Secret Network Ecosystem Update: March 2021
SecretSwap $SEFI genesis. Over $90M in TVL. Upcoming bridges to BSC, Monero, and more. Record tx's and gas use. First Secret Grant awarded for NFT development. And so much more from March!
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 $SEFI genesis. Over $90,000,000 in bridge TVL. Secret BSC bridge sneak peek. SecretSwap and Secret Auctions UI update. Explosive growth in SecretSwap usage along with record numbers for transactions and gas use. The first Secret Grant goes to Secret NFTs. Secret Heroes wins at ETHGlobal. Secret Network HackAtomRU participation and a new bridge to Monero. Sienna Network - DeFi built on Secret Network. The preview of a Secret Network compatible mobile wallet. Ten new ERC-20s supported on the Secret Ethereum Bridge.
And so 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!
$SEFI, the native governance token for Secret DeFi, launched on mainnet on March 31st, 2021. Initially SEFI will focus on governance of SecretSwap, the first cross-chain, front-running resistant decentralized exchange, which launched on mainnet in February. SecretSwap makes use of the SNIP-20 standard and Secret Ethereum bridge, and it will make use of bridges to other ecosystems (including the Secret Binance Smart Chain bridge).
The SEFI token will be distributed in a one-time genesis event as well as to SecretSwap users over four years. SEFI is non-inflationary with a fixed supply.
Initial Function of SEFI
The SEFI token allows the Secret DeFi community to govern its protocol in a decentralized fashion. Some of the aspects that the community can govern include:
- Spending the development pool
- Determining pools eligible for user rewards, including changing their respective weights
- Joining other communities, for example, by enabling joint liquidity mining campaigns like Sushiswap Onsen
- SecretSwap fees and use of fees
- Adding other products into Secret Finance that receive and utilize SEFI
Secret Swap Improvements
Swap routing is live now on mainnet! Allowing orders to be routed across SecretSwap, users receive better prices for swaps and drive more fees to LPs.
Additionally, Secret Swap is expanding the number of bridges bringing assets into the Secret DeFi ecosystem! With the Secret BSC Bridge, Binance Smart Chain users will be able to take their BSC-based assets (BNB and BEP-20 tokens) and mint equivalent privacy tokens on Secret Network. Here’s an early look at the UI for SecretSwap users!
Curious in learning more about the Secret Binance Smart Chain Bridge?
Secret Bridge - New Tokens Supported
March 24th saw the launch of 10 new ERC-20 tokens supported on the Secret Ethereum Bridge. Holders can turn their assets into privacy-preserving Secret Tokens usable anywhere in Secret DeFi, including SecretSwap.
New tokens supported are listed below:
$RUNE $TORN $BAT $ZRX $ENJ $MANA $YFL $ALPHA $REN $RENBTC
Secured by Secret Network and expected to launch April 2021, Sienna is building a new interconnected DeFi protocol that allows for a privacy-preserving lending, borrowing, and trading experience.
Sienna is aiming to become the de facto standard for privacy-first DeFi across multiple blockchains, targeting Ethereum initially, the biggest DeFi ecosystem, followed by other blockchains such as Polkadot, Cosmos and other chains in the near future.
In April, Sienna plans to go live with a privacy-first front-running resistant AMM that allows you to swap SNIP-20 tokens. The SIENNA governance token is launching at the same time and can be earned via liquidity mining and more!
Secret Grant 1: Secret NFT Standard
The first Secret Grant was awarded to Baedrik for his work on a Secret NFT Standard! Writing the SNIP-721 reference implementation will provide a base contract that other developers can use as-is to deploy NFTs on Secret Network or as a starting point to add their app-specific functions/data. The toolkit package will allow developers to easily integrate SNIP-721 compliant NFTs into their apps (such as building an NFT marketplace, for example).
SecretNFTs have new innovative features that will provide additional security and usability to this new emerging ecosystem:
Private ownership: Since NFTs are rare, people in the community know who owns a certain NFT and can correlate addresses with individuals. Having private ownership of NFTs will ensure your assets and transactions do not need to be exposed to everyone by default.
Private metadata: In addition to public metadata, secretNFTs provide an optional private metadata field enabling a range of use cases you can learn more about in the blog linked below.
Secret Monero Bridge
Congratulations to the Secret Monero Bridge team at #HackAtomRU for their work connecting the Monero community to Secret Network and Secret #DeFi. Their proof of concept enables value transfer between the Monero blockchain and Secret Network!
This bridge will empower Monero token holders to leverage the DeFi ecosystem and secret contract application layer of the Secret Network to unlock a whole new layer of functionality - all while preserving privacy by default.
The Secret Loan project aims to provide lending for small structured debt that have fixed interest and can interact using stablecoins using ACH relationships and aggregating POS loans.
What's next for Secret Loan
- Plug in with a real-world POS lending application for loan origination.
- Create API interfaces to interact with ACH/Stablecoins to facilitate real-world loans and collect Interest.
- Create structured, blended lending assets that are bundled based on balanced risk/reward ratio.
- Collateralization for non-credit score economies.
Secret Vickrey Auctions
Suppose you are hosting a silent auction to sell your antique car. The rules are: (1) prospective buyers bid for your car by placing their bids in sealed envelopes, (2) then after collecting all bids, you sell the car to the highest bidder for the price that he bid.
