Panther Protocol Partners with Elrond to Enable Privacy-Preserving DeFi Products
[PRESS RELEASE – Midtown, Gibraltar, 4th October 2021]
Panther Protocol, who’s building scalable private infrastructure for the internet of blockchains, and Elrond, the internet-scale blockchain designed to bring a 1000x improvement in throughput and execution speed over existing decentralized networks, are proud to announce a new partnership that aims to bring interoperable privacy and compliance-friendly selective disclosure mechanisms to the Elrond Network.
By leveraging zkSNARKs technology, Panther Protocol can enable Elrond DeFi users to deposit EGLD, ESDT tokens and other assets into Panther vaults and mint fully collateralized private assets (zAssets) in return. These zAssets can then be used across DeFi applications.
zAssets retain the value of their non-private counterparts and offer their owners an additional layer that will allow their transactions and DeFi strategies to remain private. These privacy enhanced digital assets will also be able to flow between multiple blockchains through Panther’s privacy-first interchain DEX.
The will begin with a feasibility study required to build the infrastructure needed for privacy on Elrond, as well as joint research into providing private interchain swaps to the Elrond ecosystem.
“Our partnership with Panther is part of our ongoing goal to provide financial institutions and market actors with additional options for engaging with Elrond DeFi products in a fully compliant manner.” said Beniamin Mincu, Elrond Network CEO.
“Panther is on a mission to provide all Web 3.0 users with the complete set of data ownership, sovereignty and privacy options that encrypted decentralized networks can offer. We’re excited to bring end-to-end privacy to the Elrond Network and make it a part of the interoperable, private and compliance-compatible blockchain future we envision.” said Oliver Gale, co-founder and CEO of Panther
About Elrond
Elrond is a new blockchain architecture, designed from scratch to bring a 1,000-fold cumulative improvement in throughput and execution speed. To achieve this, Elrond introduces two key innovations: a novel Adaptive State Sharding mechanism, and a Secure Proof of Stake (PoS) algorithm, enabling linear scalability with a fast, efficient, and secure consensus mechanism. Thus, Elrond can process upwards of 10,000 transactions per second (TPS), with 5-second latency, and negligible cost, attempting to become the backbone of a permissionless, borderless, globally accessible internet economy.
About Panther Protocol
Panther Protocol is an end-to-end privacy protocol for DeFi. Panther provides DeFi users with fully collateralized privacy-enhancing digital assets, leveraging crypto-economic incentives and zkSNARKs technology. Users are able to mint zero-knowledge zAssets by depositing digital assets from any blockchain into Panther vaults. zAssets will become an ever-expanding asset class for users who want their transactions and strategies the way they should always have been: private.
Panther is fully compatible with AML regulations globally through the use of the Panther Metastrate — a zero-knowledge data layer that enables users to disclose all or some of their transaction histories to parties of their choosing, either fully or through the use of zk attestations.
