Secret AMM is Live on Testnet!

Secret Network
February 2, 2021

Hello to the community!

Today we are excited to announce the Secret AMM has been deployed to testnet, paving the way for a mainnet release during the week of February 15th!

Because it is built on Secret Network, this AMM has unique properties: it is the only front-running resistant, cross-chain AMM, providing lower fees and more privacy protections for users than Ethereum-based AMMs.

The Secret AMM allows users to exchange any Secret Token for any other Secret Token. You can create your own Secret Token or trade a privacy-preserving version of any asset supported by our bridges, including the Secret Ethereum Bridge (which supports ETH and many ERC-20 assets). That means you can exchange secretETH for secretUSDT, or secretSCRT for secretETH, and so on.

In this post you’ll:

  • See images from the Secret AMM operating on testnet
  • Learn more about opportunities to earn rewards as a liquidity provider
  • Learn what’s next for Secret DeFi!

See the Secret AMM on testnet here.

Have questions or want to test? Come join our community in the #amm-support channel on the Secret Chat.

Let’s Test it Out!

Below is a simple walkthrough where you can help test out the Secret AMM.

Feedback channels:

To try out the Secret AMM, you’ll just need to install Keplr (a cross-chain wallet for the Cosmos ecosystem that supports secret tokens). After that, the steps are straightforward:

Arriving on the testnet Swap page, you’ll be prompted to connect your Keplr wallet and add the holodeck-2k chain (Secret testnet). After successfully doing so, you’ll need to request testnet faucet funds, giving you your first tSCRT! You should see your SCRT balance reflected on the swap page.

Now you can acquire your first secretETH by utilizing the AMM! (Don’t worry about the price – it’s testnet, after all.) You’ll see the price impact and fees paid reflected as well. Press Swap and approve the Keplr transactions!

Now your SCRT is swapped for secretETH! To see your balance, you’ll need to create a viewing key. This ensures that only holders of the viewing key can decrypt the balance of secret tokens held by your account. (If you never share your viewing key, only you can see the secret tokens you hold – part of the privacy protections that are given by Secret Network and secret tokens.)

Press View and approve the transaction in Keplr to create a viewing key for your secretETH. You should now see your balance!

Want to try out providing liquidity? Click over to Provide and you can add double-sided liquidity to the pool! First, approve secretETH via one transaction, then click the Provide button to contribute to the pool. You’ll see your expected gain in the share of the pool, plus you can unlock a viewing key to see your current share of the pool as well.

Liquidity Provider Incentives

A front-running resistant, cross-chain, privacy-protecting AMM is cool. But so are LP incentives!

Next week, we’ll be sharing more details about what types of rewards and incentives will be available for early liquidity providers on the Secret AMM. Remember that the AMM will support pools for ANY secret token – including all those currently supported on the Secret Ethereum Bridge and whichever are supported in the future!

Previously we’ve announced up to 2 million SCRT will be made available to support the launch of Secret DeFi, including the AMM. So far 500,000 SCRT has been allocated to bridge mining rewards. Currently over $35M in Ethereum assets are currently earning rewards on the Secret Ethereum Bridge!

Check out the bridge here – and create your own secret tokens now!

Of course, this means many additional rewards still remain to incentivize Secret DeFi users. The launch of the Secret AMM on mainnet finally brings privacy-preserving, secure liquidity to secret tokens – the most important launch to date for Secret DeFi. You can be sure we want it to be a success.

We have one more exciting incentive to share: the Secret AMM will be community-governed, featuring its own governance token – a secret token native to Secret Network. This will enable Secret DeFi to continually decentralize over time and provide more value to users and liquidity providers. Importantly, this token’s distribution will be based on different aspects of usage, including the Secret Ethereum Bridge.

With this said, stay tuned to the Secret Blog next for more details on these opportunities and what you can do to take advantage!

What’s Next?

This week and next we’ll have other exciting announcements, including:

  • New opportunities for liquidity providers for wSCRT, a wrapped version of SCRT on Ethereum
  • A new unique Secret DeFi product live on mainnet
  • A closer look at opportunities for LPs on the Secret AMM
  • more secrets.

Keep an eye on the Secret Blog, our Twitter, the Secret Chat, the Secret Forum, the community Telegram, and other channels. We’re excited to share everything.

After building the foundation for so long, it’s time for the secret to come out.

Secret DeFi is here.

Onwards and upwards!

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

Website | Forum | Twitter | Discord | Telegram