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Panther Protocol, a confidentiality technology supplier for the decentralized finance (DeFi) sector, has concluded its open sale to fund the company’s continued development of privacy technologies for DeFi and Web3 applications.

Panther said on Nov. 25 that it had earned $22 million in its latest general sale of ZKP tokens, increasing the total revenue generated to $32 million.

The Panther Project earlier indicated that the Panther Protocol open auction would begin on Nov. 23, and it successfully concluded in less than 90 minutes.

The Panther Protocol, which was unveiled in Q3 2020, was created utilizing zk-SNARKs, a novel kind of zero-knowledge encryption that has already been used for famous privacy-focused digital currencies such as Zcash (ZEC).

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Integrative Privacy Overlay For DeFi

The abbreviation “zk-SNARK” stands for “Zero-Knowledge Succinct Non-Interactive Argument of Knowledge,” and it refers to a circumstance in which one can demonstrate ownership of specific information without disclosing such information to the other party.

With the help of many blockchains, notably Ethereum, Flare, Polygon, Avalanche, and Near, Panther is designing an integrative privacy overlay for DeFi as well as Web3 that will work across platforms.

With zAssets, the framework offers users the convenience of private operations in a new asset type while maintaining 1:1 replicas of the underlying securities for each user.

According to Panther’s prior announcement, the protocol’s public sale would entail 5% of the overall ZKP supply, with “various unlocking timeframes.”

Pre-seed, seed, and three following private sale rounds resulted in the sale of 15% of the entire supply. As stated by Panther, the procedure has generated $10 million in private investment to this point.

Some of the alleged investors who were eager to join in Panther’s $22 million public offerings have expressed dissatisfaction with the company’s inability to complete the transaction.

Dissatisfaction By Investors

According to one alleged investor, “Surprising support on Discord, I had been on the webpage for 90 minutes and it wouldn’t allow me to make a single transaction because the keys didn’t function, then there was no response for an hour from anyone in the discord,”

A person on Twitter (@MaroPagi) reported that the button did not function, but that everything else, such as sending your contact information, ID, and images, worked well using a mobile phone. The person then asked where the fairness is now that they have waited in line, completed KYC, and done all of that just to be denied the opportunity to purchase it. A request for feedback from the Panther initiative did not immediately receive a response.

This year, the DeFi business has flourished amid a significant upswing in the broader crypto industry, with the total value of assets locked across all DeFi protocols reaching a new all-time high of more than $270 billion in early November.

Due to the rising popularity of DeFi, a growing number of industry initiatives are focusing on privacy-enhancing technologies.

For Blockchain Valley Ventures’ Paolo Guida, who is in charge of investments, data privacy is the most significant obstacle to the deployment of DeFi technology.

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Alicia Maher

By Alicia Maher

Alicia Maher is an accomplished news writer with a passion for storytelling. With years of experience in the field, she is skilled at delivering accurate, engaging, and insightful news coverage to her audience.