ARS Panther Protocol Featured Image



Privacy is a human right and a hallmark of an open society. Yet, achieving privacy has become increasingly challenging in a world where most human activity is online. The scope of what privacy entails is wide-ranging; however, throughout this report, we’ll be focusing on financial privacy. Per Coin Center, financial privacy constitutes two topics: (i) Data security – ensuring that an individual maintains principal authority over their credentials and their use, and (ii) Privacy – the ability of an individual to control what information they release to the public and what information is kept private. Retaining these features is not easy in the digital assets space due to most Layer-1 blockchains’ inherently open and transparent nature. As a result, the growth of DeFi and Web3 could be lagging due to any party preferring privacy being unable to participate.

Panther Protocol aims to address the above issues via a private scalable blockchain protocol. Panther is an interoperable end-to-end privacy protocol with multiple components engineered to become the de facto privacy infrastructure for DeFi and Web3. Panther’s infrastructure could create a way for their users to privately interact with the existing DeFi ecosystem, thereby enabling institutions and larger blockchain participants a private entry into DeFi. Panther’s users could benefit by Shielding assets into private zAssets, swapping assets privately across blockchains, interacting with DeFi applications while keeping control of their privacy, and proving their compliance with regulations without sharing underlying data.

At the core of Panther’s technology are privacy-preserving zAssets. zAssets are privately-minted, 1:1 representations of their collateralized non-private crypto assets. Panther also achieves strong privacy guarantees by leveraging zkSNARK cryptography. The project team plans to launch its Minimum Viable Product (MVP) on the Polygon network.

$ZKP, Panther Protocol’s native ERC-20 token, provides multiple utilities within the Panther ecosystem. ZKP will also be a tool for decentralized governance of the protocol.

Panther’s operating activities are currently organized under a ‘Company-Foundation’ structure. Panther Ventures Limited is registered in Gibraltar. Panther is aiming toward decentralization from the beginning by introducing Panther DAO the launching MVP on Polygon.

The Project is built by a strong leadership team and a highly skilled core team of around 25 publicly listed members. Three expert members also advise the team apart from its strong backing from investors and partners.

Our researchers gave Panther Protocol a final rating of 63.20%. The breakdown of this rating is available at the end of this report.



Introduction to Panther Protocol

Panther Protocol is an end-to-end privacy protocol for digital assets. It restores privacy in Web3 and Decentralized Finance (DeFi) while providing financial institutions with a clear path to compliantly and privately participate in DeFi. The project considers three underlying cryptographic protocols: Stealth Address Protocol, Zero-Knowledge Proofs, and an Inter-chain DEX Consensus Protocol. Panther Protocol’s native token, $ZKP, functions as a utility token in the ecosystem, as well as a governance-enabler in the Panther Decentralized Autonomous Organization (DAO). Panther’s target markets are institutions and large blockchain entities.

The main goals of the Panther Protocol are:

  • Providing a secure, private transaction ecosystem with a superior user experience.
  • Maintaining composability with Decentralized Finance (DeFi) protocols.
  • Ensuring privacy backed by a game-theoretic model.
  • Establishing verifiable trust relationships between participants.
  • Protecting alpha for institutional investors and traders.
  • Interoperable privacy for major EVM chains.
  • Providing privacy-preserving compliance tools.
  • Developing a novel price discovery mechanism for privacy.

There are several actors in the Panther ecosystem:


Panther Protocol Ecosystem actors


Panther Protocol tries to solve a specific issue many digital assets users face, i.e. the fact that blockchain transactions do not preserve users’ privacy by nature. Lack of privacy in dealing with digital assets causes various issues, such as users’ transactions being taken advantage of to manipulate markets and profit from arbitrage.

Moreover, existing Layer-1 privacy-oriented blockchains (e.g., Monero, Zcash) cannot address the market that the Panther Protocol targets. Although these blockchains provide privacy natively, they are not optimized to become interoperable solutions. However, Panther could achieve this through compliant methods.

