Wrapped SCRT is Now Live on Ethereum!

Secret Network
January 26, 2021

Hello to the Secret community!

Today we have an exciting announcement: Wrapped Secret (wSCRT), a synthetic ERC20 version of SCRT (Secret Network’s native coin), is now live on Ethereum mainnet!

The token address for wSCRT is: https://etherscan.io/token/0x2b89bf8ba858cd2fcee1fada378d5cd6936968be

The Uniswap pool address for ETH / wSCRT is: https://info.uniswap.org/pair/0x438d3e9cacab4614a8f1613ac7b182378d76e1f8

You can also find wSCRT listed on Coingecko: https://www.coingecko.com/en/coins/secret-erc20

The Secret Ethereum Bridge has been live on mainnet since December, allowing users to turn their ETH and ERC-20s into Secret Tokens – privacy-preserving tokens on Secret Network that follow the SNIP-20 standard. Secret tokens are programmable like ERC-20s but preserve privacy like Zcash or Monero. They are the foundation of Secret DeFi, a cross-chain, front-running resistant, and privacy-preserving decentralized financial ecosystem powered by Secret Network. Already over $37 million of Ethereum-based assets have been deposited to the bridge in just the past two weeks!

Now we’ve made the bridge bidirectional, allowing users to take their SCRT and wrap it on Ethereum as wSCRT – or to take wSCRT from Ethereum and convert it back into SCRT! For the first time, this allows wSCRT to be used within the Ethereum DeFi ecosystem, including on Uniswap. In fact, an ETH/wSCRT pool is already available!

In this post you will learn:

  • How to turn SCRT into wSCRT, and vice versa
  • How to use wSCRT in Ethereum DeFi, starting with Uniswap
  • What this means for Secret DeFi – and the launch of our Secret AMM!

Read on, and happy wrapping and bridging!

How to Create wSCRT

To make creating wSCRT easier for SCRT holders, here’s a video from WhisperNode demonstrating the full process of creating wSCRT and depositing in a Uniswap pool!

Because it can get confusing for those who are new to Secret Network, it’s helpful to start out with some quick definitions:

  • SCRT: the native coin of Secret Network, used for staking, governance, and network fees / gas. Just like ETH is necessary for interacting with Ethereum applications, you’ll need SCRT to use applications on Secret Network!
  • secretSCRT: a privacy token version of SCRT itself. You can always redeem secretSCRT for SCRT, and you can always create secretSCRT using SCRT (i.e. they are always 1:1). It’s quick and easy to convert secretSCRT to SCRT (or vice versa) at any time using the Keplr wallet. You can learn more about secretSCRT in this blog post, which includes a full walkthrough video!
  • wSCRT: an ERC-20 version of SCRT that lives on Ethereum. Using Secret Ethereum Bridge, you can always redeem wSCRT for secretSCRT, and you can always create wSCRT with secretSCRT. Thus wSCRT <> secretSCRT <> SCRT are always 1:1.

Note that while secretSCRT is a privacy token, wSCRT and SCRT are not privacy coins. You can see wSCRT transactions on Ethereum block explorers like Etherscan, and you can see SCRT transactions on Secret Network explorers like Secretnodes.com.

With that out of the way, here are the steps to create wSCRT:

  1. Go to the Secret Ethereum Bridge at https://bridge.scrt.network
  2. Connect your Metamask and Keplr wallets.
  3. Select “Secret -> ETH” and “SNIP20,” then select “secretSCRT” from the dropdown.
  4. Enter the amount of secretSCRT in your Keplr wallet that you want to convert to wSCRT, as well as a destination address on Ethereum.
  5. Click “Confirm” and go through the wallet popups to create your wSCRT!

[Note: at the moment, you can only create wSCRT from secretSCRT. You can’t go directly from SCRT to wSCRT. However, it is easy to move from SCRT -> secretSCRT -> wSCRT, or to move from wSCRT -> secretSCRT -> SCRT.]

If you currently have SCRT coins that you want to turn into wSCRT and use in Ethereum DeFi, you should first follow this guide for creating secretSCRT from SCRT. It should take you less than a minute! Then you’ll be able to follow the steps listed above to create wSCRT. You can also use any secretSCRT tokens you’ve earned via bridge mining to create wSCRT using the same steps above.

