Panther Protocol Partners With Songbird – Flare’s Canary Network – To Accelerate Privacy Adoption In DeFi

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Panther’s latest partnership with Songbird, along with Flare’s Canary Network means that any DeFi can join the blockchain revolution. This is a step towards unlocking new financial opportunities for investors who are interested in privacy protection but find it difficult to invest due to regulations or other factors.

Panther Protocol is a privacy-centric cryptocurrency. It has partnered with Songbird to accelerate the adoption of privacy in decentralized finance.

Panther Protocol Partners With Songbird – Flare’s Canary Network – To Accelerate Privacy Adoption In DeFi

18 November 2021, Midtown, Gibraltar

Panther Protocol has announced that its cooperation with Flare will be extended into Flare’s Songbird network. Flare is the world’s first Turing-complete FBA (Federated Byzantine Agreement) network, and Panther is developing the DeFi and Web3 interoperable privacy layers, with the goal of making privacy a norm rather than an afterthought.

Flare began its aim to “Unlock the Value” latent in the 65 percent of blockchains that lack native smart contracts by enabling real trustless use of those currencies via scalable smart contracts and scalable integration with Ethereum’s Virtual Machine. 

Interoperability across blockchains is undeniably a growing trend in our business, and Flare is taking a new approach by embracing larger blockchains that need smart contracts and interoperability. 

XRP, Doge, Litecoin, Stellar, and Algorand were used to launch this project by Flare and Songbird. With this agreement, both sides want to add additional capabilities and privacy features to their respective projects.

Concerning the collaboration

Both the Flare and Panther teams were ecstatic about the several areas of overlap between Panther and Songbird. As a result, in addition to outlining multiple methods for Flare’s Songbird users to benefit from privacy features and Panther’s to gain assistance from both the Flare Mainnet and its Canary Network, the Flare Mainnet and its Canary Network have been updated. Panther may be able to achieve its goals as a result of the relationship. Panther on Songbird will be able to create new initiatives and privacy features as a result of the collaboration deal.

The creation of a privacy ecosystem

Panther’s Shielded Pools will be integrated into Songbird’s Ethereum Virtual Machine (EVM) to provide users with on-chain anonymity. Panther will test programs on Songbird using its privacy-preserving technology.

Panther users will be able to utilize Songbird for private transactions as a result of these initiatives. Panther’s Shielded Pools’ user base and TVL potential are likely to grow as a result of this. 

Panther’s staking and governance will involve Songbird users. On Songbird’s Institutional side, they’ll also have access to private DeFi inside the network, selective disclosures for both retail and institutional customers, and early access to Panther’s KYC/AML zero-knowledge solution. 

“From the initial day, there was strong synergy between the creators of Panther and Flare Network about the need for privacy, compliance, security, and scalability in blockchain ecosystems, particularly those connected to institutional DeFi,” stated Co-Founder and CEO Oliver Gale. We see fantastic ecosystem partners, new technology, and clear action-oriented approaches to mass adoption in Flare and Songbird.”

“Songbird has launched to be a testbed for Flare and the most ground-breaking decentralised technologies,” said Hugo Philion, Co-Founder and CEO of Flare and Songbird. As a result, we’re ecstatic that Panther is employing their zkSNARK encryption and cutting-edge asset mixing technologies to provide the KYC and AML-enabled privacy solutions that DeFi needed to take a major step forward. Stablecoins, utility tokens, and non-fungible tokens (NFTs) may now be held and exchanged privately while being compliant, restoring user sovereignty.”

Songbird Information

Songbird is the Flare Canary network, which is a live blockchain with a limited token supply, akin to Polkadot’s Kusama network. Songbird will be the first to see new dApps and innovations, with Flare following suit after testing. Songbird will often have more sophisticated features than Flare. Songbird is designed to be a long-term network for testing governance-led updates to Flare after the launch of Flare, but it can also follow its own course guided by token holder-mediated governance. Songbird has grown at an incredible pace; in just 8 weeks, it has processed over 2.3 million blocks and registered over 222 thousand addresses.

Panther Protocol Information

Panther is a blockchain-to-blockchain privacy protocol that restores privacy in Web3 and DeFi while giving financial institutions a clear way to properly engage in digital asset markets.

Panther uses crypto-economic incentives and zkSNARKs technology to empower DeFi users with fully collateralized privacy-enhancing digital assets. Panther vaults let users to create zero-knowledge zAssets by depositing digital assets from any blockchain. zAssets are transferred across blockchains via a private metastrate and a privacy-first interchain DEX. Panther believes that zAssets will grow in popularity as a mechanism for users to keep their transactions and plans secret, as they should have been all along.

Contacts

Panther Protocol Partners With Songbird – Flare’s Canary Network – To Accelerate Privacy Adoption In DeFi. Panther is a privacy-focused decentralized exchange that allows for the trade of crypto assets without the need for KYC or AML compliance. Reference: panther protocol price.

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About the author

Emilia James
By Emilia James

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