Secret Network Ecosystem Update: February 2021
SecretSwap Mainnet Launch. Over $75M in bridge TVL. The Secret Binance Smart Chain Bridge. Band Protocol oracle integration. The reveal of SEFI, governance token for Secret DeFi. Secret Grants. And much more!
Greetings Secret Agents!
Thanks for being here. Your mission, should you choose to accept it, is to read the following post and learn what has been going down in the Secret ecosystem lately 🤫
SecretSwap Mainnet Launch. Over $75,000,000 in bridge TVL. Announcement of the Secret Binance Smart Chain Bridge. Band Protocol oracle integration. The reveal of SEFI, governance token for Secret DeFi. Daily transactions and gas use increasing 500%. Secret Ecosystem Grants announced. SecretSwap Analytics. A new "Secret Network in 60 seconds" video. The announcement of Sienna Network, a privacy-first DeFi protocol built on Secret Network. The largest Secret Agent rally to date. And lots of Secret Network coverage from all over the cryptosphere!
Plus much more.
Our push to bring privacy to public blockchains is increasingly becoming a reality. See what’s been done - and how you can get involved!
With v0.1 launched on mainnet in mid-February, SecretSwap now allows users to trade any secret token directly for any other. It works like Uniswap or SushiSwap, but with lower costs and higher user security. Because smart contracts on Secret Network have encrypted inputs, outputs, and state, miners are not able to front-run any orders submitted to the AMM.
Launching SecretSwap is another key step in expanding the Secret DeFi universe, solidifying Secret Network’s position as a data privacy hub for all public blockchains and a critical piece of a decentralized global liquidity infrastructure.
SecretSwap joins other essential products like Secret Auctions, the first and only crypto auction platform with privacy by default that can also facilitate trust-minimized OTC.
SEFI - Secret DeFi Governance Token
SecretSwap will be a community-led initiative, governed by a new native token on both Ethereum and Secret Network ($SEFI). This token will be distributed as a fair launch and have a tight connection with $SCRT and Secret Network. Curious about further details? Read the Secret Network blog expanding on the details.
(There's also a more recent update, though it's from early March. This post contains more details on SEFI distribution!)
Secret DeFi Opportunities
Bridge mining has been extended until the launch of $SEFI! By turning your ETH and ERC-20s into secret tokens, you can continue to earn 20-30% APY on the bridge without any risk of impermanent loss.
Curious about staking SCRT? Read the below article to get a full tutorial on how to begin staking and delegating SCRT today!
Secret Network and Band Protocol Integration
Secret Network has completed the implementation of Band Protocol to bring decentralized and scalable cross-chain oracles to Secret Network. Band Protocol supports unrestricted access to 150+ price feeds, empowering the next generation of Secret DeFi dApps and tools by connecting trusted off-chain data from institutional providers, directly to Secret Network. With the implementation of oracles, Secret Network projects will be significantly empowered to implement a wider range of data, creating even better and more powerful use cases with secret contracts.
Secret Binance Smart Chain Bridge
February saw the announcement of yet another bridge that is already in development: the Secret BSC Bridge, bridging Binance Smart Chain with Secret Network.
What could this mean for users?
- Programmable privacy for BSC-based assets
- Support for BSC-based assets as secret tokens within front-running resistant Secret DeFi
- wSCRT and other Secret Tokens supported on BSC and PancakeSwap (in exploration).
- Turning Secret Network into a Secret Hub for privacy-preserving cross-chain swaps: tokens (e.g., ERC-20s from Ethereum) could be moved across chains with privacy by using Secret
Sienna Network - Built on Secret Network
Sienna Network is an interconnected DeFi protocol that will allow for completely private lending, borrowing and, trading with excellent scalability and low transaction fees. All of this will be integrated with a bridge for ERC20 tokens to ensure compatibility with the Ethereum ecosystem, thus making digital money markets efficient and fungible for everyone, and open for institutional investors.
Sienna is launching its first products in March 2021.
Secret Network Grant Program
This is an open call for the Secret Network community and all developers excited about the future of decentralized technologies. Come build Secret Apps, network improvements and ecosystem tools, and receive grants for your efforts from the Secret Network ecosystem pool (currently worth over $50M USD).
One of the first proposals to the ecosystem pool has already been granted, concerning the creation of a SNIP721 reference implementation that would allow for the creation of Secret NFTs on Secret Network. This type of use case is an example of how Secret Network can potentially enhance already existing products and tools using the power of Secret Contracts!