Using wSCRT in Ethereum DeFi

wSCRT enables users to gain access to the Secret Network ecosystem via Ethereum. This also means wSCRT can be used in any existing Ethereum DeFi applications – including on Uniswap, the highest volume Ethereum-based DEX.

As of now, there is one Uniswap pool to acquire wSCRT: wSCRT / ETH. Users can acquire wSCRT using ETH or vice versa.

Check out this walkthrough video on how to acquire wSCRT via Uniswap and turn it into secretSCRT!

Similar to the steps in the last section describing how to turn secretSCRT into wSCRT, you can turn wSCRT back into secretSCRT on Secret Network by using the Secret Ethereum Bridge:

  1. Go to the Secret Ethereum Bridge at https://bridge.scrt.network
  2. Connect your Metamask and Keplr wallets.
  3. Select “ETH -> Secret” and “ERC20,” then select “wSCRT” from the dropdown.
  4. Enter the amount of wSCRT in your Metamask wallet that you want to convert to secretSCRT, as well as a destination address on Secret Network.
  5. Click “Confirm” and go through the wallet popups!

Once you’ve unwrapped your wSCRT in this manner, you can leave your new secretSCRT as a privacy token or easily convert it to SCRT (again, consult this easy guide). With secretSCRT, you can transact privately anywhere on Secret Network or interact with Secret DeFi applications! But by turning it into SCRT, you can pay for gas fees on Secret and also start staking. Currently staking yields for SCRT are between 30-35% annually – an extremely attractive opportunity. You can start delegating to any active mainnet node straight from your Keplr wallet!

And yes, there’s one more walkthrough video showing how to turn your secretSCRT into SCRT and start staking!

What’s Next?

By strengthening the connection between Secret’s private-by-design application ecosystem and Ethereum, we’re preparing for our next phase of growth! A number of different Secret Apps are in the final stages of development – including a decentralized auctions platform and a front-running resistant AMM.

There’s a ton of opportunities for users right now and in the near future, so read carefully!

  1. Bridge mining: for the next four weeks, you can continue to lock your Ethereum and ERC-20 assets on the Secret Ethereum Bridge and earn bridge mining rewards without impermanent loss! Currently APYs for ETH is 11% and ERC-20s range between 11-28%! Check out the bridge earn page for the latest figures.
  2. wSCRT Uniswap Liquidity Rewards: expected to be introduced in February, this incentivizes wSCRT liquidity providers on Uniswap! You can transfer your LP tokens from wSCRT/ETH pool on Uniswap to Secret Network using the Secret Ethereum bridge. There you can stake your LP tokens into a rewards contract (similar to how Earn currently works for bridge mining) to receive secretSCRT rewards.
  3. SCRT Staking: as mentioned, staking ROI on Secret is currently between 30-35%. You can turn all your secretSCRT rewards (or your acquired wSCRT) into SCRT and start staking immediately!

In addition to all this, we’re happy to finally share the upcoming timeline for the launch of the Secret AMM – a cheap, cross-chain, front-running resistant, and private-by-design AMM built on Secret Network.

Week of February 1: Secret AMM deployed on testnet!

Week of February 15th: Secret AMM deployed on mainnet!

This launch will bring liquidity to all Secret Tokens on Secret Network. In addition, there will be a number of rewards and incentives for early liquidity providers on the Secret AMM. This is part of up to 2M SCRT in rewards that have been allocated to support the launch of Secret DeFi!

We are excited that this launch of wSCRT will lower the friction of accessing the Secret Network ecosystem and provide cross-chain yield opportunities to both Secret Network and Ethereum communities.

If you require support of any kind or have questions about Secret, wSCRT, the Secret AMM, or anything else, please join the Secret Chat (Discord) or post on the Secret Forum (https://forum.scrt.network). We’ll share all of our upcoming announcements on those channels and also on Twitter, this blog, and Telegram. We’d love for you to join our community and become a Secret Agent!

Onwards and upwards!

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

Website | Forum | Twitter | Discord | Telegram