Hello to the Secret community!
It’s been one year since Secret Network pioneered private smart contracts. The SCRT Labs team has been hard at work preparing for Supernova – a major network upgrade that establishes Secret as the cross-chain privacy-first platform for Web3, enabling hundreds of new unique use cases for DeFi, NFTs, and beyond. Today, Supernova has successfully gone live, bringing programmable privacy to Cosmos and embedding Secret further into the foundation of the Web3 metaverse.
Supernova introduces our IBC integration, which will finally connect Secret Network with blockchains across the Cosmos ecosystem (in addition to the existing Secret bridges to Ethereum, BSC, Monero, and more!). IBC also allows SCRT to be used in cross-chain Cosmos applications (such as Osmosis, Gravity DEX, and Terra-based dApps) and provides Secret Network’s unique privacy features to the entire Cosmos ecosystem.
Supernova also empowers the following:
- Up to 10x cheaper gas fees
- Faster & more efficient transactions
- Improved network performance and greater scalability
- Secret Contract specification optimization
- Cosmos SDK 0.44 features
- Relayers to other networks such as Atom, Terra/Luna, Osmosis, Juno, etc.
- Fee Grant module – allows an address to give an allowance to another address
- Upgrade module – Allows triggering of network-wide software upgrades, which significantly reduces the amount of coordination effort hard-forks require
- Auto Registration – New node registering process is now automated via a new command
See the full change log here – and check out the full Supernova Documentation!
As you can see, Supernova introduces a number of major network improvements, including additional modules that should greatly simplify network upgrades and workflows for developers that want to integrate Secret Network seamlessly in consumer-oriented applications. Supernova also adds support for interchain accounts and brings new CosmWasm improvements to our runtime. Alongside the Supernova upgrade comes new Secret applications launching on mainnet, new partners and collaborators, and millions of new possibilities for users and developers.
Read on to see what you can expect next!
IBC Activation
There’s another major milestone in our immediate future: IBC activation.
As previously communicated, we originally aimed to have IBC activated immediately upon the launch of Supernova. However, taking into account the expert advisement of other communities that have integrated IBC, we have chosen a slightly safer path.
The Supernova upgrade will immediately improve many scalability issues and introduce new modules, but IBC itself will need to be activated via an on-chain proposal. (That means there’s no need for any more mainnet upgrades – this is just an extra proposal to turn on IBC, very similar to what was done recently on Terra, Injective, and other IBC-enabled chains.)
As of this moment, our target date for IBC activation is around November 22nd (with a proposal to be made around November 15th), which gives our community some extra time to ensure stability of the network upgrade and to work with other IBC-enabled chains to set up the next steps of our integrations and collaborations. It also allows us to ensure relayer support (see more below).
Given the extremely hard work from SCRT Labs and all our secret node validators in supporting this upgrade, allowing this extra period before IBC is activated will definitely benefit all stakeholders inside and outside the Secret ecosystem. Stay tuned to this blog and all our official channels (including Twitter and Discord) for critical updates!
Terra/Luna Integration
Upon completion of a relayer connection, the IBC bridge will empower integration and support for LUNA and UST, with powerful possibilities of deeper integrations across the Terra and Secret ecosystems. Here’s what users from what both ecosystem can expect upon completion of relayers:
- Programmable privacy for native Terra assets
- Support for native Terra assets as secret tokens within front-running resistant Secret DeFi (i.e. SecretSwap)
- Availability of SCRT within the Terra ecosystem
This gives LUNA and UST holders immediate access to Secret DeFi applications like SecretSwap, helping support Secret Network’s role as a hub for privacy-preserving cross-chain swaps. Secret already allows a number of tokens (e.g., ERC-20s from Ethereum, BEP-20s from BSC) to be moved and swapped across chains, and this bridge will give the same access and functionality to Terra-based assets.
In the future, combining the breadth of Terra’s dApp ecosystem with Secret’s unique privacy capabilities unlocks many potential collaboration avenues across Mirror, Anchor, SecretSwap, Sienna, and many other protocols across our networks. Development teams from both ecosystems are already collaborating and planning new incentives and opportunities for our joint communities. We look forward to exploring any and all of these possibilities while expanding what’s possible for users, traders, LPs, and more!
Osmosis & Gravity DEX
Supernova also brings new liquidity for SCRT across the Cosmos!