It is also noted that other projects are also aiming to provide similar services.

Panther has not published any scientific papers, nor has it obtained any patents for their envisaged technology. Readers could access the Panther One-Pager, Panther Protocol Whitepaper, and its regularly updated Medium channel to gain familiarity with the project and the technology. It should be noted that the project’s whitepaper is an evolving paper, currently at v1.0.1 (19th July 2021). The current version of the whitepaper is quite comprehensive and details various aspects of the project, such as privacy, the economics of privacy, Panther protocol’s architecture, tokenomics, governance, and plans. An average reader may find most of the technical details in the whitepaper very complex.

Panther is operating in an extensive and growing market. Generally, privacy is an essential component in any online or digital engagement. Specifically, the critical nature of privacy is heightened when it comes to financial transactions. As pointed out by Coin Center, cash, in any form, is not merely a payment method but rather a fundamental tool for individual privacy and autonomy, which in turn are precursors for an open society. Above all, financial privacy is a right.

The demand for privacy in financial transactions has been a topic of discussion since the advent of the Bitcoin blockchain. An exemplary manifestation of this trend was the emergence of privacy cryptocurrencies like Monero, Zcash, and Beam. Nonetheless, these currencies served limited purposes and only ensured privacy within their respective chains. The industry as a whole has grown as a result of the explosive growth in DeFi and Web3, expanding the market demand for privacy. 

Panther is a solid and multi-talented team. However, Panther’s product is currently under extensive development. Once fully functional, Panther will provide certain features that make it superior in a tightening regulatory environment. Panther also provides transactional privacy to protect the users’ trading strategies, selective disclosure capabilities, interoperable infrastructure and institutional access to DeFi.

In light of this analysis, we understand that Panther demonstrates a couple of elements necessary to achieve Product-Market Fit: A sizable, growing market and a strong team. However, this might not be enough: A functional product is also essential to gauge market acceptance of the project’s MVP.



Panther’s success could depend on several factors. Some of them are:

  • A growing market opportunity in a vital subsector, i.e., Privacy, in the digital assets space.
  • Unique product offering: With compliance capabilities, address institutional DeFi needs and interoperability, Panther is comprehensively covering different needs of the market.
  • Multi-skilled and experienced team: The technical team has worked across 55+ blockchain projects,
  • Wide range of partnerships that could lead to faster adoption.
  • Investor and community support.


Market Conditions

Data processing of personal information is always increasing. Along with this, more and more users wish to retain control over the use of their data. This is not just to maintain privacy, but to protect their data from being misused. Data Privacy Labs has a collection of research in this domain.

Privacy in a financial transaction is a critical area of interest, which becomes even more relevant in the digital assets industry. The privacy market sub-sector in the digital assets space has been growing substantially after being dominated by a handful of projects (e.g., Monero, zCash) in its early days. Due to the inherent feature of traceable and linkable blockchain transactions, other initiatives, namely tumblers or mixers, sought to provide much-needed privacy. For example, CoinJoins is a well-known protocol in the Bitcoin ecosystem. The need for privacy in the case of Ethereum has been an area of discussion for quite some time  and several projects are actively working in this space.

At present, the privacy coins sector constitutes over 25 projects and a market capitalization of over $13.6 billion (as of 19 November 2021). On the other hand, the growth in Tornado Cash’s TVL over less than a year is a clear demonstration of the increase in the market.

Panther Protocol Tornado Cash Total Value Locked

Tornado Cash – Total Value Locked (TVL) Chart. Source: Defilama (as of 23 Nov 2021)



As we have established, the privacy market is becoming increasingly competitive and complex, with the growing demand in the digital assets space. Therefore, many projects are striving to address the market demand. The demand is driven by several factors: i) Users wanting to protect their assets, ii) Certain user categories needing to ensure conformity to regulatory frameworks but do not wanting to disclose all their data, iii) The need to minimize exposure to data miners or third-party misuse, iv) DeFi suffers from shortcomings like front-running, sandwich attacks and maximum extractable value (MEV) that affect retail and institutional traders alike.

