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Secret Bridge Mining is LIVE!

You can now lock your ETH and ERC-20s on the Secret Ethereum Bridge and mine for your share of 500,000 SCRT - part of 2M SCRT allocated towards the launch of Secret DeFi!

Secret Network
12 Jan 2021 • min read

Hello to the community!

We are excited to announce that Secret bridge mining rewards are now live! By using the Secret Ethereum Bridge, you can begin earning your share of 500,000 SCRT. We've previously announced that up to 2 million SCRT will be allocated towards the launch of the Secret DeFi ecosystem. Secret DeFi is front-running resistant and privacy-preserving by design. The first phase of Secret DeFi launch is the introduction of bridge mining rewards!

To deposit your Secret Tokens and begin earning, visit:
https://bridge.scrt.network/earn

After launching the bridge in December and taking some time to ensure its stability and security, we've recently begun sharing the bridge far and wide - and we've seen TVL jump as a result!

Keep reading to learn more about:

  • Bridge mining rewards and how to earn them
  • What's special about Secret Tokens and Secret DeFi
  • What's next for Secret DeFi - and how you can join us!

About Bridge Mining Rewards

For six weeks after the launch of bridge mining rewards, 500,000 SCRT will initially be allocated to the ETH and ERC-20 bridge pools. 250,000 SCRT will be allocated to users who lock secretETH on the bridge. The other 250,000 SCRT will be allocated to users who lock Secret versions of ERC-20 assets and distributed based on the TVL (total value locked) across all ERC-20 pools.

If you have already created your Secret Tokens, remember you need to lock them in the mining contract on Secret Network to begin earning your share of rewards! This is extremely simple to do and only costs a little bit of gas on Secret. Visit: https://bridge.secret.network/earn

At the time when mining rewards were initially allocated, here were the balances in each ETH and ERC-20 pool. As previously announced, only ERC-20s with balances above $50k TVL will be eligible for rewards in Week 1, and only ERC-20s with balances above $100k TVL will be eligible for rewards after Week 1. As of February 2021, that means the currently active pools are: ETH, WBTC, DAI, YFI, OCEAN, LINK, USDT, TUSD, MKR, DPI, UNI, BAND, RSR, BAC, and AAVE.

See all deposits at: https://bridge.scrt.network/tokens

You can lock any of the Ethereum assets supported on the bridge at any time and turn them into Secret Tokens! Will you join an existing pool and build liquidity? Or will you help take one of the smaller pools over the $100k threshold?

Any Secret Tokens you create are transferable to any address on Secret Network, and you can take them back over the bridge at any time to get back your Ethereum assets. They'll only be earning mining rewards if locked on the bridge, however.

Want to see additional Ethereum assets supported on the bridge? Fill out this form to get in touch. New assets are occasionally added to the bridge based on community demand and expected TVL. We're also actively exploring bridges to other ecosystems, including Cosmos - so stay tuned as Secret DeFi expands!

Ready to get started? Here's a complete bridge mining tutorial!

More About Secret Tokens and Secret DeFi

Imagine a system where any operation you do, across any DeFi service (be it trading, staking, lending, providing liquidity, issuing synthetic tokens, etc.) can happen with privacy. That’s the vision of programmable privacy and Secret Network - and it's unique to our ecosystem. This is great for data privacy, security, and usability, but there’s something even bigger at play here.

Each DeFi user actually gains more privacy with each additional DeFi service and every dollar worth of additional value locked in the ecosystem, leading to privacy network effects. The reason for this is that the aggregate liquidity across all DeFi applications directly quantifies the level of privacy you obtain (this is also known as the anonymity set). Think about these privacy gains like vaccination: the more people who inoculate themselves by using Secret Network to protect their privacy, the more benefits everyone else in the Secret DeFi ecosystem gains.

Many people already care about privacy — enough to use dedicated services like mixers. But mixers require users to come up with separate liquidity pools, failing to achieve network effects. Secret DeFi can combine the enthusiastic pioneers of DeFi with those who passionately believe in the necessity of privacy. Privacy enthusiasts would enter DeFi because the higher liquidity means more privacy. Conversely, DeFi enthusiasts would see more liquidity coming from both themselves and their privacy-aware peers.

Secret Tokens are the first step towards this vision. They are based on a token standard on Secret Network and are like ERC-20s, except:

  1. all balances are encrypted
  2. the arguments into a transfer operation are encrypted

Simply put, this ensures that any transaction and all rolling balances are forever kept encrypted. Each person can still query their own (and only their own) balance, as well as send tokens to others, privately.

What's Next for Secret DeFi?

A couple unique "killer apps" for Secret Tokens are currently in development and coming soon to mainnet during the bridge mining rewards period! These include two apps in particular:

Secret-based OTC: more trustless, non-custodial, privacy-preserving over-the-counter trading for any Secret Token! (Update: Successfully launched on mainnet in February 2021.)

Secret Auction Web App is LIVE on Mainnet!
The first and only crypto auction platform with privacy by default is now LIVE. Bid for any secret token, with any secret token. Try it now!

SecretSwap: the first AMM on Secret, constant function market makers powered by "secret contracts" that address privacy and usability challenges for DEXes.

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.

By turning your Ethereum assets into Secret Tokens, sending them privately on our network, and sending them back over the bridge to Ethereum, you are gaining programmable privacy for your ETH and ERC-20s at a fraction of the cost of existing Ethereum privacy solutions! Plus, you're gaining access to all the applications in the Secret DeFi universe, including OTC and AMM.

We've allocated up to 2M SCRT in rewards to support the launch of Secret DeFi, so stay tuned for more ways that you can earn rewards for participating in the expansion of this unique liquidity ecosystem - all built on Secret Network. Watch the Secret Blog, Secret Twitter, Secret Chat, and other channels for more information...

We're excited to bring Secret's unique privacy solutions to the Ethereum ecosystem and beyond. Bridge mining is just a first step towards getting more users involved in growing a more secure, more accessible, and more usable global open financial ecosystem. As we continue to bring the power of programmable privacy to more ecosystems and assets, we hope you will join us in our mission of empowering and protecting millions of users around the world.

Happy bridging!

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

Website | Forum | Twitter | Discord | Telegram