Osmosis is a proof of stake (PoS) blockchain with a decentralized exchange application enabling users to provide liquidity, swap, and in the future natively stake the tokens of blockchains from across the Tendermint ecosystem. Osmosis serves as an automated market maker (AMM) that connects to other Tendermint‐based blockchains, creating a heterogeneous and interoperable cross‐chain trading experience for users. With over $600,000,000 in liquidity and over $30,000,000+ in daily volume, Osmosis provides a substantial new opportunity for LPs.
Gravity DEX is another Cosmos based interoperable AMM that makes exchanging and trading easier than ever – with connections to other ecosystems such as Ethereum.
Upon completion of relayer connections from Secret Network to Osmosis & Gravity DEX, the IBC bridges to these DEXs will empower Secret Network users to be able to trade SCRT for other crypto assets across the Cosmos. Additionally, acquiring SCRT will be significantly easier for users globally – an important point of growth for our privacy-first DeFi and NFT ecosystems.
Cross-chain Contract Calls
This network upgrade lays the foundation for an even more powerful interoperability milestone: cross-chain contract calls. The upcoming IBC roadmap will allow for privacy-focused use cases that leverage cross-chain contract calls to Secret Network. Leveraging the Secret Network tech stack, other blockchains will be able to implement data privacy to components of their applications.
Imagine a payment app on a transparent blockchain where authentication and invoice metadata is transacted with privacy on Secret Network, but with the settlement still occurring on the respective public blockchain. Or imagine an application that leverages the unique encrypted access controls empowered by Secret NFTs, while still using the respective transparent blockchain for settlement. Or imagine locking up an overcollateralized position on another chain that triggers the minting of a privacy-preserving leveraged position on Secret Network, empowering transparent DeFi to be able to interact with privacy-preserving DeFi.
The possibilities of what can be built are endless, and we are only just beginning to understand the implications of Secret Network as the data privacy hub for Web3. Supernova is an explosive step forward towards that future!
Relayers
As the Supernova upgrade implements IBC, we also have a new need for relayers!
In the IBC architecture, blockchains are not directly sending messages to each other over networking infrastructure, but rather are creating messages to be sent which are then physically relayed from one ledger to another by monitoring “relayer processes.” IBC assumes the existence of a set of relayer processes with access to an underlying network protocol stack (likely TCP/IP, UDP/IP, or QUIC/IP) and physical interconnect infrastructure. These relayer processes continuously scan the state of ledgers that implement the IBC protocol and relay packets when needed to request transaction execution on connected ledgers when outgoing packets have been committed. Running relayers is open to everyone!
Are you interested in becoming a relayer for Secret Network? Check out the official IBC documentation and join the Secret Network Discord validator section to learn more about how you can get started relaying between multiple networks!
Stashh
With the launch of Supernova, the way is now cleared for new Secret Apps to arrive on mainnet in November!
One highly anticipated application is Stashh. Secured by Secret Network, Stashh is the first full-stack marketplace and platform for NFTs with native privacy, allowing creators, collectors, and consumers to truly benefit from and control the Web3 digital economy.
Stashh’s roadmap contains the following important features:
- Content and financial privacy for artists
- Private-by-default ownership for collectors
- On-platform minting and secondary sales
- Trustless access control
- Public/private metadata, with private content for owners only
- Private galleries (v2)
- Private auctions (v2)
Join the Stashh community on Discord, or learn more about Stashh here:
NFT Launches: Tarantino and More!
In addition to the launch of Stashh, we have many unique creators and use cases for Secret NFTs on the way…
The most prominent upcoming launch is Quentin Tarantino’s release of his own set of Secret NFTs, featuring never-before-seen content and secrets that are only visible to the owner. This announcement was covered widely in the mainstream press, including CNBC, Bloomberg, CNN, and more.
Each NFT at auction contains “secret” content viewable only by the owner of the NFT, a groundbreaking and unique feature enabled by Secret NFTs. The secret content itself is one-of-a-kind, has never been seen or heard before, and will include: the uncut first handwritten scripts of “Pulp Fiction” and exclusive custom commentary from Tarantino, revealing secrets about the film and its creator. The public metadata of the NFT – the “front cover” of this exclusive content – is rare in its own right: a unique, never-before-seen, public-facing work of art.
