2024 in Review

2024 in Review

Table of Contents:

2024 in Review

2024 has been a transformative year for Panther, as its contributors worked to bring its vision of confidential DeFi transactions to life. Panther has achieved key milestones through a structured, multi-stage testnet program, engaging over 3,500 testers to refine its features and ensure seamless functionality for users and Zone Managers

In addition to completing the external testnet, 2024 also saw significant ecosystem growth, including partnerships that announced candidates to become the platform’s first Zone Managers. 2024 also saw a marked increase in media coverage for Panther across multiple platforms including key industry publications, major podcasts and more. 

This blog highlights Panther's key milestones and achievements in 2024.

Technical Progress: Testnet Updates by Stage

In 2024, Panther Protocol contributors worked to complete the features required for V1 of the protocol, with community involvement playing a critical role in refining these features. Over 3,500 testers participated in shaping the protocol, providing essential feedback throughout the process. We want to express our sincere gratitude to our test community.

The V1 of Panther Protocol will introduce robust capabilities for both users and Zone Managers that were featured in the testnet program, which included Panther’s Shielded Pool, zAssets, confidentiality-enhanced transfers, gasless transactions (where applicable), options to choose between faster or more cost-efficient transaction processing and  privacy-enhanced DeFi zSwaps on platforms like Uniswap and QuickSwap; as well as Zone Manager features like advanced Anti-Money Laundering (AML) tools, inclusive of KYC/KYB/KYT and mechanisms to disclose information as needed (for compliance).

A recap of 2024's testnet stages and their major feature updates follow: 

Testnet Update Highlights

Swap Functionality, Stage 7

Stage 3: Introducing zAssets

Stage 3 marked a critical milestone with the introduction of zAssets within Panther’s Shielded Pool. This feature allowed testers to deposit test assets and receive test zAssets that can be tested within the Shielded Pool. Enhanced circuit security was also implemented, focusing on KYC/KYT mechanisms to ensure safer and more reliable interactions. The user interface received significant updates to improve accessibility and ease of use, making the protocol more intuitive for testers.

Stage 4: Enabling Transfers and Withdrawals

In Stage 4, testers gained the ability to test confidentiality-enhanced transfers within the Shielded Pool and test withdrawing assets securely to external wallets. Additional features in this stage included the integration of KYT verification, which, when live, can be used to help Zone Managers to ensure regulatory alignment. This stage provided a major step toward seamless user transactions within Panther’s ecosystem.

Stage 5: Introducing Gasless Transactions

Stage 5 introduced gasless transactions by integrating third-party bundler services to the testnet. Once the protocol is live, this will allow users to execute transactions without requiring native gas fees, where applicable. In Stage 5 of the testnet, the “Taxi” mode for UTXO processing was also unveiled, which will enable users to choose between faster transaction speeds or cost-efficiency, depending on their priorities.

Stage 6: Introduction of Fees and AMM Refilling

Stage 6 introduced fee collection mechanisms, critical to the platform's long-term ability to support its success and to maintain the platform. This included simulated protocol fees being deposited into the protocol’s AMM. It also included the addition of capabilities that would allow fee subsidization if desired.

Stage 7: Privacy-Enhanced DeFi Swaps

Stage 7 brought confidentiality-preserved DeFi zSwap capabilities through integrations with DeFi platforms such as Uniswap and QuickSwap. This feature enabled testers to conduct simulated privacy-enhanced swaps from within the Shielded Pool. This stage also saw the addition of Data Escrow, a critical function of the protocol for both privacy-preservation and proof of facts critical for compliance.

Stage 8: Scalability with Diamond Proxy Architecture

In Stage 8, Panther implemented Diamond Proxy architecture to overcome Ethereum’s size limitations. This innovation allows for more scalable smart contracts, which are crucial for the long-term viability of the platform. Blacklisting capabilities were also introduced that will help Zone Managers restrict access for bad actors and others who are not wanted on the platform. Transaction management also saw significant improvements in consolidating deposits into single UTXOs, boosting performance and usability.

Stage 9: Final Testnet Stage and Canary Network Preparations

The completion of external testing for Stage 9 marked the culmination of Panther’s testnet.  This stage set the groundwork for the upcoming Panther Protocol Foundation (PPF) Canary Network, which will serve as a critical proving ground for real-world applications of Panther’s privacy-enhancing and compliance-driven solutions. Stay tuned for more information about Panther’s Canary network in the weeks ahead. 

Disclaimer

For the avoidance of doubt any tokens mentioned in this announcement or within the product are for testing purposes only and have no economic value, nor can they be exchanged for value. 

Participation in our incentivized testnet versions may result in you earning rewards, but such credits are not represented on any blockchain as tokens.

Key Partnerships and Ecosystem Growth

In 2024, Panther's ecosystem established multiple strategic partnerships aligned with organizations that share its mission of providing users with confidential DeFi transactions. These agreements focused on teaming up with organizations that will play important roles in the Panther ecosystem, including prospective Zone Managers; as well as organizations with a shared vision for DeFi privacy who will help in raising awareness for the Panther platform among prospective Zone Managers and the broader DeFi community alike.