The competition in the privacy segment could be broadly categorized as Privacy 1.0 (or Generation 1) and Privacy 2.0 and beyond. For example, Monero, zCash, Grin, Beam could all fall within the Privacy 1.0 segment, while other initiatives fall under the latter. There could also be different verticals that these players are operating in. For instance, HOPR Protocol and NYM attempt to provide Metadata privacy. Panther competes with several existing solutions that achieve privacy within Ethereum’s smart contracts. These include Ethereum bridge networks such as Secret Network and Layer-2 initiatives such as Railgun.

Other privacy projects are detailed in the chart below:


Panther Protocol Privacy focused projects


We also witness ‘privacy by design’ initiatives by projects like Polygon. Other Layer-1 chains offering privacy solutions are AlephZero (Liminal privacy layer) and Oasis Network. The recently released product roadmap of Electric Coin Company (ECC), discusses three important product deliverables to the Zcash protocol. Namely, a transition from Proof-of-Work (PoW) to Proof-of-Stake (PoS) consensus, cross-chain interoperability (Cosmos stack), and an official ECC wallet.

It’s interesting to note that stand-alone projects offering attestation services have also recently emerged. It is also likely that these protocols might inter-operate rather than compete with each other.


How is the project different from its competitors?

There are some key differentiators between Panther protocol and its competitors:

  • Panther enables trusted transactions and regulatory compliance while preserving privacy. One salient feature is that Panther aims to provide a selective disclosure mode whereby any user could opt in to make disclosures depending on their requirements.
  • Panther’s Multi-Asset Privacy Pools enable a heterogeneous mixing of assets.
  • Privacy mining and price discovery mechanism.
  • Panther is DeFi-composable.
  • Interoperability between multiple blockchains.



Panther Protocol is an end-to-end privacy protocol for DeFi. Panther provides DeFi users with fully collateralized privacy-enhancing digital assets, leveraging crypto-economic incentives and zkSNARKs technology. Panther utilizes the below tech elements or components:

Peerchains: Existing blockchains which Panther supports, and between which Panther can support private transactions.

Panther vaults: Autonomous, zero-knowledge, self-custodial smart contracts which act as decentralized custodians for the collateral behind zAssets.

Multi-Asset Shielded Pools: A collection of asset pools; each pool allows users to privately deposit, withdraw and transact on any peerchain through the use of one or more zAssets. These pools achieve privacy with zero-knowledge proofs and zkSNARKs.

Panther Wallet: Panther’s wallet interface for users to interact with the protocol.

Layer-1 Interchain DEX: An interoperable Decentralized Exchange (DEX).


Panther Protocol Architecture

Panther Protocol Architecture. Source: Panther Protocol


A critical component of Panther’s solution are its Zero Knowledge Assets (zAssets) which are privately minted crypto assets and 1:1 representations of the collateralized non-private crypto assets. The collateral in this case is held in Panther Vaults. These zAssets are fully redeemable by the users. Panther’s zAssets could embed privacy into a wide range of assets, including stablecoins, utility tokens and NFTs.


Panther Protocol ZAssets Flow

Panther zAsset flow. Source: Panther Protocol.


There’s currently no Minimum Viable Product (MVP) deployed, but the project roadmap depicts that in Q3 2021, under Beta: Transactional Privacy & Disclosure stage, a Proof-of-Concept (POC) was due. However, as of the report date, the project is yet to publish the progress made on these milestones. The project published a full scope of its planned MVP on the Polygon network.

The core team centrally handles Panther’s protocol at this stage. The code is currently under development. However, parts of the codebase are hosted on GitHub. Most recently, the team added a repository for the trusted setup ceremony. It is expected that Panther will be fully open-source in the future. However, this step will precede audits and stability of critical design aspects.



Panther, in essence, is pluggable to any EVM compatible Layer-1 blockchain and it will be connecting to several blockchains (e.g., Ethereum, Polygon, Flare, Avalanche, and Near). The blockchains that it is trying to connect to are called ‘peerchains.’

Furthermore, given that Panther is offering an essential service to existing and potential DeFi and Web3 clients within the confinements of each chain that it is building on, the constraints on such networks would be less important at a protocol level. What is more important is to add more Layer-1 networks as peerchains.

However, Panther’s native token ($ZKP) is in Ethereum’s ERC-20 format. Hence, $ZKP will be subject to complexities present on the Ethereum network. On a positive note, any constraints on peerchains are being addressed by other initiatives or projects (e.g., Sharding, Layer-2 solutions).

Panther Protocol will be using smart contracts on an Ethereum sidechain (Polygon) to implement the Panther Pool’s functionalities. Panther Vaults holding native assets will be smart contracts on the Layer-1 itself. Panther will then connect the two chains via a token bridge, called a relayer. Usually, the sidechain is highly more scalable than the Ethereum main chain. However, comparably, scalability will be less of an issue on other chains like Avalanche, NEAR, or Flare. Interestingly, NEAR’s Rainbow Bridge provides interoperability with Ethereum.

Panther could achieve horizontal scalability by adding more peerchains and thereby gaining more connectivity.

Panther is a protocol comprised by a set of smart contracts deployed on other Layer-1 infrastructure like Ethereum. Therefore, it does not have a consensus mechanism and relies on third-party consensus. The protocol will be built on public blockchains such as Ethereum, Polygon, Flare, Near, and Avalanche. Panther utilizes different cryptographic protocols (Stealth Address Protocol, Zero-Knowledge Proofs, Inter-chain DEX Consensus Protocol) and smart contracts to achieve its intended goals. Therefore, blockchain and distributed ledger technologies (DLT) are essential for the project.

However, as evidenced by other projects (Aztec Network), it is possible to organize such operations under a corporate structure.


Security Audits

Panther has not conducted any third-party audits as of yet. However, there is currently an audit underway and the official launch of the MVP will precede this audit. The team intends to make the code open-source upon completion of the audit.

That said, we understand that security is ingrained in every aspect of product development since the project boasts solid in-house security expertise. However, a third-party audit would be preferred by the market participants as well as different user categories.



The published roadmap lays out the project’s development from Q3 2020 (high-level milestones achieved) until the second quarter of 2022 (the road ahead). The project aims for full decentralization by 2023.


Panther Protocol Roadmap

Panther Protocol Roadmap: Source: Panther Protocol.



Panther brings together a team of over 25 professionals who come from diverse backgrounds. The in-house team talent spans specialties like blockchain, crypto, security, cryptography, FinTech, finance, smart contracts, software engineering and distributed systems. The team members were part of more than 55 blockchain projects in the past. It is expected that these skills and combined experience could help drive the project successfully.

Some key figures for the project are:

Oliver Gale, Co-founder and CEO of Panther, as well a serial entrepreneur. Oliver founded and serves on the boards of Elemental, BaseTwo, Bitt, and Authentic Revolution. He also advises Shyft Network and Beam blockchain. Oliver obtained his degree in Accounting and Management from the University of Bristol.

Dr. Anish Mohammed, Co-founder and CTO, boasts 20+ years in security and cryptography. He has architected many solutions for banking, micropayments and insurance with well-known companies like Ericsson, Capgemini, Accenture, Lloyds Banking Group, HSBC. Anish also co-founded RSQ Labs. He was an advisor to numerous projects, some of which are Ripple, Ocean Protocol and Protos. Anish holds a Ph.D. in Information Security from Royal Holloway, University of London.

Ramadan Ameen, Head of Operations and Finance, is a multi-skilled senior professional. In addition, he serves as an advisor to Crew Me Up Inc. and LetzB App. Previously, Ramadan spent 4+ years with BlackRock in different capacities.  Ramadan is a former Air Force Major.

