DeFi privacy project Panther raises $22M in 1.5-hour public sale

Panther Protocol, a privacy-enhancing expertise supplier for the decentralized finance (DeFi) trade, has accomplished its public sale to proceed constructing privacy options for DeFi and Web3.

Panter introduced to Cointelegraph on Nov. 25 that it raised $22 million in its current public sale of ZKP tokens, bringing the entire quantity raised to $32 million.

Starting on Nov. 23, the Panther Protocol public sale efficiently closed in slightly below 90 minutes, the Panther project beforehand announced.

Launched in Q3 2020, the Panther Protocol is constructed utilizing zk-SNARKs, a new form of zero-knowledge cryptography carried out for common privacy-focused cryptocurrencies like Zcash (ZEC). The acronym “zk-SNARK” stands for “Zero-Knowledge Succinct Non-Interactive Argument of Knowledge,” referring to a state of affairs the place one can show possession of sure info with out revealing that info.

Building on a number of blockchains together with Ethereum, Polygon, Flare, Near and Avalanche, Panther is growing an interoperable privacy layer for DeFi and Web3. The protocol makes use of zAsunits, 1:1 backed representations of the underlying property providing customers advantages of personal transactions in the brand new asset kind.

As beforehand announced by Panther, the protocol’s public sale involvea 5% of the entire ZKP provide with “varying unlocking schedules.” 15% of the entire provide was bought by way of pre-seed, seed and three subsequent non-public sale rounds. According to Panther, the protocol has raised $10 million via non-public funding.

Some of the supposed traders that have been keen to take part in Panther’s $22 million public sale have complained about not having the ability to proceed with fee.

“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,” one supposed investor reported.

The Panther project didn’t instantly reply to Cointelegraph’s request for remark.

Related: Polkadot-based privacy project Manta Network raises $5.5M

Amid a serious rally on wider cryptocurrency markets, the DeFi trade has continued booming this year, with the entire worth locked throughout all DeFi protocols hitting a brand new report excessive above $270 billion in early November.

Source: DeFi Llama

In line with DeFi’s rising reputation, trade tasks have been increasingly working on privacy solutions. According to Paolo Guida, head of investments for Blockchain Valley Ventures, privacy is the biggest problem stopping DeFi lift-off.

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