Secret Ethereum Bridge Update: Mining is Coming to Mainnet!
Starting January 12th, lock your ETH and ERC-20s on the Secret Ethereum Bridge and you can mine for your share of 500,000 SCRT!
Hello to the community! This is a special Secret bulletin, so pay attention 📻
We are excited to announce that Secret bridge mining rewards will be going live on mainnet starting Tuesday, January 12th! Starting on that date, you will be able to lock Secret Tokens you create using the Secret Ethereum Bridge and begin earning secretSCRT (a privacy token version of SCRT). At any time you can claim your secretSCRT, which you can keep as a privacy token, use in Secret DeFi, or easily turn back into regular SCRT.
The bridge is live at: https://bridge.scrt.network/
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!
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.
To make the opportunity extremely clear, here's what you'll be able to do:
- Create a Secret Token version of your ETH or ERC-20 assets by using the bridge. The bridge initially supports the following assets: $ETH, $YFI, $UNI, $BAND, $COMP, $LINK, $AAVE, $KNC, $SNX, $OCEAN, $MKR, $DAI, $USDT, $TUSD, and $WBTC. Your Secret Token will live in your Secret wallet in the form of secretETH, secretYFI, etc. You can do this right now using the Secret Ethereum Bridge!
- Starting January 12th, you can lock your Secret Tokens on the bridge to begin mining secretSCRT. Over time, secretSCRT rewards will accrue to your Secret account and can be claimed using the bridge via the Earn page.
- Meanwhile, you can transact privately with your Secret Tokens by sending them from Secret wallet to Secret wallet. Or you can prepare to use your Secret Tokens elsewhere in Secret DeFi, such as in a Secret OTC market or providing liquidity to the front-running resistant Secret AMM. These products are launching very soon - and more rewards will be introduced... stay tuned!
Secret Tokens are hugely innovative: programmable like ERC-20s, but privacy-preserving like Zcash. That's why we are so excited to get as many people as possible hands-on with them - and we can't wait to see what you build!
Here's a quick guide on how to use Secret Tokens like secretSCRT:
What can I do right now?
The Secret Ethereum Bridge was deployed to mainnet in December. Since then we've seen a number of users experimenting with the bridge and bringing programmable privacy to their Ethereum assets.
The bridge is live at: https://bridge.scrt.network/
The Secret Ethereum Bridge transfers between assets on the Ethereum network (ETH/ERC-20) and Secret Tokens, which are specified by the SNIP-20 spec. Secret Tokens combine the programmability of ERC-20s with the privacy of coins like Zcash or Monero. Interactions with Secret Token contracts are encrypted, viewable only to address owners or holders of their viewing key.
On the bridge page, you can view bridge transactions, see total locked assets, read through the FAQ, and (soon) view your earnings via bridge mining.
Before mining rewards go live, you can already move your ETH and ERC-20 assets across the bridge to prepare! There's just a few things you'll need to interact with the bridge:
Metamask: With over a million users worldwide, MetaMask provides a simple and secure way to connect to blockchain-based applications in the Ethereum ecosystem. It’s simple to set up and use! (You'll also need some ETH for gas.)
Keplr Wallet: Keplr is one of the most popular web-based wallets in the Cosmos/Tendermint ecosystem, supporting Secret Network, Cosmos, Kava, Akash, and other chains. They also have full support for Secret Tokens (funded by a community spend proposal)! It’s also very simple to set up and use - just follow this YouTube guide if you're having any problems!
Also, keep in mind that “secret” smart contracts on Secret Network use SCRT as gas in computations (similar to Ethereum). To interact with Secret Tokens (including creating viewing keys, burning, or sending them to other addresses), you’ll need some SCRT. The first time you use the Secret Ethereum Bridge to send assets over to Secret from Ethereum, you'll receive some SCRT as "bridge dust" in your destination Secret address. This will help pay for some of the gas costs on Secret, including creating viewing keys, sending secret tokens, converting secretSCRT, and more!
If you’re having trouble acquiring additional SCRT for gas, or if you have any questions about how to use bridge and need support, come join our main communities on Discord and Telegram for assistance - we're very helpful!
What happens next?
As we mentioned, bridge mining rewards will go live on January 12th, 2021. Make sure you're familiar with the bridge and have everything you need to mine Secrets!
Our attention as a community now turns to the expansion of Secret DeFi and other applications! We've previously discussed two exciting products in particular:
Secret Auctions: enabling more trustless, non-custodial, privacy-preserving over-the-counter trading. The first Secret OTC auction is already live on mainnet!
Secret AMM: constant function market makers powered by "secret contracts" on Secret Network can address privacy and usability challenges faced by decentralized exchanges like Uniswap. With development nearing completion, we expect this product to launch soon - and it may feature its own interesting rewards...
We're also constantly exploring bridges to other ecosystems beyond Ethereum, as well as support for more ERC-20s on the Secret Ethereum Bridge.
Have an asset or ecosystem you'd like to see supported? Reach out to us!
Make sure to keep an eye on the Secret Blog as we announce new bridges, new collaborations, new products, and new opportunities for the community!
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.