Secret Network Becomes keyTango’s First Catalyst Bridge Partner
Secret Network and keyTango are partnering on the Catalyst Bridge, allowing users to earn yield in the Secret DeFi ecosystem with just ETH and Metamask! Learn how to get started now.
Today, keyTango announced Secret Network as the first partner to use the Catalyst Bridge. This initial integration will provide users who are newer to DeFi with unprecedented easy access to liquidity mining programs on SecretSwap, starting with the sETH-sSCRT pool, currently yielding an attractive ~150% APY. All you need to participate is ETH!
You can find the token rewards pool live NOW at: https://app.keytango.io/tokenrewards
You can view this SecretSwap LP pool and others at: https://app.secretswap.io/sefi
This collaboration will drive substantial value for both Secret Network and keyTango users. keyTango Catalyst will help attract new liquidity to SecretSwap, providing more opportunities for SecretSwap traders, enabling volume, and driving usage for Secret Network and SCRT.
Meanwhile, keyTango users can take advantage of the intuitive UI/UX, helping DeFi newbies participate in attractive yield opportunities on Secret Network using only ETH and MetaMask. keyTango Catalyst also aggregates transactions to minimize gas expenses.
Users will be able to send ETH and participate in SecretSwap LP rewards via the Catalyst Bridge until Noon UTC on May 28th. Funds will then be used for one month within the Secret DeFi ecosystem.
In addition, 20,000 bonus $SEFI will be distributed among $TANGO holders who will use the Catalyst Bridge to participate in the liquidity reward program!
Participating in the sETH-sSCRT liquidity mining program is made easy using the Catalyst Bridge. The steps are outlined below - and we included a comparison with the traditional process for SecretSwap users that illustrates the relative simplicity offered by keyTango:
Gas Savings Through Aggregation
One of the biggest pain points in using layer 2 DeFi and reward programs is that it typically costs a few hundred USD in gas just to cross the bridge to the other network. This is due to the high costs associated with using Ethereum. This gas fee is a non-starter for investors that want to take positions that are worth just a few hundreds or thousands USD.
keyTango deploys a smart contract to aggregate funds for each pool, crossing the network bridge with the aggregated funds so that the cost of bridging is only accrued once, then distributing the single fee among all of the pool participants. This greatly reduces gas fees, helping make DeFi more inclusive - not just for the big players.
Risks and Returns
As users are providing liquidity in the form of ETH to the Catalyst Bridge, please note there are some specific risks users should be aware of.
When a user deposits their ETH in the Catalyst Bridge, keyTango will convert half of the deposit to sSCRT. This means that there is a risk of loss (or conversely, the opportunity of appreciation) as the SCRT price varies against ETH. keyTango will then deposit both sETH and sSCRT into the liquidity mining pool, which may expose the user to impermanent loss. The APY on the funds is given in SEFI (the native governance token of SecretSwap), so the user is also exposed to SEFI price movements (again, both upward and downward). Last but not least, the user may be exposed to smart contract risk.
This means there is potentially high variability both above and below the quoted APY - so please be aware of the potential risks associated with this opportunity!
About Secret Network
Secret Network is the first ever privacy-enabled Layer 1 blockchain, featuring privacy-preserving smart contracts (“secret contracts”) that utilize hardware-based and software-based privacy technologies to protect data. Secret contracts are unique in that they allow for encrypted inputs, outputs and state. Data on Secret Network is private by default, public when desired. Secret Network is also open-source and permissionless — anyone can operate a node, deploy an app, or contribute to the network and its ecosystem.
Applications built on Secret Network (Secret Apps) can utilize encrypted data without ever exposing the data itself, even to the nodes in the network performing computations. This groundbreaking ability unlocks valuable new use cases across a variety of critical Web3 fields, including decentralized finance, data sharing, access control, machine learning, non-fungible tokens, and many more.
The Secret vision is to bring “programmable privacy” to every public blockchain, enabling arbitrarily complex data privacy controls for Web3 applications. This finally gives users and developers the ability to provide privacy or transparency to any data they want, when they want to provide it. Secret Network is providing the critical missing piece to global adoption of Web3 technologies.
Secret Network is supported by multiple independent development teams and entities as well as a global community of passionate privacy advocates, including Enigma, Secret Foundation, Secretnodes.org, Chain of Secrets, 50 mainnet validators, and many other developers and community members who contribute to network governance and growth.
keyTango is a platform which enables new individuals to become involved in DeFi in the simplest of ways. Investing in yield farming and liquidity pools can be tricky. The tools presented from keyTango open up investing to a wider audience through ease of use. The project provides a smooth transition and learning curve that newcomers to the crypto space can benefit from.