Panther Protocol, a privacy-enhancing technology provider for the decentralized finance (DeFi) manufacture, has completed its public sale to go on building privacy solutions for DeFi and Web iii.0.

Panter announced to Cointelegraph on Thursday that information technology raised $22 million in its recent public sale of ZKP tokens, bringing the total amount raised to $32 million.

Starting on Tuesday, the Panther Protocol public auction successfully closed in just nether xc minutes, the Panther project announced previously.

Launched in Q3 2022, the Panther Protocol is built using zk-SNARKs, a new course of cypher-knowledge cryptography implemented for pop privacy-focused cryptocurrencies similar Zcash (ZEC). The acronym "zk-SNARK" stands for "Zero-Knowledge Succinct Non-Interactive Argument of Knowledge," referring to a state of affairs where one tin testify possession of certain information without revealing that information.

Building on multiple blockchains including Ethereum, Polygon, Flare, Well-nigh and Avalanche, Panther is developing an interoperable privacy layer for DeFi and Web three.0. The protocol uses zAssets, 1:1 backed representations of the underlying avails offer users benefits of individual transactions in the new asset blazon.

As previously announced by Panther, the protocol'south public auction involved v% of the full ZKP supply with "varying unlocking schedules." Fifteen percent of the full supply was sold via pre-seed, seed and 3 subsequent private sale rounds. According to Panther, the protocol has raised $ten million through private funding.

Some of the supposed investors that were willing to participate in Panther's $22 one thousand thousand public auction have complained nearly not being able to proceed with payment.

"Shocking support on the discord, was on the site for 90 minutes and wouldn't let me make a single payment considering the buttons didn't work, then no response for an hour from everyone in the discord," one supposed investor reported.

The Panther projection did non respond immediately to Cointelegraph's request for annotate.

Related: Polkadot-based privacy project Manta Network raises $5.5M

Amid a major rally on wider cryptocurrency markets, the DeFi industry has continued booming this year, with the full value locked across all DeFi protocols hitting a new record high above $270 billion in early on Nov.

Source: DeFi Llama

In line with DeFi's growing popularity, industry projects have been increasingly working on privacy solutions. According to Paolo Guida, head of investments for Blockchain Valley Ventures, privacy is the biggest claiming preventing DeFi lift-off.