SecretSwap is LIVE on Mainnet!

Secret Network
February 17, 2021

Hello to the community!

Today we are proud to announce the launch of SecretSwap on the Secret Network mainnet – the first AMM (Automated Market Maker) to be launched in our ecosystem and a one-of-a-kind product for the blockchain space. This is a critical piece of Secret DeFi, unlocking new liquidity for secret tokens!

Secret tokens are fungible tokens native to Secret Network that are private by default, and they can represent any native or off-chain asset (including Ethereum assets, thanks to our Secret Ethereum Bridge). On Secret Network, all users benefit from privacy network effects – the more usage there is of Secret Apps, the more security users gain.

SecretSwap allows users to trade any secret token for any other. It works like Uniswap or SushiSwap, but with lower costs and higher user security. For example, because smart contracts on Secret Network have encrypted inputs, outputs, and state, miners are not able to front-run any orders submitted to the AMM. Tokens that users buy on SecretSwap can be transferred with privacy on Secret Network, used in other Secret Apps, or sent over bridges back to native chains (including Ethereum). Network fees for interacting with SecretSwap are paid in SCRT, like all other secret contracts.

As more bridges are built in the Secret ecosystem – including integration of IBCSecretSwap will become a cross-chain, privacy-first, front-running resistant liquidity hub. And as an early user, you can already begin reaping the rewards of its future growth.

Read on to learn:

  • How to start using SecretSwap right now
  • More about the new native governance token for Secret DeFi, and who is eligible to receive it
  • What’s next for Secret Network and Secret DeFi

Try SecretSwap Now!

You can access SecretSwap (as well as Secret Bridges and Secret Earn) at:

SecretSwap currently supports any secret token, including all the tokens supported by the Secret Ethereum Bridge. This includes secret versions of: ETH, YFI, LINK, WBTC, OCEAN, RSR, UNI, SUSHI, DAI, USDT, USDC, AAVE, BAND, MKR, DPI, TUSD, BAC, SNX, COMP, and KNC.

That means you can swap secretETH to secretSCRT, secretUSDT to secretETH, and so on. Contribute liquidity to an existing pool or add your own! You can also create pools for native secret tokens (such as FATS!).

Over 1,500 addresses have already used the Secret Ethereum Bridge to create secret token versions of their ETH assets. Over $50M of ETH assets are currently deposited in the bridge and earning yield as part of our bridge mining program. You can be earning APYs on ETH and supported ERC-20s of between 20-30%!

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 DeFi Governance Token

We’ve previously announced that there will be a native governance token deployed for the Secret DeFi ecosystem (referred to as GOV for the purposes of this blog). More detailed information will be shared next week on how the initial distribution of GOV will be weighted.

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.

As mentioned previously, SecretSwap will first be deployed without the governance token active. This will begin a mainnet testing period for the AMM. The GOV token is expected to be added to SecretSwap before the end of Q1 2021 (with a specific date to be announced in the future). LPs and traders who are active on SecretSwap before the launch of the GOV token are expected to be eligible for the initial distribution based on this activity.

There will be three main ways to earn GOV: launch distribution, rewards for liquidity providers and traders, and rewards for GOV stakers.

Launch Distribution

The GOV token will initially be distributed on both Ethereum and Secret Network. This also means that GOV will be included to the Secret Network Ethereum bridge and can be moved across the two networks. Initial distribution is expected to be as follows:

  • 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 all users of SecretSwap before the launch of GOV tokens.

Usage based rewards

GOV will be distributed over 5 years to users of SecretSwap, mainly liquidity providers and traders. GOV will only be distributed to certain pools of SecretSwap and these pools will be subject to governance decisions.

  • TVL based GOV rewards: GOV rewards allocated for TVL based contributions will be distributed each block based on the respective sizes of each pool. Different pools will have different weights and the rewards will be distributed according to these weights. i.e. if PoolA has weight 2 and PoolB has weight 1, PoolA will receive 2x GOV assuming both pools have the same TVL.
  • Trading based GOV rewards: Since trading volume is an important metric for SecretSwap, we are introducing the concept of a Cashback Token. Users earn cashback tokens for trading on certain high impact pools. Cashback Tokens received from trading activity will later be redeemable for GOV tokens.

What’s Next for Secret Network and Secret DeFi?

The Secret ecosystem is continuing to rapidly expand. There are many products in development for Secret Network being built by many different development teams. Some are focused on decentralized financial applications, while others are focused on even bigger visions for utilizing the unique power of Secret Network and programmable privacy. Here’s just a selection:

  • Secret Auctions (decentralized OTC, already live on mainnet)
  • Humanode (decentralized biometric authentication, in development)
  • Sienna Network (privacy-first DeFi suite)
  • Secret NFTs (a non-fungible token standard with programmable privacy)
  • More unrevealed Secret products… 🤫
  • More unrevealed Secret Bridges… 🤫

Want to help us build? We’ve just announced the Secret Grants program, where developers can receive funding for critical ecosystem tooling, products, and protocol improvements.

Announcing the Secret Network Grant Program
Secret Network is growing fast – now you can grow with us. Come build Secret Apps, network improvements, and ecosystem tools, and receive grants for your efforts!

This is a momentous launch for Secret Network, but it is only yet another beginning. We expect initial liquidity to improve over the coming weeks as new incentives are introduced, the governance token is launched, and new products and bridges are announced.

Revolutionizing decentralized finance and providing unique new features and user protections is a long process. Builders and users together will help Secret DeFi expand to secure more assets and build liquidity and accessibility. Let’s continue our collaboration and achieve great things together 🙂

Onwards and upwards!

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

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