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

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

Panter announced to Cointelegraph on Nov. 25 that it raised $ 22 million in its most recent public sale of ZKP tokens, bringing the total to $ 32 million.

As of November 23, the public sale of the Panther Protocol was successfully completed in just under 90 minutes, as the Panther project had previously announced.

The Panther protocol introduced in the third quarter of 2020 is based on zk-SNARKs, a new form of zero-knowledge cryptography that is implemented for popular data protection-oriented cryptocurrencies such as Zcash (ZEC). The acronym “zk-SNARK” stands for “Zero-Knowledge Succinct Non-Interactive Argument of Knowledge” and refers to a situation in which one can prove the possession of certain information without revealing this information.

Building on several blockchains, including Ethereum, Polygon, Flare, Near and Avalanche, Panther is developing an interoperable data protection layer for DeFi and Web3. The protocol uses zAssets, 1: 1 supported representations of the underlying assets, which offer users the advantages of private transactions in the new asset type.

As Panther has already announced, the public sale of the protocol comprises 5% of the total ZKP offer with “varying unblocking plans”. 15% of the total offer was sold via pre-seed, seed and three subsequent private sales rounds. According to Panther, the protocol raised $ 10 million through private funding.

Some of the supposed investors willing to participate in the $ 22 million public sale of Panther have complained that they will not be able to complete the payment.

“Shocking support in the Discord, was on the page for 90 minutes and didn’t let me make a single payment because the buttons didn’t work, then for an hour no response from anyone in the Discord,” reported one suspected investor.

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

Related: Polkadot-based data protection project Manta Network raises $ 5.5 million

Amid a major rally in the broader cryptocurrency markets, the DeFi industry continued its boom this year, with the total value of all DeFi protocols hitting a new record high of over $ 270 billion in early November.

Source: DeFi Lama

In line with the growing popularity of DeFi, industrial projects are increasingly working on data protection solutions. According to Paolo Guida, Head of Investments at Blockchain Valley Ventures, privacy is the biggest challenge preventing DeFi from launching.