The first auction will take place in partnership with OpenSea, the largest ETH-based NFT marketplace!
Alongside this extremely unique and rare collection, there will also be a community drop from the Tarantino NFTs team that will accompany the release of these seven unique pieces. This collection will include up to ten iconic and unique props from Quentin Tarantino’s movies that will be photographed and turned into art pieces. Mr. Tarantino himself has curated and overseen the process of producing these NFTs.As you might imagine, there’s many more secret artists on the way – and a number of other NFT-based Secret projects in the works. Make sure you keep an eye on some of these Twitter accounts…
@AntheaLand
@scrt_collective
@SecretDogsNFT
@DomeriumLabs
@emprops_io
@MysticSkulls
@secretheroesnft
@AnonsNFT
@TarantinoNFTs
Staking Derivatives
Staking derivatives are an increasingly popular product on Proof of Stake networks, specifically in the Cosmos interchain. Secret staking derivatives give access to the long term and fundamental value of staking rewards as well as the claim to the underlying locked SCRT. Furthermore, because the Secret staking derivative token is a direct representation of this underlying value, the staking derivative can be used in any Secret DeFi product, serving as collateral, liquidity, or even as a form of lending.
Secret staking derivatives can unlock an entirely new layer of value that was not previously possible. This is an exciting opportunity to increase the APY for SCRT already bonded to the network – and it’s even more of a reason for users to stake on Secret Network! Currently, users can earn up to 30% annually just for staking their SCRT.
What are the macro goals of implementing Secret Staking Derivatives?
- Creation of synthetic, fungible assets that accrue staking rewards
- Enhances the privacy and security of Secret Networking by increasing the bonded SCRT
A component unique to Secret staking derivatives is privacy. Some users might be apprehensive about taking a staked position on Secret Network due to the public nature of SCRT staking. Because Secret staking derivatives are a SNIP-20 token, a user can purchase the derivative on a DEX on Secret Network, and then privately sell their position to “cash out” their rewards in a privacy-preserving manner.
In conclusion, here are some benefits of Secret Staking Derivatives:
- Immediate liquidity. Liquidity for the staking derivative is guaranteed, and you bypass the 21-day unbonding period. This opens new opportunities for those that hold SCRT but want to maintain flexibility.
- Liquidity for Secret DeFi. New valuable DeFi services can be powered and expanded by Secret staking derivatives. This makes sure there is no shortage of liquidity due to bonded coins.
- Privacy by default. This is unique to Secret Network. Having a privacy token as a staking derivative not only increases financial privacy on the network, but in addition unlocks ways to stake in a completely private manner!
With the Supernova upgrade, we expect staking derivatives products that have been built out prior to Supernova to go live soon as a result of the efficiency upgrades in Secret Contracts.
So What Now?
The past year proved that Secret Network is functional and powerful. With IBC enabled, the coming months and years will prove that you can’t build without Secret. Privacy is essential to the security and the growth of Web3 beyond its early stages of adoption. Specifically, users and developers require “programmable privacy”: the ability to choose which data is public and which data is private, to whom, and under which circumstances, even in a permissionless environment.
The importance of privacy is often misunderstood, but it is essential to understand the point. None of this vision is about building a world where everything is private from everyone all of the time. It’s not about creating silos, or hiding yourself, or staying out of sight. By introducing programmable privacy, we seek to destroy data silos, empower users, and free people around the world to pursue growth and experiment – letting them use and build never-before-possible permissionless applications.
We believe protecting privacy is what allows people to truly express themselves and find freedom in their own identities without fear. Isn’t that the mission of building Web3?
This can be your mission too. Become a Secret Agent, build Secret Apps, run Secret Nodes, and help create and secure the privacy platform for the decentralized web.
Secret Network welcomes you fully. And there’s never been a more explosive moment to start building alongside us!
Learn more at: https://scrt.network
Become one of the Secret Agents, core community contributors who can earn special access and rewards: https://scrt.network/agents
Follow us on Twitter: https://twitter.com/secretnetwork
Join the Secret Discord Chat: https://chat.scrt.network
Join the Secret Forum: https://forum.scrt.network
Join the Secret Community Telegram: https://t.me/scrtcommunity
Learn how to start building at: https://docs.scrt.network
Learn about Developer Grants:
Onwards and upwards!
To discuss Secret Network and Secret Apps, visit our community channels:
