Panther Protocol Raises $22M From Public Sale In Less Than 2 Hrs, As DeFi Protocols See A 1380% Year-to-date Surge

Panther Protocol has raised no less than $22 million in its public sales that happened on Tuesday, according to reports by Blockworks. And as confirmed by the CEO of the firm, Oliver Gale says the sales closed in under 1 hour, 30 minutes.

Panther Protocol Joins Other DeFi Protocols In The General Boom of 2021

It’s no gainsaying that DeFi protocols have enjoyed quite a booming season in the year running. Back in October, TheCoinrise reported that the total value locked across all DeFi Protocols hit $205 billion. But now at the time of writing, the total value locked across all DeFi protocols is $256 billion — a 1380% increase from $17.34 billion this time in 2020, per DeFillama data report. The top three protocols on the total value locked (TVL) rankings include Curve topping the list with $20.33 billion TVL, with MakerDAO and Convex Finance ranking in second and third place, respectively, DeFi Llama shows.

Meanwhile, Panther Protocol is not left behind. According to the company’s report, its native token, the $ZKP — an ERC 20 token issued on the Ethereum blockchain, had nearly $41 million in market capitalization at the start of November. Panther itself has seen more than $500 million worth of growth thanks to the interesting general growth that has gone all round the entire DeFi space.

Increasing Demand For DeFi

Gale also confirms that there has been a quite dramatic increase in the demand for decentralized finance this year, as it turns out to be the most promising solution for secure scaling and private interactions with the use of blockchains.

And as a matter of fact, this was what necessitated the public sale by the protocol so as to provide a platform for better participation in the company’s private and scalable infrastructure.

As the world continues to gravitate towards decentralized finance and ask questions amid the booming trend of the sector, restoring privacy in DeFi and Web3 will ultimately mean restoring human privacy for future societies. And according to the company, that kind of feat can only be achieved without massive collaborative efforts by all and sundry in the ecosystem.