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

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Panther Protocol, a provider of privacy enhancing technologies for the decentralized finance (DeFi) industry, has completed its public sale to continue developing privacy solutions for DeFi and Web3.

Panter told TUSEN on November 25 that it had raised $ 22 million in its recent public sale of ZKP tokens, bringing the total amount raised to $ 32 million.

As of November 23, the Panther Protocol public sale successfully closed in just under 90 minutes, Project Panther previously announced.

Launched in Q3 2020, the Panther protocol is built using zk-SNARKs, a new form of zero-knowledge cryptography implemented for popular privacy-focused cryptocurrencies like Zcash (ZEC). The acronym “zk-SNARK” stands for “Zero-Knowledge Succinct Non-Interactive Argument of Knowledge”, referring to a situation where one can prove possession of certain information without revealing that information.

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Relying on several blockchains, including Ethereum, Polygon, Flare, Near and Avalanche, Panther is developing an interoperable privacy layer for DeFi and Web3. The protocol uses zAssets, supported 1: 1 representations of the underlying assets providing users with the benefits of private transactions in the new type of asset.

As previously announced by Panther, the public sale of the protocol involves 5% of the total ZKP supply with “variable unlock times”. 15% of the total supply was sold through pre-seed, seed and three subsequent private sales rounds. According to Panther, the protocol raised $ 10 million through private funding.

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Some of the supposed investors who were willing to participate in Panther’s $ 22 million public sale complained that they could not make the payment.

“Shocking support on Discord, was on site for 90 minutes and wouldn’t allow me to make a single payment because the buttons didn’t work, then no response for an hour from no one in discord,” a supposed investor reported.

Project Panther did not immediately respond to TUSEN’s request for comment.

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Related: Polkadot Manta Network-Based Privacy Project Raises $ 5.5 Million

Amid a major rally in broader cryptocurrency markets, the DeFi industry has continued to thrive this year, with total value stuck on all DeFi protocols reaching a new high of over $ 270 billion in early November. .

Source: DeFi Lama

In line with the growing popularity of DeFi, industry projects are increasingly working on privacy solutions. According to Paolo Guida, investment manager for Blockchain Valley Ventures, privacy is the biggest challenge preventing DeFi from taking off.