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Get Secrets: Bridge Mining Extended, SushiSwap Rewards, and SecretSwap!

Want to support blockchain privacy while earning rewards? Today we are announcing new initiatives for participants in Secret DeFi on both Secret Network and Ethereum.

Secret Network
16 Feb 2021 • min read

Hello to the community! Today we’re excited to share new opportunities to earn rewards while supporting the launch and expansion of Secret DeFi - a front-running resistant, privacy-preserving, decentralized financial ecosystem spanning across blockchains (including Secret Network and Ethereum).

There’s three primary opportunities. Here’s what you need to know!

  1. Bridge mining extension: as we enter Week 6 of bridge mining rewards, we are happy to announce that we will be extending bridge mining rewards for up to 6 more weeks! By turning your ETH and ERC-20s into secret tokens, you can continue to earn 20-30% APY on the bridge without any risk of impermanent loss.
  2. SushiSwap rewards: as our rewards for Uniswap LPs expire soon, we are creating a new WSCRT / ETH liquidity pool on SushiSwap. WSCRT rewards to LPs on SushiSwap will begin on Monday, February 22.
  3. SecretSwap: SecretSwap launches on mainnet tomorrow! With a native governance token for Secret DeFi expected to launch in March, we are sharing a few more details on how early SecretSwap LPs, SCRT stakers, and others can qualify for an initial distribution and ongoing rewards.

Over $50M in Ethereum-based assets are currently locked on the Secret Ethereum Bridge. Learn how you can join these pioneers who are supporting data privacy for blockchains and cross-chain liquidity while earning big rewards!

Bridge Mining Extended

We’re currently entering the sixth week of bridge mining rewards. With bridge mining, users can deposit ETH and supported ERC-20s to our Secret Ethereum Bridge contract, turn their assets into secret tokens, then lock them on the bridge to earn rewards! Right now rewards are between 20-30% on most supported assets.

We’re excited to announce that bridge mining rewards will be extended at the same rate (~80,000 SCRT per week across all pools) for up to 6 additional weeks. Users already mining on the bridge will continue to earn SCRT rewards. New users can also deposit their ETH-based assets and begin bridge mining at any time. There is no lockup period on the bridge, so you’ll be able to move easily between Earn pools, SecretSwap, Secret Auctions, and other applications on Secret Network.

Previously, all ERC-20s with TVL above $100k were eligible to earn rewards. Starting in Week 7, only ERC-20 with TVL above $250,000 will be eligible for Earn pool rewards. This reflects the growth in adoption of the bridge as we launch SecretSwap and other Secret DeFi products!

As of February 16, 2021, the current active Earn pools on the bridge are: ETH, WBTC, DAI, YFI, OCEAN, LINK, USDT, TUSD, MKR, DPI, UNI, BAND, RSR, BAC, and AAVE. You can see all supported tokens at: https://bridge.scrt.network/tokens

Getting started with the Ethereum bridge takes minutes. All you need is Metamask, Keplr Wallet, and your ETH / ERC-20 assets. Join hundreds of other bridge miners now!

Here’s a full walkthrough of bridge mining from WhisperNode:

SushiSwap Rewards

With the close of our Uniswap rewards campaign approaching, we are excited to announce the launch of a new liquidity mining campaign for the SushiSwap community!

We will run a two week liquidity mining campaign on SushiSwap where 50,000 WSCRT will be distributed to LPs of WSCRT - WETH pool on SushiSwap. Current Uniswap LPs can easily migrate liquidity to SushiSwap using this link. We are excited to introduce the SushiSwap community to the potential of privacy protections to revolutionize decentralized finance.

WSCRT rewards to LPs on SushiSwap will begin on Monday, February 22. Uniswap LP rewards will also be extended slightly until this time. Stay tuned for additional details!

SecretSwap Opportunities

Last week we announced our commitment for a truly decentralized SecretSwap and Secret DeFi ecosystem. In order to launch SecretSwap and unlock the utility of exchanging secret assets ASAP, we are releasing version 0 without the governance token (referred to for the purposes of this post as GOV). When the GOV token is launched - expected for mid to late March - a portion of the total supply will be distributed on Ethereum and Secret Network:

  • Ethereum distribution (WGOV): ERC-20 GOV token will be distributed to Secret Ethereum Bridge liquidity providers for different assets and users of certain Ethereum DeFi platforms.
  • Secret Network distribution (GOV): SNIP-20 GOV will be distributed to SCRT stakers / delegators and LPs of SecretSwap before the launch of GOV tokens.

Please reference our previous post to learn more - and stay tuned to the Secret Blog next week for more concrete details about this governance token.

SecretSwap Update: AMM Rewards + Governance Token
Secret’s first AMM, SecretSwap, launches on mainnet February 17th. Learn more about rewards, a new native bridged governance token, and other details.

Thank you for supporting our mission to bring privacy protections to the entire blockchain universe! With more products, bridges, and partners coming, we can't wait to expand Secret DeFi, launch new privacy-preserving applications, and work alongside the Secret Agents to achieve our goal of becoming a pillar for the decentralized web.

Onwards and upwards!

To discuss Secret Network and Secret Apps, visit our community channels:

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