A new protocol from Secret Network aims to give Ethereum and ERC-20 tokens programmable privacy. The platform is also preparing for the introduction of “Secret DeFi” and a new automated market maker.
The Secret Ethereum Bridge, announced on December 15, went live on the mainnet. The new product enables owners of ETH and certain ERC-20 assets to create “secret” versions of their assets in the form of “secret tokens” in order to enable private transactions.
The platform compared these secret tokens to existing privacy coins like Monero and stated that they are powerful in that they are programmable like ERC-20s but private by default.
“Secret is the first and only data protection-friendly blockchain with intelligent contracts with encrypted inputs, outputs and statuses.”
The Secret Ethereum Bridge is now LIVE on the mainnet and brings programmable privacy for $ ETH and ERC-20s. Additionally, up to $ 2 million SCRT is expected to be available in the coming weeks to support bridge mining and Secret DeFi / Secret AMM roll out! https://t.co/rNIPeO96Rl
– Secret Network (@SecretNetwork) December 15, 2020
Secret Network added that in addition to ETH, it would initially offer 14 ERC-20 tokens for data protection functions. These include YFI, UNI, BAND, COMP, LINK, AAVE, KNC, SNX, OCEAN, MKR, DAI, USDT, TUSD and WBTC.
Bridge mining and token rewards
Any new DeFi protocol introduced this year would not be complete without its own governance tokens and liquidity mining incentives.
After the start of the bridge, Secret Network intends to offer what is known as bridge mining. This allows users to lock their ETH and ERC-20 tokens on the “bridge” to earn SCRT rewards.
The announcement said that liquidity incentives are expected to be introduced in January. In addition to a new automated market maker, which is also due to come onto the market in January 2021, a “Secret DeFi” suite is also being planned.
The blog post stated that Secret Network expects up to two million SCRT to be allocated to the Community Reward Fund to help launch Secret DeFi. A forum post is explained with regard to the new token;
“SecretSCRT is the first implementation of SNIP-20, a data protection token standard based on CosmWasm’s CW20 specification and inspired by ERC-20 tokens on Ethereum.”
It allows users to deposit any amount of SCRT, which in itself is not private, in order to mint and receive the equivalent amount of the packaged privacy version, secretSCRT.
SCRT price outlook
SCRT tokens have been traded since the beginning of October. In the past 24 hours, prices are down 2.5% to $ 0.64. Token prices hit an all-time high of $ 0.70 on December 13, so a minor correction appears to be happening right now.
In the past 30 days, SCRT has increased 67%, likely driven by the introduction of the Ethereum Secret Bridge.
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