Secret Network Updates
A new look at the privacy-focused blockchain and how it improves DeFi and NFTs
Since I last wrote about Secret Network back in March, there has been no shortage of progress on the network. The team behind the privacy-focused cryptocurrency has been hard at work improving many aspects of their platform.
Although the entire cryptocurrency market is still trying to recover from a recent ‘crash’, projects are still plugging away despite the loss of monetary value. This is great for crypto as a whole since it shows how resilient projects can be in the face of lots of doubt.
This is easily what I consider to be the most promising part of the ecosystem. SecretSwap is the first dive into private DeFi and has been progressing considerably over the last couple of months. SecretSwap itself has over $50 million in liquidity with over $100m in Ethereum assets being put to work.
v2 launched only last week and boasts a considerable UX improvement alongside some performance and stability changes. v2 can be found here for those interested in seeing the changes. The UI is still very familiar but is much more streamlined from the previous iteration. Another welcome change is the addition of a dark mode.
Although v2 is a welcome change, there are some more exciting changes in the works. Currently, the mainnet offers access to an Ethereum bridge to bring ETH to SecretSwap. Binance Smart Chain and Polkadot bridges are also in the works. But for a very privacy-focused community, there is one even better option soon to be available: The Monero Bridge.
By providing an entry point for Monero users, there is now a way to privately become involved in the platform from beginning to end. With Monero being inherently private, there isn’t a lot of identifiable data at the entry point. From there, secret contracts take over and retain that privacy while using sXMR on the platform. Once a user wants to cash out back into XMR, privacy is still retained when it goes back to their XMR wallet.
This is what I’m incredibly excited for as it ties together two of the most private cryptocurrency options into one package. I’ve always found Monero, XMR, to be a great project and hope to see it flourish. I think the future support for this crypto will help with adoption and bring a like-minded community into the Secret Network ecosystem. More info on the inner workings of the bridge can be found here.
Another update that was teased for a while was the inclusion of NFTs in the platform. Utilizing all the capabilities of secret contracts and tokens, non-fungible tokens are now readily available. Secret Network looked to be ahead of the NFT development curve by proactively developing the SNIP-721 standard for NFTs.
SNIP-721 helps build upon the idea of creating an interoperable blockchain right out of the box without having to offer any major updates in the future to achieve this. Aside from the additional interoperability and the inherent privacy of it, they function like any other NFT. They are still unique tokens that can represent all the expected properties and items. More information on Secret NFTs can be found here, as well. It also covers some experimental ideas for future NFTs on the platform.
Secret Heroes is the project that is pioneering NFTs. It is a superhero focused game on the blockchain. Users can utilize their SCRT and mint heroes who will then battle in the arena. Minted heroes have unique skins and skills. Skills have randomly generated stats attached to them. Once the heroes are minted and ready to go into battle, they will fight the heroes of other users. They will gain or lose stats based on the outcome of the battle.
It offers a great look at how NFTs can grow on the platform. Secret Heroes launched on May 11th and its launch boasted the second-highest gas usage on the network, right behind the launch of SEFI on SecretSwap. This is a great indicator of community interest in the game and it has still been showing promising numbers even after launch.
Charts aside, this is a great time to try to get involved in Secret Network. Despite the recent pullback in prices, trading volume for Secret Network hasn’t really slowed down. It’s currently at $3.6m over the last 24 hours, so there is a healthy amount of trading happening with the coin. The prices right now make for a great entry point into the platform. As of writing, SCRT is trading for around $1.80. Although it is tougher to get your hands on SCRT in the US, I do believe in this project and feel it is worthwhile.
I touched on it a bit more in my previous post about Secret Network, but privacy is really important. That’s why I find its DeFi offerings to be so much more promising versus platforms that may offer better DeFi capabilities at the moment. It’s still young and seeing more progress every day, so I think SecretSwap will grow to be something amazing in the future. The promise of more bridges will also allow for more communities to become involved in Secret Network.
Combining Monero with Secret Network is almost a no-brainer to me and is what I’m most excited about at the moment. As cryptocurrency continues to gain adoption, privacy is going to become more of a concern. This is where Secret Network will flourish and I think its value will only continue growing over time.