Source : zycrypto.com
Panther protocol has today announced the extension of its partnership with Flare to the latter’s Canary Network, Songbird.
Notably, Flare is the world’s first Turing-complete Federated Byzantine Agreement (FBA) network. Its mission is to unlock the potential in the 65% of blockchains that are not smart contract-enabled. In this way, these blockchains gain credibility in addition to scalability through integration with the Ethereum Virtual Machine (EVM). Moreover, Flare facilitates blockchain interoperability – a concept that has significantly grown in the crypto industry.
Panther, on the other hand, is an end-to-end protocol aiming to make privacy in DeFi and Web 3 a priority and standard. Panther and Flare partnered to bring the combined power of their capabilities to various networks including Litecoin, Doge, XRP, Stellar, and Algorand.
Songbird is now part of this collaboration, a move sure to bring numerous benefits to both projects. Songbird users will benefit from Panther’s privacy features as Panther receives support from the Canary Network and Flare’s Mainnet. Moreover, the partnership will not only stimulate further growth on Panther, but it will also support the protocol’s development of future projects and privacy features for Songbird and Flare.
For the mutual privacy ecosystem to work, Songbird will integrate Panther’s Shielded Pools into its EVM as Panther deploys its privacy-preserving technology on Songbird for code testing.
Additional benefits of this integration are that Panther users can have private transactions over Songbird, consequently increasing the user base and total value locked (TVL) of Panther’s Shielded Pools. Meanwhile, Songbird users will have access to Panther’s governance, staking, and other DeFi capabilities. More so, Songbird’s retail and institutional users will benefit from Panther’s selective disclosures as well as KYC and AML zero-knowledge solutions for institutional participants.
Oliver Gale, Panther’s co-founder, and CEO said the following regarding the partnership:
“From the first day, there was clear alignment between the founders of Panther and Flare Network around the need for privacy, compliance, security, and scalability in blockchain ecosystems, and in particular those relating to institutional DeFi. In Flare and Songbird, we see great ecosystem partners, innovative technology, and clear action-oriented plans to mass adoption.”
Hugo Philion, Co-Founder and CEO at Flare and Songbird added “Songbird has launched to be a testbed for Flare and the most ground-breaking decentralized technologies. So we are thrilled that Panther is leveraging their zkSNARK cryptography and state-of-the-art asset mixing technologies to deliver KYC and AML enabled privacy solutions that DeFi requires to make a giant leap forward. Stablecoins, utility tokens, and NFTs can now be owned and traded with privacy whilst remaining compliant, giving sovereignty back to the user.”