Secret Network’s first privacy enabled Ethereum bridge is now live on mainnet and ready for use. This is a bridge which enables users to create secret versions of ETH and their favourite ERC-20 tokens.
What are Secret Tokens?
You can think of Secret Tokens much like your typical ERC-20s, as in they’re compatible with all the programmability of smart contracts and DeFi protocols. However, they enable you to transact with them privately much like how a privacy coin such as Monero or Zcash functions. As a result, Secret Token contracts keep all interactions private through encryption. This means that they will only be viewable to address owners or holders of the so called Viewing key. These types of tokens follow a new standard called SNIP-20. Essentially, a privacy token standard inspired by CosmWasm’s CW20 and Ethereum’s ERC-20.
Bridge Mining: Currently the privacy enabled Ethereum bridge supports ETH along with numerous DeFi tokens and stablecoins. A liquidity program will go live in January, where users of the bridge who lock up their assets will earn SCRT rewards.
- The team is planning to allocate up to 2 million SCRT towards community and liquidity mining rewards. Learn how to use the bridge following this tutorial, so you’re ready to farm rewards immediately.
Secret DeFi: Secret is a privacy-enabled blockchain with smart contract support. The team has announced future plans include releasing more critical DeFi applications such as an automated market maker. Privacy-enabled yield farming on the horizon?