Privacy-focused decentralized application platform Secret Network this month received a significant boost for developers and businesses looking to build DeFi applications on its blockchain network.
The project launched SecretSwap, the first automated market maker (AMM) on the network. Like other existing decentralized exchanges like Uniswap and SushiSwap, SecretSwap will allow Secret Network users to convert Secret tokens seamlessly and comes with extra pecks such as lower fees and improved security.
SecretSwap will also support ERC-20 token swaps via the Secret-Ethereum Bridge, thus providing an alternative for Ethereum users to escape the fee hike and delayed confirmation times on the network.
Based on its cross-chain functionalities, SecretSwap will support the use of the Secret Network version of ERC-20 tokens to provide liquidity and earn fees from doing so. The project also plans a governance token rollout (GOV) to be distributed to early users of the SecretSwap DEX. The governance token is expected to roll out before the end of Q1 2021.
Secret Network Integrates Band Protocol
DeFi protocols need price feeds of supported crypto assets to facilitate transactions. For this purpose, Secret Network integrated cross-chain oracles from Band Protocol, allowing users and Secret App developers to access decentralized data and price feed for listed assets.
Secret Network’s co-founder, Can Kisagun, said regarding the integration:
“Integrating Band Protocol, the scalable oracle solution trusted with over $4.5B in value, will improve the usability of existing Secret DeFi products like Secret Auctions and help us build much more robust DeFi products like collateralized lending and synthetic assets; with ease, scalability, and affordability.”
Secret Network’s unique proposition is its privacy-focused approach to smart contracts and other blockchain-based applications. Unlike other networks where data is made public by default, Secret Network enables users to keep their data private.
At the time of writing, Secret (SCRT) trades at $3.20, with a $227 million market cap.