This may seem like a reasonable way to conduct a silent auction, but there is a risk involved for you, the seller. If your car is highly valuable, but all buyers think they are the only ones who recognize that it is, they may actually make bids that are less than they think the car is actually worth. As a result, your bids will be lower, and you suffer.
Are there rules for a silent auction that will induce people to bid what they think an object is truly worth?
The answer is yes, and is given by a Vickrey auction. The rules specify that each player make bids, and the car goes to the highest bidder, but at the second-highest bid!
Fardels - a decentralized private social network
A fardel is a small bundle or collection of information that you can carry to the decentralized web to share with others.
The contents of a fardel can be a link to a file, an image, or even a short piece of text like the punchline to a joke. It is something others are willing to pay a small price to access (no more than 5 scrt), and because the price is low there is little risk in unpacking one. There are no limitations on what kinds of contents are shared. It can be a link to an immutable file on IPFS or a simple Dropbox link. Thus, they can be permanent on the blockchain or they can be ephemeral. They can be copyable, deletable, sharable. You can think of them as anti-NFTs.
Jangsa' FinSum 2021 NFT Submission
In a recent FinSum hackathon, Jangsa outlined a new way of NFTs issuance for functional real assets via smart locks and privacy features of Secret Network. What this submission lays out is a scheme to bring consistency between "ownership in the digital world" and "ownership in the physical world". Sealing tools (e.g. smart locks) keep physical access control. If sealing tools rely on access control embedded in NFTs (digital access control) consistency can be achieved - unlocking a whole host of new use cases with integration into IoT!
EUICCD - NFT
Expanding what most think of as the possibilities of NFTs, EUICCD embeds everything that goes on a sim to provide LPA and other services onto an NFT in order to eliminate SIM cloning and tracking.
On one side of the spectrum, EUICCD using Secret Network generates a unique identifier that allows a user to connect to a third party VoIP number and combines the secondary phone number in combination with the IMEI number to create a unique identifier that now provides a secure messaging inbox that cannot be replicated or cloned on another device without validating the IMEI on a device level. This can act as a great alias/sudo phone number management system and an unconventional endpoint to deliver 2FA messages.
Another mechanism created can provision, issue, and embed the SIM data of a user onto an NFT. This can now use newer more secure cryptographic methods such as range proofs/NIZKP to establish handshake and network connectivity. Additionally, since the SIM is an NFT, the MNO or any other party with bad intent cannot clone/swap sim cards to compromise a user.
Secret DeFi Analytics
The Secret DeFi ecosystem has seen an explosion in growth with the launch of $SEFI. Now new bridges rapidly are being built out between Secret and Ethereum, Cosmos, BSC, Polkadot, Monero, and more. As Secret Network becomes a hub for all things programmable privacy, it becomes important to track bridge activity and Secret DeFi growth!
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. Check out Secret Analytics for more network statistics and information!
Are you interested in providing liquidity for SecretSwap or using the Secret Ethereum Bridge? Watch the videos below created by WhisperNode to learn how!
Programmable Privacy at HackAtomRU
Assaf Morami of Enigma MPC presented at #HackAtomRU by Cosmos. Assaf showed how to generate a secret random number using private inputs and private state, something that is only possible on Secret Network.
Secret Heroes at ETHGlobal
Secret Heroes is an NFT based card battle game based on secretNFTs - NFTs with private metadata on Secret Network. Players buy packs for fighter cards(NFTs) and don't know their opponents fighters strength before the fight. Secret Heroes also won a prize, courtesy of Decentraland!
See this brief summary of how the team utilized secret contracts (for hero minting and battling) in combination with Unity:
Citadel.one Mobile Wallet
On March 19th, Citadel.one released the first sneak peek of their mobile wallet that is soon to integrate and use the Secret Network bridge - which includes the ability to use and store Secret Tokens in the mobile wallet. The implementation of this new functionality will soon be included for web, tablet, and mobile!
Secret Network Website Updates
There has been a surge in community participation with updating the main Secret Network open-source website. This has resulted in an overhaul of the developer landing page, as well as the inclusion of a new sub-navbar for featuring media!
Secret Auctions UI Update
Thanks to the hard work of the Stake or Die front-end developers, Secret Auctions has seen a massive overhaul in terms of the UI/UX experience. Secret Auctions is the first and only crypto auction platform with privacy by default. Bid for any secret token, with any secret token.
Come check out the new and improved Secret Auctions website today!
The launch of SecretSwap has brought a roar of activity to Secret
Network. The delegated to supply ratio increased by 6.10% with total active delegators increasing by 46.53% (7892 active delegators in March).
Want go from $ETH on Coinbase to buying and staking $SCRT? This informative step-by-step tutorial video by Travis Bonfigli is a must watch for US citizens that want to buy $SCRT!
Secret Network Overview
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
- Business Development
- Analytics Committee
- Design Committee
- Governance Committee
- Infrastructure Committee
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).
What a summary! There was almost too much progress to document. But as exciting as March was, April 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 and the $SEFI governance token 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 April brings…
Onwards and upwards!
To discuss Secret Network and Secret Apps, visit our community channels: