The Panel uses full Stalker implementation.
I spoke to a Developer.
He managed to Log the Requests from MTVO2.
first request : /c/player_api.php?username=&password=...
second request GET /c which is not meant to be requested.
Code
the main thing is that their app does 2 or 3 request and when responses received the same app work internally to grab data may be by m3u or whatever
MTVO1 works fine with the Panel like it should be and like M*G. I think you know the difference.