Elrond Network recently announced a partnership with Panther Protocol. The collaboration will see Interchain Swaps and Privacy-Preserving DeFi Products for Elrond Assets. The partnership will also promote interoperable privacy and compliance-friendly disclosure systems.
Panther Protocol is known for its end-to-end privacy-preserving protocol used to develop privacy-enhanced virtual assets called zAssets. The announcement surged Elrond’s popularity, making traders look for a viable EGLD price prediction.
The partnership will help Elrond users utilize Panther Protocol’s zkSNARKs technology. It will allow them to deposit ESDT, EGLD, and other tokens into Panther vaults. In return, users can mint completely collateralized private zAssets, usable throughout DeFi apps.
zAssets inherit the value of non-private counterparts associated with them. It adds an extra layer of security to preserve the owner’s strategies and transactions. Customers can also use zAssets to flow between different blockchain networks via Panther’s interchain decentralized exchange.
The partnership will begin with a compatibility study needed to develop a privacy framework on Elrond. It will also serve research purposes required to add private interchain swaps on Elrond.
Beniamin Mincu, the CEO of Elrond Network, commented on the development. According to him, the collaboration with Panther is part of Elrond’s goal to offer market actors and financial institutions multiple interaction options. In addition to that, the partnership will provide completely compliant Elrond DeFi solutions to users without any hassle.
Oliver Gale, Panther’s CEO and Co-Founder, also talked about the collaboration. He stated that Panther aims to help every Web3 user access complete data ownership, privacy, and sovereignty options available throughout the decentralized encrypted space. The venture is delighted to offer end-to-end privacy solutions to Elrond and make it a compliance-friendly, private, and interoperable blockchain.
The partnership bodes well for both ventures as their aims coincide. The Elrond community has welcomed the integration, and it will undoubtedly support the DeFi community.