DeFi privateness venture Panther raises $22M in 1.5-hour public sale

Panther Protocol, a privacy-enhancing know-how supplier for the decentralized finance (DeFi) trade, has accomplished its public sale to proceed constructing privateness 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 full quantity raised to $32 million.

Beginning on Nov. 23, the Panther Protocol public sale efficiently closed in slightly below 90 minutes, the Panther venture beforehand introduced.

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

Constructing on a number of blockchains together with Ethereum, Polygon, Flare, Close to and Avalanche, Panther is growing an interoperable privateness layer for DeFi and Web3. The protocol makes use of zAssets, 1:1 backed representations of the underlying property providing customers advantages of personal transactions within the new asset kind.

As beforehand introduced by Panther, the protocol’s public sale involvea 5% of the full ZKP provide with “various unlocking schedules.” 15% of the full provide was offered by way of pre-seed, seed and three subsequent personal sale rounds. Based on Panther, the protocol has raised $10 million via personal funding.

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

“Surprising assist on the Discord, was on the positioning for 90 minutes and wouldn’t let me make a single fee as a result of the buttons didn’t work, then no response for an hour from anyone within the discord,” one supposed investor reported.

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

Associated: Polkadot-based privateness venture Manta Community raises $5.5M

Amid a serious rally on wider cryptocurrency markets, the DeFi trade has continued booming this 12 months, with the full worth locked throughout all DeFi protocols hitting a brand new report excessive above $270 billion in early November.

Supply: DeFi Llama

In keeping with DeFi’s rising recognition, trade initiatives have been more and more engaged on privateness options. Based on Paolo Guida, head of investments for Blockchain Valley Ventures, privateness is the most important problem stopping DeFi lift-off.