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An Introduction to Secret Network and it's upcoming airdrop to early adopters.

By Monotone | Monotone Crypto | 19 Feb 2021


r/CryptoCurrency - What is Secret Network and why you should care.

What is it?

Secret Network is a smart contract platform built using the Cosmos SDK. It is the first blockchain with privacy-preserving smart contracts. Blockchains are public by default. Secret Network allows developers to create decentralized, privacy focused apps that represent one of the core components of blockchain technology. This technology ensures all transactions are completely private using encrypted computations.

Here's a 1 minute video describing Secret Network:

 

What is the native token?

SCRT is the native token on Secret Network. It is used to pay gas fees, transfer value, and display balances (much cheaper than ETH) Nodes require SCRT delegators to take part in the ecosystem. They are rewarded with the fees. SCRT also acts as a governance token for the Network.

How do you obtain SCRT tokens?

Currently, there are 2 ways to obtain native SCRT tokens. On Binance, or by transferring erc-20 tokens on the Secret Bridge into Snip-20 Tokens (Secret wrapped erc-20 tokens) This will require you to set up a Keplr browser wallet. Which works very similarly to Metamask, except for the Cosmos ecosystem. Once you have your Keplr wallet set up and your private key saved in a secure location. You are able to start sending erc-20 tokens across the bridge. Beware of ethereum gas fees for the initial wrap. Once they are on Secret network, you will enjoy much lower fees. If you require more native SCRT tokens, you are then able to swap sSCRT for Native SCRT in the Keplr wallet easily. SCRT is used for paying network fees, while sSCRT is a SNIP-20 used for trading and liquidity in the ecosystem.

What can I do with my SCRT and SNIP-20 tokens?

r/CryptoCurrency - What is Secret Network and why you should care.

Liquidity recently passed 25m for sETH on Secret Network

Earn:

Secret Network is currently offering some of the best APY for proving liquidity of secret wrapped ERC-20 tokens(SNIP-20) with no impermanent loss on their earn initiative. APY is based on the current price of SCRT and the liquidity provided. Rewards are paid in sSCRT. The current ERC-20 tokens and their APY at the time of writing this are:

ETH: 24%

YFI: 20%

USDT: 18%

LINK: 17%

OCEAN: 18%

DAI: 24%

WBTC: 20%

UNI: 17%

AAVE: 11%

TUSD: 28%

BAND: 25%

BAC: 22%

MKR: 25%

RSR: 18%

DPI: 26%

The current TVL in Secret Network's earn is over 60m at the time of writing.

Delegating your Native SCRT to a node:

As with most POS networks, the protocol is secured by nodes. These nodes require delegations from the community to operate efficiently. Staking SCRT is a simple process and can be done directly from your Keplr browser wallet. The APY for staking is 33.8% at the time of writing this and will likely increase as the ecosystem grows.

r/CryptoCurrency - What is Secret Network and why you should care.

A view of the delegation dashboard within Keplr

Providing liquidity to SecretSwap:

Secretswap is a uniswap clone that allows user to swap their SNIP-20 tokens with complete privacy. You provide liquidity in the same way you would with uniswap or sushiswap. Liquidity providers will be rewarded with an airdrop of the secretswap governance token in the future. Always be aware of impermanent loss when providing liquidity.

r/CryptoCurrency - What is Secret Network and why you should care.

 

The Secret governance token will be airdropped to all early adopters of the protocol. Taken directly from their blog:

"To summarize the above, we expect the following groups to be the primary groups eligible to receive GOV when it is launched:

  • SecretSwap LPs and traders

  • SCRT stakers and delegators

  • Users of Secret Bridges

  • Users of certain Ethereum DeFi platforms

These may not be the only ways to become eligible for receiving GOV, so please stay tuned for further announcements and incentives!"

This is an incredibly brief and to the point breakdown of the growing Secret Network ecosystem. Check out their blog for dozens of articles on what's to come. If you have anything to add that you feel is to important to miss, please let me know.

TL/DR: The Secret network is a protocol based on Cosmos that provides complete privacy on the blockchain. Early adopters of the ecosystem will be rewarded with an airdrop at a later date.

Disclaimer: I have no association with the Secret Network team, I am simply a community member that sees the potential of what is being built here and would like to help it get exposure. Always remember to do your own research before investing in anything. This is not financial advice and is purely educational.

 

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Monotone Crypto
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