This description only provides information on a few profiles of Panther’s leadership team. However, it is worth mentioning that the project’s core team includes strong subject matter experts from diverse backgrounds.



The three listed advisors bring essential skills and experience to the table. Assuming they are actively engaged in advising the project, they could add tremendous value to Panther.

Dr. Arnold Yau serves as the Cryptography Advisor for Panther. Arnold has a strong background in cryptography and security. Previously, he has worked as a Security Engineer for and Ava Labs. At present, he works as the Security and Cryptography Consultant for Cafe Security. Arnold earned his Ph.D. from Royal Holloway, University of London, and MEng, Computing from Imperial College London.

Bruno Ahualli, Marketing Advisor, is a serial entrepreneur. From 2001 – 2012, Bruno led three marketing boutiques. Subsequently, he worked as the CEO of Photon Group. In the blockchain/crypto space, Bruno was the Marketing Advisor for Boson Protocol. He obtained certifications from MIT, Kellogg, The Wharton School.

Dr. Akaki Mamageishvili is advising Panther on Game Theory. Akaki’s fields of interest are Mechanism Design, Political Economy, Algorithmic Game Theory, and Optimization. In the past, he has worked with blockchain projects like Cream Finance and Game Credits. He received his Ph.D. in Computer Science from ETH Zurich.


General Comments on the Team & Advisors

It appears that the Panther team is solid in technology, product, marketing, commercial, finance, and management positions. We note that the team lacks internal legal skills at the moment. 

However, as seen from the roadmap, Panther has utilized external legal services at the beginning of the project to obtain a legal opinion and clarification. Furthermore, the project’s job board shows that it is hiring for more positions, including an Internal Legal Counsel.

We did not find evidence that any of Panther’s team members were part of any controversial projects. None of the Advisors’ previous records show them to have taken part in any controversial projects in the past, either.




The organizational structure behind the Panther Protocol is in the typical form of ‘Company-Foundation.’ Panther Ventures Limited is a Midtown, Gibraltar-registered company. As per the project’s roadmap, the Panther Foundation was set up in Q1 2021. There were no further details available on the Panther Foundation. It would be interesting to understand the composition of the Foundation (membership), its constitution or governing rules, rights, and responsibilities bestowed on it.

The governance of the Panther Protocol will eventually be transferred to the Panther Decentralized Autonomous Organization (DAO). The DAO participants will be voting on specific Panther Improvement Proposals, set budgets, and configure token economics within the Panther ecosystem.

The roadmap shows that the initial DAO was set up in Q3 2021. Following future decentralization phases are identified in the roadmap:

Decentralization Phase I: (Q4 2021)- DAO (Quadratic voting).

Decentralization Phase II: (Q1 2022) – DAO (governance).

Decentralization Phase III: (Q2 2022).

It might not be easy to point to an exact jurisdiction for Panther. Most of the core team members are located in the UK and USA. The extended team is distributed across different locations. Furthermore, the Panther Foundation’s formal registration details are not known publicly.

Panther Ventures Limited’s incorporation as a company suggests that Panther falls under Gibraltar as the legal jurisdiction for the project. 

Gibraltar is one of the friendliest jurisdictions for cryptocurrency. The country has laid out a Distributed Ledger Technology Regulatory Framework (DLT Framework) since January 2018.

The project has not obtained any licenses or permits from any government or regulatory body.

The Project’s public sale of tokens was administered via Tokensoft, Inc, considered a formal business contract. Tokensoft is handling the investor Know Your Customer (KYC) process relating to the Public Sale, among other things. The Project has also signed up with Onfido to provide KYC services.



Panther has entered into partnerships with multiple different projects. These projects are a range of Layer-1 platforms, other protocols, and entities such as Sentinel, Polygon, Firo Network, Elrond, Bumper, NEAR blockchain, Kudelski Security, Supra Oracles, Shyft, and Flare Network. These partnerships are aimed at achieving different goals. For instance, Panther’s partnership with Firo is to focus on privacy research.

