MVP on Polygon, aims to bring to the Polygon network interoperable privacy and compliance-friendly selective disclosure mechanisms.
Polygon will assist Panther in collaborating with projects within its ecosystem in the development of privacy features that empower end users, in addition to providing technical support. It will also help Panther achieve its goal of providing institutions and fintechs with a path to secure and compliant DeFi.
Panther is able to create assets with no prior knowledge.
Panther uses the zkSNARK technology to allow users to create fully-collateralized, privacy-enhancing zero-knowledge assets (zAssets) by depositing their digital assets into Panther vaults. They’ll be able to use zAssets across the DeFi ecosystem after that.
The MVP will introduce zAssets, which provide privacy by default while maintaining DeFi composability, to the first Panther users. Minting zAssets is effectively a shielding mechanism, while burning is effectively unshielding. It will be implemented on Polygon through a small number of shielded privacy pools, with zAsset balances always backed 1:1 by native collateral in Panther vaults. According to Polygon and Panther, privacy is a fundamental human right.
The Panther MVP is expected to include the following:
Asset shielding and deshielding – the foundation for zAssets to work Assets are transferred privately. Voluntary Complete transparency of selected transactions and their connections Panther can be interacted with via a web wallet. Vaults of the Panthers
Panther has chosen Polygon as the platform for its MVP, while the $ZKP token will be launched on Ethereum and will use Polygon’s interoperable capabilities to connect the two platforms. Polygon’s technical capabilities and low fees, according to the project, enticed it to deliver full shielding of zAssets. Polygon is also making significant progress as a DeFi ecosystem.
Polygon’s approach to Ethereum brings scalable, low-cost transactions to the network, as well as a growing ecosystem of DeFi protocols that already use their technology. According to coinmarketcap.com, its MATIC token is ranked 23rd by market cap and is worth $7.8 billion.
Panther Protocol CEO Oliver Gale said, “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 brings together scalable Ethereum solutions, enabling a multi-chain Ethereum ecosystem that combines the best of Ethereum and sovereign blockchains into a fully functional multi-chain system. Polygon addresses the drawbacks of Blockchains, such as high gas fees and slow speeds, without compromising security.