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

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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 overall quantity raised to $32 million.

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

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

Constructing on a number of blockchains together with Ethereum, Polygon, Flare, Close to and Avalanche, Panther is creating 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 sort.

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

Among the supposed buyers that have been prepared to take part in Panther’s $22 million public sale have complained about not having the ability to proceed with cost.

“Stunning assist on the Discord, was on the positioning for 90 minutes and wouldn’t let me make a single cost 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 challenge didn’t instantly reply to Cointelegraph’s request for remark.

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

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

Supply: DeFi Llama

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