To realize the full potential of most of the partnerships, a ‘user-ready’ product from Panther has to be rolled out.

Panther is also backed by a large number of investors (around 140). Shyft and Supra Oracles have also invested in Panther in its private rounds.


Legal Advisors

The project has not appointed any legal advisors. It is implied that there are in-house lawyers responsible for the legal department but their profiles are not listed on the Panther website. As per its job adverts, the project is in the process of recruiting an Internal Legal Counsel.



Public sale participants in Panther Protocol are subject to mandatory KYC to participate in the sale. Tokensoft and Onfido handled the KYC process. There was overwhelming demand from the community to participate in the public sale and, understandably, onboarding was challenging for many persons. Participants from the USA are not qualified to apply for the offering. The participants were expected to sign an Early Contributors Agreement (ECA).


Token Classification

$ZKP plays two main functions in the ecosystem, governance and utilities.

Panther’s token ($ZKP) is considered a Utility Token within its privacy protocol. $ZKP could be used for the following:

  • To compensate privacy miners.
  • To pay transaction fees.
  • To compensate Trust Providers for providing attestations.

The team has not revealed any plans to register the token as a security.


Legal/Compliance Risks

As discussed, the Panther team has adopted and implemented several measures to be legally covered. However, certain general risks might exist that could be relevant to Panther.

  • In general, the digital assets industry is operating in a regulatory grey area. Privacy-related projects could specifically be perceived as a threat by policymakers.
  • On the other hand, depending on the custodial or non-custodial nature of holding collateral (Panther Vaults), the applicable rules and regulations differ. However, any unfavorable policy decisions or regulatory directives could be challenging to the industry, including Panther.

Panther’s website does not carry any Terms of Use, Privacy Policy, or GDPR statements.



The total token supply of $ZKP is 1 billion, and its initial circulating supply will be 93 million $ZKP. $ZKP is an ERC-20 token issued on Ethereum.


Panther Protocol Token Allocation

ZKP token allocation. Source: Panther Protocol.


The Panther project has been very transparent on the token allocation, a stand out compared to most other projects.


Panther Protocol Token Rounds

Token rounds. Source: Panther Protocol.


Panther offered 50 million ZKP tokens in its recent public token offer. There were two pricing options available for the participants.

Option 1: $0.40/token, 25% initial unlocked, and balance vested linearly over six months.

Option 2: $0.60/token, fully unlocked.

Team tokens are not locked but will be vested linearly over three years.

The team has indicated in social media (Telegram) that $ZKP would be listed on exchanges (Centralized Exchanges and Decentralized Exchanges) by early December.



The total supply of $ZKP is finite, and therefore, it is not inflationary. However, based on the token lock and vesting schedule and rewards, $ZKP will be gradually released to the circulating supply over 12 years (subject to the 1 billion hardcap).


Panther Protocol Token Release Schedule

ZKP token release schedule. Source: Panther Protocol.


The project has allocated 45% of the total token supply for protocol rewards. Moreover, unlike many other projects, the Foundation has set aside 1.75% of its tokens for education. These allocations are logical to building a solid ecosystem.

Upon completing the public sale, Panther is likely to raise funding between $29.8 and $39.8 million. The project did not discuss the use of these funds, and therefore it is not easy to understand any allocation for marketing purposes.

Panther’s token distribution is considered logical. Firstly, allocating 45% of the tokens for protocol rewards is significant to induce long-term adoption. However, we draw attention to the 5% allocation to the public versus other categories. In this scenario, the bulk of the protocol rewards would likely accrue to oversized token holders. A potential negative side of such build-up of major token holders is that voting power could concentrate, jeopardizing the decentralization aspirations for the protocol’s governance. However, the project team believes it could prevent such potential ‘whale’ behavior through a quadratic voting process.