Eurobit

In December, PPF partnered with Eurobit, a Spanish cryptocurrency exchange and licensed Virtual Assets Service Provider (VASP), to establish a dedicated Eurobit Zone within Panther’s Shielded Pool. Under the agreement, Eurobit will apply to become a Zone Manager, allowing it to provide its users with privacy-preserving transactions. Eurobit would be responsible for end-to-end compliance within its dedicated Zone. 

PureFi Integration

Similarly, PPF entered a separate agreement with PureFi, a provider of AML services. PureFi is already an official KYC/KYT solutions partner for Panther. This new partnership is in addition to the original agreement. Under the terms of the new partnership, PureFi will apply to operate its own Zone. This integration seeks to combine the full breadth of Panther’s privacy-enhancing technology with PureFi’s expertise and already-integrated compliance tools, creating a smooth and seamless user experience.

Messari Sponsorship

Messari, one of the biggest brands in research and analysis, was commissioned to write an independent in-depth report as part of overarching efforts to raise awareness of Panther’s platform among relevant audiences. It was published in late 2024, containing a comprehensive overview on Panther Protocol. Messari research reaches 350K subscribers, as well as an additional 740K users via Bloomberg Terminal, Refinitiv, S&P Global Capital IQ and AlphaSense.

Luna PR

Panther engaged Luna PR as its public relations agency to amplify Panther’s visibility and reputation among financial service providers, developers, and the broader DeFi community. This has led to an increase in news, broadcast, and podcast coverage about Panther, privacy-enhancing technology, and the need for confidentiality in DeFi more generally. 

Rivo.XYZ 

Panther also partnered with Rivo.XYZ, a one-click investment platform targeting the crypto yield industry. This collaboration has focused on fostering cross-community initiatives between the two organizations, driving innovation in privacy-preserving investments.

ZuVillage Georgia

Panther expanded its presence in Eastern Europe through its partnership with ZuVillage, a digital community of truth seekers, builders, and sovereign individuals guided by cypherpunk and d/acc philosophies.

The Street

Panther entered into a partnership with The Street, kicking off in late 2024. The Street is a popular financial publication that reaches 35+ Million investors, monthly, with a robust Key Opinion Leader (KOL) that reaches nearly 10M as well as a strong advertising network. This partnership aims to provide an additional platform for relevant audiences to learn about Panther and its mission, ensuring that the protocol reaches prospective users and Zone Managers effectively.

Swiss Entity

In October, Panther’s co-founders announced the start of work to establish a new Swiss-based entity. This move aims to transition operations from the current Gibraltar-based Panther Protocol Foundation to better align with Panther’s long-term vision. Switzerland’s well-regarded regulatory environment was selected to support the growth of Panther’s privacy-enhancing and compliance-focused DeFi ecosystem. Further updates are expected in early 2025.

Ecosystem Engagement, Community Involvement, and Media Presence

In 2024, Panther Protocol solidified its presence in the DeFi ecosystem through strategic engagement with its community, industry events, and media features showcasing its mission and technological innovations. Panther contributors actively engaged the community through AMAs, social media updates, and comprehensive communication on the protocol's milestones. 

Panther’s co-founders, leadership team and technical contributors also represented the protocol at key global events. This included participation at DevCon and side events, where they delivered talks and participated in round-table discussions on privacy-enhancing technology (PET) and compliance, the practical applications of zero-knowledge technology and its role in scaling privacy-preserving solutions, different models of privacy in DeFi, the role of analytics, and key considerations for AML. These contributors also spoke about Panther and related topics at Token 2049, EthDenver, EthDam, NFT NYC, Web3 Dubai, Web3 Global, at their side events and more. These events provided opportunities to lead thought by sharing Panther’s approach to privacy in the context of the evolving DeFi landscape to relevant audiences. 

Panther’s thought leadership extended into major podcasts and broadcast platforms, engaging with diverse audiences to expand awareness of the protocol’s mission. Notable appearances included Nowmedia, Proof of Podcast, Liquidity Lounge, Cryptopolitan, Infinite Crypto, and Web3 with Sam Kamani.

Media coverage increased through the end of 2024, with featured articles and appearances in crypto, tech and financial news outlets such as Bitcoin World, NASDAQ Trade Talks, Metaverse Post, AI Business, Web3 TV, Blockchain Reporter and more, with yet-to-be published interviews having taken place in December 2024 with Sky News and CNBC Arabia

This combined focus on community engagement, event participation and media appearances has bolstered Panther’s visibility among prospective users, partners and Zone Managers. 

Conclusion

Panther advanced confidential DeFi infrastructure through technical development, strategic partnerships, and ecosystem growth. These achievements position Panther to transform confidentiality in DeFi.

With a robust architecture and growing ecosystem, Panther is positioned to be the platform for building secure, private, and scalable financial solutions. By leveraging its infrastructure, the future of DeFi can be one where privacy, security, and compliance harmonize to create meaningful opportunities for all stakeholders.

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