What is the Secret Ethereum bridge?
The bridge allows users to lock their ETH or ERC20 tokens in a smart contract on Ethereum and mint secretETH or secretERC20 on Secret Network. These “Secret Tokens” are wrapped tokens based on the SNIP-20 standard and feature encrypted input, output, and state by default.
Something happened! Are my funds gone?
No worries! Whatever happens, your Ethereum assets are safely stored in a multisig contract. Your funds are safe if you’ve entered a Secret Network address you control.
With that said, our legal team requires us to say that no bridge operators take any responsibility for direct or indirect damages that may be caused by using this software. Interacting with the Bridge is solely up to the user’s discretion.
What’s the cost of using the Secret Eth bridge?
For an entire journey (ETH -> SCRT -> ETH), users need approximately 500K gas on Ethereum. This amount is approximately ⅓ of the cost of using Tornado Cash.
Sending ETH/ERC20 to Secret Network
Alice spends <100K gas on Ethereum (ERC20s will need a one-time spending approval TX). The multisig committee covers gas on Secret Network.
Sending Secret Tokens to Ethereum
To burn her tokens, Alice pays a gas fee on Secret Network in SCRT
SCRT users also pay a fee deducted from their assets on Ethereum. This fee covers the gas cost of the multisig transaction to unlock the Ethereum assets of the multisig and accounts for the volatility in gas prices. It’s denominated in the base currency and is roughly equivalent to the cost of 500,000 Ethereum gas in the denomination of tokens you are withdrawing.
How does the multisig bridge work?
Ethereum uses a multisig lock/release smart contract. A 3-of-5 multisig transaction unlocks Ethereum assets sent to their deposit contract. The contract receives ETH and ERC20 assets from the holder of these tokens. The smart contract only releases these assets when the bridge operators collect the threshold number of three signatures on the Ethereum blockchain.
Minting on Secret Network requires the multisig committee to collect valid off-chain signatures and broadcast signed transactions to Secret Network. The difference is due to the multisig implementation on Ethereum and Secret Network — however, they both have an equal level of security. Two Secret Contracts manage each pair of assets (e.g., ETH<->sETH): The first is the swap contract to mint and burn tokens, and the second is the SNIP-20 contract, which manages the token.
For more information on SNIP-20, please refer to the standard’s documentation. In addition, you can see the bridge code here.
Who are the bridge operators?
The bridge operators are very reputable staking operators: Figment, Staked, B-Harvest, Citadel.one, and Enigma.
Which tokens are supported?
Currently, the bridge supports ETH, OCEAN, YFI, UNI, TUSD, SNX, MKR, DAI, BAND, LINK, AAVE, COMP, KNC, USDT, WBTC, and BAC. Please fill out this form if you want to see support added for other tokens.
However, we can’t guarantee liquidity for all tokens on Secret DeFi platforms. We recommend checking whether the token you want to bridge has enough liquidity on Secret DEXs. Go to Secret Analytics and click on one of the DEXs on the left to view liquidity for different assets.
What are the risks involved with Secret — Ethereum bridge?
Smart Contract risk
The multisig contract on Ethereum is based on an updated version of Gnosis MultiSigWallet, one of the most well-known and trusted multisig contracts on Ethereum. The code itself is very simple, meaning that the contract’s attack surface is minimal and provides a high degree of trust that locked funds are secure.
If the majority of the bridge operators, which are regulated and well-respected entities in the space, decide to collude, users are at risk of losing their funds. Similarly, suppose the operators, which are professional validator service providers, go offline. In that case, the users will be unable to move their funds before three of the five operators are online again. We have specifically chosen professional entities to minimize such risk, and requiring only 3-out-of-5 means occasional outages will not compromise service availability.
Ethereum Network congestion: The volatility of gas prices on Ethereum means that your cost of privacy will fluctuate based on network congestion. In addition, this may affect the time it takes to approve transactions and swaps.
Why do I have to unlock Secret Tokens? What is a Viewing Key?
Tokens on the Secret Network, based on the SNIP-20 standard, are private. Therefore, all transactions and balances are encrypted. Even your wallet software can’t know your balance without permission, which viewing keys provide. Unlocking a token means unlocking it.
Viewing Keys give your wallet or a site viewing permissions. The Viewing Key is a string stored by the SNIP-20 contract and is used to grant access to read-only queries. The Keplr wallet has built-in support for these Viewing Keys, and you can create them using the native interface. In addition, it is essential to know that each token requires a separate Viewing Key.
How can I get help?
Report any issues in the #🌉bridge-support channel on the Secret Network Discord server with one or more pieces of the following information:
Transaction id, e.g., 7fa14f19–219f8220–1f209e61–8911e539 in . Every bridge operation is associated with a unique transaction id, which is available in your web page URL. If you didn’t store the transaction id, it’s okay. Follow steps two or three.
Transaction hashes on Ethereum or Secret Network. You can find this information under the Transactions tab.
ETH or Secret account address you used for the bridge.
Please allow 24–48 hours for your issue to be resolved. Happy bridging!
What does it mean if Secret support mentions you need to push a stuck transaction again?
A database manages the pending and unsigned transactions. In that database, we can retry swaps if they have not been processed. When a user has a problem, the database is manually checked for consistency to ensure that the funds are not released, and that retrying the swap will not cause a double-mint.
Once we’re sure a retry is in order, we try again, and all the bridge nodes try to agree on signing it again. The process fails in the first place when network issues inhibit the consensus process and causes transactions to get left behind.