Elrond, a new blockchain architecture, designed from scratch to swiftly improve the throughput and execution speed has partnered with Panther Protocol, an end-to-end privacy protocol for DeFi, following a recent announcement.
Elrond being a project that recently entered the DeFi space is seeking diverse means to enhance its network and its functionalities. In a bid to achieve its aim, the platform had partnered with Panther Protocol.
Panther Protocol to Aid Elrond’s Privacy Scheme
The partnership will help bring interoperable privacy and compliance-friendly selective disclosure mechanisms to the Elrond Network, according to the announcement.
By means of the partnership, users of the Elrond Network will be able to deposit EGLD, ESDT tokens, and other assets into Panther vaults while they can mint fully collateralized private assets dubbed zAssets in return. The company’s plans to utilize and leverage the zkSNARKs technology will make this achievable.
The minted zAssets are privacy-enhanced digital assets that 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.
Per the announcement, the zAssets can then be used across DeFi applications as they would be able to flow between multiple blockchains through Panther’s privacy-first interchain DEX.
The CEO of Elrond Network, Beniamin Mincu, commented on the new partnership saying;
“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.”
The co-founder and CEO of Panther, Oliver Gale also expressed the company’s delights and optimism regarding the new collaboration.
“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,” he said.