Another proposal is the creation of Secret Tunnels: a fully open-sourced set of build tools and secret contracts + templates to convert an arbitrary python program (within some size limits) into a Secret Tunnel-linked program on Secret Network.
Want to build? Read through our grant program announcement and apply!
With the recent launch of SecretSwap, the Secret Analytics page which tracks network statistics, Ethereum bridge usage, as well as other metrics has officially added support for SecretSwap statistics. In addition to this update there has been a visual overhaul, plus additional visualizations for total SCRT gas usage and total addresses.
Secret Exploding Message
Are you a curious developer wanting to know what it means to create your first secret contract? Follow Ben Adams' informative tutorial start to finish - ending in the creation of a secret contract called "Secret Exploding Message". The contract in this walkthrough lets you send mission-impossible style encrypted messages that “self-destruct” upon opening.
Secretnodes.com just released a beta of their tax reporting feature. With this feature you will be able to see a "Tax Report" for any account simply by clicking the "Tax Report" button on any account page on secretnodes.com, just search your address and try!
Secret Network Decentralization Report
The launch of Secret Swap has brought a roar of activity to the Secret
Network. The Delegated to Supply Ratio increased by 4.41% with total active delegators increasing by 113% (5386 active delegators in February).
In this brief video, Secure Secrets illustrates the privacy-preserving features of sSCRT by taking a peek at both the JSON of an SCRT and sSCRT transaction. Curious about learning more about Secret Tokens? Read the article below.
A range of blockchain networks have long focused on transactional privacy. In recent history, there have been significant advances in transactional and computational privacy such as MimbleWimble, Secret Network, roll-ups, and more. As such, a distinction needs to be drawn between transactional privacy and computational privacy as a significant number of users are not aware of the underlying fundamental difference between these two terms.
Media & Videos
Secret Network is the first blockchain with privacy-preserving smart contracts. That means applications built on Secret can utilize encrypted data without revealing it to anyone, even the nodes in the network. For the first time, Secret Network allows developers to build powerful, permissionless, privacy-preserving applications - Secret Apps. Come listen to this amazing chat with Tor Bair and Layah Heilpern!
In this review by Coinbureau, Secret Network is examined from four different directions: what is Secret Network, how does Secret Network function, what are the tokenomics of the project, and what is Secret Networks long term potential and growth proposition?
Ep. #7 of 'Conversations with Jack' by Jack Zampolin, ft. Can Kisagun (co-founder of Enigma MPC) on the #citizencosmos YouTube channel. Discussing smart contract privacy, poker, liquidity & AMM, bridges, miner extracted value, coffee, and IBC!
In this interview, Tor explains how Secret Network distinguishes itself as a prominent and growing foundational component of blockchain and Web 3.0. Brand Laurie is an excellent host, you will be sure to want to check out this informative interview.
Secret Network Overview
Are you interested in moving your SCRT tokens from Binance onto a wallet integrated into the many different products and tools of Secret Network? Watch the following walkthrough by Travis Bonfigli as this process is outlined from start to finish.
There is no more consequential way to get involved with Secret Network than to become a Secret Agent and join a community committee. Committees are made up of experts and enthusiasts working together to build our network and ecosystem by executing Secret Missions! From Awareness, to Development, to Education, to Design, there's a committee to fit every community member.
Committees meet weekly and help drive Secret-focused projects to completion. Secret Agents can receive funding for their committee work and direct support from all the active teams in our ecosystem, including Secret Foundation.
If you’re interested in becoming a Secret Agent and joining any of the committees listed below, please fill out this form!
- Development Committee
- Education Committee
- Awareness Committee
- Website Committee
- Analytics Committee
- Design Committee
- Governance Committee
- Infrastructure Committee
Most recently, a Secret Agent rally was held that saw over 40+ individuals in attendance! This rallies happy periodically, so be sure to stay tuned to know when the next Secret Agent rally will happen.
What a summary! There was almost too much progress to document. But as exciting as February was, March promises to bring even more growth to the Secret ecosystem with the rapid development of more DeFi applications and privacy-preserving Secret Apps.
With the introduction of SecretSwap - a way for Secret Token holders to trade - we've seen massive growth in just a short time. So what other announcements and collaborations lie in store? You’ll have to wait and see what secrets March brings…
Onwards and upwards!
To discuss Secret Network and Secret Apps, visit our community channels: