A new protocol from Secret Network aims to provide Ethereum and ERC-20 tokens with programmable data protection. The platform is also preparing for the launch 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 will allow holders of ETH and certain ERC-20 assets to create “secret” versions of their assets in the form of “secret tokens” to enable private transactions.
The platform compared these secret tokens to existing privacy tokens like Monero and stated that they are powerful because like ERC-20 they are programmable but private by default.
“Secret is the first and only data protection-capable blockchain with intelligent contracts with encrypted inputs, outputs and status.”
The Secret Ethereum Bridge is now LIVE on the mainnet and offers programmable data protection for $ ETH and ERC-20. In addition, up to $ 2 million SCRT is expected to be available to aid bridge dismantling and Secret DeFi / Secret AMM launch in the coming weeks! https://t.co/rNIPeO96Rl
– retecret Network (@SecretNetwork) December 15, 2020
Secret Network added that it would initially offer 14 ERC-20 tokens in addition to ETH data protection features. These include YFI, UNI, BAND, COMP, LINK, AAVE, KNC, SNX, OCEAN, MKR, DAI, USDT, TUSD and WBTC.
Bridge Mining and Token Rewards
A new DeFi protocol launched this year wouldn’t be complete without its own governance tokens and liquidity mining incentives.
Once the bridge is launched, Secret Network intends to offer what it calls “bridge mining”. This allows users to lock their ETH and ERC-20 tokens on the ‘bridge’ to receive SCRT rewards.
Incentives to reduce liquidity are expected to be introduced in January, it said. In addition to a new automated market maker, which is also scheduled to start in January 2021, a ‘Secret DeFi’ suite is also in preparation.
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 was declared regarding 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 that is not in and of itself private in order to mint and receive the corresponding amount of the packaged data protection version secretSCRT.
SCRT price outlook
SCRT tokens have been traded since the beginning of October. Over 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, the SCRT has increased 67%, which is likely due to the launch of the Ethereum Secret Bridge.
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