Panther Protocol builds MVP on Polygon for end-to-end privacy
Panther Protocol, a privacy protocol that connects blockchains to ensure privacy in smart contracts, Web3 and Defi has announced a partnership with Polygon (MATIC) on which it would be building its MVP.
The protocol aims to bring interoperable privacy and compliance-friendly selective disclosure methods onto Polygon. On the other hand, Polygon would be actively hand-holding the development of the MVP, provide client and technical support and also help Panther to work with applications and projects on the Polygon network and help in the transition towards a private and compliant DeFi ecosystem.
Panther leverages the zkSNARK technology to help users mint fully collateralized zero-knowledge assets (zAssets) by depositing their digital assets from any blockchain into the vaults of Panther. They can then use zAssets across the DeFi ecosystem. It may be remembered that Polygon and the zero-knowledge protocol Hermes had merged recently at which time Polygon had said that it was planning to enter into the zero-knowledge space in a very big way.
“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.
Though the ZKP token of Panther would be launched only on Polygon and the tokens would then be bridged over through the interoperable capabilities of Polygon, the company would be building the MVP only on Polygon due to its high technical capabilities, very low gas fees, and also due to the thriving dApp ecosystem within the network. This is indeed a shot in the arm for Polygon which has always been viewed as a substitute for Ethereum but is slowly beginning to make a name for itself so much so that many developers and users are now beginning to choose Polygon over Ethereum for their transactions and project due to its low gas fees but also due to the reliability that the underlying Ethereum network offers.
Panther would be building an MVP that would be shielding and deshielding the assets, help in private transfer of assets, create the ability to interact with Panther vaults using web wallets and also bring in Panther vaults.