In a recent announcement, Elrond Network informed that it has entered into a partnership with Panther protocol. The partnership will facilitate, for Elrond networks, interchain swaps and DeFi products that preserve privacy. In addition, the partnership will help with interoperable privacy and disclosure mechanisms that are compliance-friendly.
Panther protocol is recognized for its privacy-preserving protocol. The protocol will help develop virtual assets known as zAssets. These virtual assets are characterized by their enhanced privacy. The announcement of the partnership has given a boost to Elrond’s popularity.
Elrond’s users, following the activation of the partnership, will now be able to use Panther’s zkSNARKs technology. Users will now be able to deposit tokens such as ESDT, EGLD and others into panthers vaults. In exchange, this will allow the users to mint private zAssets are collateralized that can be used through DeFi apps.
zAssets provide additional security. This enables users to preserve strategies and transactions. The zAssets can also be used to transition between the various blockchain networks. This will be enabled through Panther protocol’s interchain decentralized exchange.
Before activating the partnership, the compatibility required for a privacy framework on Elrond will need to be evaluated. Elrond’s CEO, Benjamin Mincy, said that the partnership’s aim was to offer users and financial institutions more options for interactions. The partnership will also enable users with problem-free access to Elrond’s DeFi solutions.
Panther, the partner, said that its aim was to enable every web3 user with data ownership. The partnership announcement has been received well by Elrond’s users. The partnership aligns the needs of the partners with that of the users.