There are no ZKP token burns proposed at this stage. Different categories of token holders are subject to token locks and vesting periods, as discussed earlier.

Our view is that the Project’s fundraising targets are reasonable. Including the private rounds and the public sale, the Project is raising approximately $29.8 to $39.8 million. At a mature stage, the protocol should be fully functional, including the governance. Any funding requirements would be a decision of the DAO at that stage.


Supply and Demand Dynamics

Token Supply

Incentives: The protocol rewards privacy miners that contribute to the Panther Pools. There is a 45% allocation for this purpose, and the project will offer protocol incentives over 12 years.

Cliff and vesting: Locked tokens will be all in circulation by the end of month 36 after launch.


Token Demand

Protocol and DEX fees: $ZKP could be initially used for paying protocol fees. This demand has to be fulfilled by acquiring tokens from the market. Once the [rotocol is fully deployed, $ZKP could be used for paying Panther’s Interchain DEX fees.

Rewards pool: Users could stake $ZKP by depositing tokens into Panther’s Multi-Asset Shielded Pools to earn rewards.

Compensation: $ZKP will be used to pay compensations to Trust Providers for providing attestations about users. This demand will come into effect only after the MVP’s launch.

Governance voting: Lastly, the Foundation will transfer the decision-making process to the Panther DAO. $ZKP holders could participate in DAO voting.



At present, there are 39.3k followers on the Panther protocol Twitter channel. It is an active channel with regular updates and news about the project and community.

The project is very active on its communications channels, Telegram and Discord. The project has contracted Defiants, a professional service provider, to manage the community efficiently. Panther is most active on its Telegram and Discord channels. It is noteworthy that these channels have witnessed rapid growth in followers since the public sale launch. Its Telegram channel currently has 70.4k followers, while the Discord channel has 10.2k followers.

Panther’s LinkedIn page does not show a significant following (909 followers). The project posts regular updates to LinkedIn. Panther’s Facebook page is inactive and has not been updated in a while. Panther launched its own YouTube channel very recently. Panther’s maiden video gained 12k views. The project has been featured in many other YouTube channels and podcasts. The most viewed video featuring Panther currently has around 6.8k views.

Panther protocol launched a community bounty program in collaboration with CoinAmp. The campaign is aimed at encouraging the community to spread the word about the project. The project has also disclosed future plans to offer bounties for project reviews, and other important activities. Most importantly, there is a token allocation of 0.25% (under the Foundation) for bug bounties in the future.

Two out of three advisors publicly list themselves as advisors to Panther Protocol. They are occasionally sharing Panther’s posts on LinkedIn and, otherwise, are not visibly promoting the project. Panther’s CEO is actively engaged in Twitter. Most of the core team members are active on LinkedIn. The advisors to Panther Protocol don’t have significant social media followings.



  • Platform risk: Panther relies on smart contracts run on other blockchains (such as Ethereum). Hence, Panther’s risk profile is dependent, to some extent, on risks within these protocols. Panther has no control over these third-party protocols. Moreover, any attempts by peerchains to implement base-level privacy in the future might be detrimental to the growth of the Panther protocol. As mentioned, Polygon is already developing privacy integrations and has allocated a considerable budget for this purpose.
  • Technical hurdles: Panther is building highly complex technological products. Once created, the protocol should be resilient enough to hold significant amounts of value. Moreover, attracting the right technical skills to develop the product might also be difficult due to the intense competition in the market.


Everything you see in this report is the aggregate result of an extensive research process carried out by a distributed team of researchers and crypto enthusiasts around the world. The process consists of 60 questions divided into three phases. Researchers are called to answer these questions about a project, while providing links or screenshots as evidence to support their answers. For every answer, they also provide a rating from zero to ten. The average of their ratings is detailed below. 

Our researchers gave Panther Protocol a final rating of 63.20%.


Panther Protocol Final Rating


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