Secret Network Launches Ethereum Bridge; ERC20 Tokens Get XMR & ZEC Like Privacy Features
- Secret Protocol promises privacy-enabled ERC 20 tokens.
- A new secret DeFi ecosystem bubbles on Secret Network.
Secret Network, an open-source privacy blockchain that turns Ethereum (ETH) and ERC20 tokens into wrapped coins with privacy features like Monero (XMR) and Zcash (ZEC), announced the long-awaited launch mainnet platform this Tuesday. The mainnet is an Ethereum bridge that introduces a host of features, including secret tokens, secret decentralized finance (DeFi), Secret-based AMMs, Secret NFTs, Secret vaults, and pretty much everything to introduce a private DeFi ecosystem.
At launch, the mainnet will support ETH alongside 14 other ER20 tokens as the development team prepares to add support for more tokens in the future, the statement reads. The tokes available on the platform include Ethereum (ETH), Yearn Finance (YFI), Uniswap (UNI), Band Protocol (BAND), Compound (COMP), Chainlink (LINK), Aave (AAVE), Kyber Network (KNC), Synthetix (SNX), Ocean Protocol (OCEAN), Maker (MKR), Wrapped Bitcoin (wBTC), and DAI, USDT, and TUSD stablecoins.
Secret Ethereum Bridge provides a “front-running resistant and cross-chain system” designed to allow Ethereum (ETH) and ERC20 token users to create privacy-enabled tokens on the network. As the “first and only privacy-enabled blockchain, featuring smart contracts,” the Secret Ethereum Bridge allows users to convert their assets into privacy-enabled tokens and interact with the Ethereum blockchain.
Announced back in September, the Secret network introduces secret tokens, where users will need to lock up their ETH or ERC20 tokens to create synthetic (wrapped) tokens on the Secret Network. The process ensures a highly secure network while minimizing the transaction fees to create the privacy-enabled tokens.
Additionally, the mainnet will also introduce bridge mining, whereby users can lock up their ETH or ERC 20 tokens and start earning SCRT token rewards. These rewards are expected to go live in January 2021 to give users time to get “familiar and comfortable with the Ethereum bridge.”
Following the SCRT token rewards launch, the network is looking to launch an automated market maker (AMM) with special and unique rewards for AMM users and liquidity providers. In total, the Secret Network development team expects to disburse over 2 million SCRT tokens to the community to incentivize the use of DeFi products on its network.
Users will need a Keplr or Metamask wallet to be able to connect to the Secret Network.