Secret Network Ecosystem Update: April 2021
April brought substantial growth to Secret DeFi ($50M+ in liquidity on SecretSwap), the completion of Secret NFTs, a bridge via Plasm to Polkadot, and so much more. Catch up on an exciting month on the Secret Blog!
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 growth to $50M in liquidity. The launch of Secret Plasm Bridge on Testnet - bridging Polkadot to Secret Network. Sharing Secrets with Terra. HuobiPool joins Secret Network. A new official Secret Network video on its role as a privacy hub. Announcement of the Secret Fellows Developer Program. The start of the Scaling Ethereum hackathon and the beginning of Open DeFi hackathon applications. Over $110,000,000 in bridge TVL. An incredible Hashoshi interview with Tor Bair of the Secret Foundation. And finally, Farkels - a new form of privacy-centric decentralized social media.
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!
Secret Plasm Bridge on Testnet: Connecting Polkadot to Cosmos
The MVP of Plasm Network’s Secret Network bridge is now ready and deployed on testnet, providing another step towards connecting the worlds of Polkadot and Cosmos.
The biggest immediate benefit for users with this bridge is that they can gain transactional privacy. Users can turn Polkadot-based assets into Secret Tokens, which combine the programmability of ERC-20s with the privacy of coins like Zcash or Monero. Interactions with Secret Token contracts are encrypted, viewable only to address owners or holders of their viewing key. The bridge will also give users access to Secret DeFi, privacy-preserving decentralized finance apps built on the Secret Network, including SecretSwap.
Thanks to lead developer Hyungsuk Kang, Plasm Network has completed building their bridge with Secret Network. This build begins on the Plasm Network testnet before deploying to mainnet down the road. Once Kusama Network is ready, the bridge will be deployed on Shiden Network, a sister network of Plasm Network on Kusama. For testnet deployment, Plasm Network will use the Secret Bridge (on testnet level) to bring Plasm to Secret Network and use it in SecretSwap, Secret’s first AMM, against SCRT and ETH assets.
How is Secret Network becoming a privacy hub for the blockchain universe?
The internet is always growing. More users in more places are accessing the internet than ever. And thanks to blockchain technology, the internet is also decentralizing, with users becoming more empowered and taking more ownership. There’s not just one blockchain, but many - all helping create more opportunities and solve different problems.
But all of these blockchains have one big problem in common - they’re public by default, with no privacy for their users. This threatens the security of everyone using blockchain technology, making it harder to spend, trade, or build safely. That’s why we built Secret Network. It’s a new kind of blockchain that’s designed to be a data privacy hub for all other blockchains. Secret Network is unique because it is private by default, keeping application data encrypted even while in use, while still allowing it to be shared when needed.
SecretSwap has now passed $50M in total liquidity!
SecretSwap also surpassed over $60,000,000 in total volume in April.
Meanwhile, SecretSwap LPs are earning 100-250% across major pools with their $SCRT, $SEFI, $ETH, $WBTC, and more. Additionally, two new pairs were added to Secret Swap for LP providing: sSCRT / sRUNE and sSCRT / sRSR.
Starting exploring now at: http://secretswap.io
Start earning $SEFI at: https://bridge.scrt.network/sefi
$SEFI, the native governance token for Secret DeFi, launched on mainnet on March 31st, 2021. Initially SEFI is focusing on governance of SecretSwap, the first cross-chain, front-running resistant decentralized exchange, which launched on mainnet in February. Learn more about $SEFI below:
Secret NFT Update
On April 7th, it was announced that Secret NFTs, the reference implementation for SNIP721 (a Secret NFT standard) has been completed.
The completed reference implementation:
The updated specification:
Want to learn how to create your own Secret NFT? Follow this tutorial by Figment Learn to create your own today:
What Can Secret NFTs Do?
Secret NFTs have two unique differentiators from NFTs in other ecosystems:
Private ownership: Since NFTs are rare, anyone can know who owns a certain NFT and correlate addresses with individuals. Allowing for private ownership of NFTs ensures your assets and transactions do not need to be exposed to everyone by default, which otherwise restricts the potential growth and adoption of NFTs.
Private metadata: In addition to public metadata, Secret NFTs provide an optional private metadata field. This enables you to do things like have game cards that have some public abilities, as well as special hidden abilities. Or an art NFT creator might choose to make a thumbnail or watermarked version of the image public so people have an idea of what they are buying, but the full resolution/non-watermarked version is private and must be purchased to view it.
Secret Grant 2: Fardels, Decentralized and Private Social Media
The second Secret Grant has been awarded to Fardels. By building on Secret Network, important aspects of user data can be kept private. And just as Twitter innovated around sharing short pieces of information, Fardels is designed to foster a culture of sharing digital items of small value.
A fardel is a bundle or collection of information that you 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 (e.g., 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, the contents can be permanent on the blockchain or they can be ephemeral, copyable, deletable, sharable. You can think of them as anti-NFTs, because the content creator earns money based on the demand of the users to unpack the fardel, not because of its high value.
Huobi Pool Joins Secret Network
Huobi Pool joined Secret Network as a node on April 20, 2021. As a sub-brand of Huobi Group, Huobi Pool plays a significant role in Huobi strategy. Huobi Pool has many public chain nodes and is currently the largest staking pool and leading PoW pool in the world.
SCRT Listed On Gate.io
Gate.io is an established exchange that charges zero listing fees and only chooses quality and promising projects. Secret(SCRT)/USDT Trading started Apr.22, 2021 at 09:00 UTC.
Deposit Secret(SCRT) at https://www.gate.io/myaccount/deposit/SCRT
Trade Secret(SCRT) in USDT market via: https://www.gate.io/trade/SCRT_USDT
Trade Secret(SCRT) in ETH market via:https://www.gate.io/trade/SCRT_ETH
SecretSwap Post-Product Launch AMA
After the launch of SecretSwap, there was an AMA on April 1st, 2021 that included key community contributors and developers from entities such as Engima MPC, Secret Foundation, and Figment. This included Tor Bair, Guy Zyskind, Can Kisagun, and Andrew Cronk. Read the article below for the full run-down of the AMA.
There’s a project that currently being tested — it allows you to add limit orders to SecretSwap. Your orders will be private :) -[Can Kisagun / Co-Founder and Product lead at EnigmaMPC]
Xiphiar Launch - Secret Swap LP Tracker
A new community-built tool allows SecretSwap LPs to easily track their liquidity. Come check out your SecretSwap LP options today!
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!
All the below statistics are sourced from https://secretanalytics.xyz.
Secret Fellows Developer Program
In April the Secret Foundation was excited to announce the Secret Fellows developer program, which is designed to involve more developers full-time in the Secret Network ecosystem. The goal of the program is to bring in talented individuals full-time to work full time in the Secret Network ecosystem for 3 months, during which developers can work on Secret Network related dApp/ tooling development.
For this work developers can receive competitive compensation in SCRT, stable coins, or a combination of the two. Learn more and apply today be reading the article linked below!
Citadel.One Mobile App LIVE: $SCRT Compatible
On April 21st, 2021 Citadel.One officially launched their mobile app on Android and Apple with support for Secret Network. This is a huge step forward towards unlocking a whole new host of users, and it marks the completion of a significant milestone for Secret Network via community pool funding proposal #28. In addition, there will be support for the Secret Bridge as well as Secret Tokens added in the near future!
Hashoshi Interview With Tor Bair
In this exclusive interview, Hashoshi sat down with the founder of the Secret Foundation, Tor Bair, to discuss the Secret Network. In this video, the Cosmos blockchain ecosystem is discussed, and how the Secret Network will use Cosmos IBC to connect to other blockchains natively, filling a huge gap in the crypto space.
Open DeFi Hackathon
Open DeFi is collaborating with Gitcoin to host their first hackathon - inviting Secret Network's community of builders to help grow the DeFi ecosystem!
Registration is now open: https://t.co/bMYJWLFEsv?amp=1
Scaling Ethereum Hackathon 2021
Secret Network is also sponsoring prizes for Secret Network-based submissions to the Scaling Ethereum Hackthon!
1st place: $2,5000 in SCRT or wSCRT
2nd place: $1,5000 in SCRT or wSCRT
3rd place: $1,000 in SCRT or wSCRT
Secret Network Developer Grants
The Secret Network Grant Program is funded with 20mn SCRT- currently worth over $60M USD.
Proposals can be made across three categories: Secret Apps, for everything that is directly built on top of Secret Network; Ecosystem, for tools that expand Secret Network and improve general usability; and Network Improvements, for major upgrades to the network itself.
Within the Secret Network application layer, Secret DeFi and Secret NFTs (private metadata) hold an exciting amount of use cases that have yet to be developed. Grants have already been rewarded for the development of the NFT reference implementation as well as Secret Fardels, a new kind of decentralized social media leveraging secretNFTs.
With a list consisting of over 35+ grant ideas, get started with the grant application process today!
Decentralization Report - Secure Secrets
An important quantitative value examined each month is the number of validators that are needed to reach a successful vote of > 50%. With the current setup, the top 8/34 active validators collectively own 51% of delegation on the Secret Network. This is an increase from March (by 2 validators) to reach greater than 50% voting share — a good trend in terms of decentralization!
Proposal 30: Modification to Downtime Window
Currently, validators must sign at least 2500 blocks out of the last 5000 blocks to prevent being slashed because of downtime. With the current block time of 6.4 seconds, validators cannot be offline for more than 4.4 hours. If proposal 30 will pass: Validators will be able to sign at least 11,250 blocks out of the last 22,500 blocks to prevent being slashed because of downtime. Validators will be able to be offline for 19.8 hours at a time without being slashed, which will give more time for maintenance and chain updates.
Courtesy of Reuven of Enigma MPC, there is now a publicly available list of Secret Network resources (official and unofficial) available for the entire community to use - all curated in one easy location located on the Secret Foundation GitHub.
Come check it out today!
Other Featured Media
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!
Select updates are below:
Development Committee - Helped organize and assist with finding teams for multiple hackathons that are being sponsored by Secret Network
Education Committee - Completed 13 projects spanning videos guides and infographics that educate users on SecretSwap, SecretNFTs and yield opportunities. Launched "Learning Hub" on Agent HQ as a visual walkthrough for new agents to learn about secret ecosystem. Formalized SNAC process to enable and incentivize community members to lead secret growth initiatives
Awareness Committee - 18% increase in Secret Agents onboarded, Telegram grew by 14.36%, Reddit by 19%, Twitter followers by 4.3%, Discord by 12%.
Website Committee - In the process of a complete Secret Network v2 website overhaul
Analytics Committee - a number of critical updates plus API support for Coingecko / Coinmarketcap adding SecretSwap
Secret Forum Thread Highlights:
Community Art / Meme
What a summary! There was almost too much progress to document. But as exciting as April was, May 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, the development of Secret NFTs, and the launch of 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: