Secret Network Announces $400M in Ecosystem Funding and Reveals New Investors

DeFiance Capital, Alameda Research, CoinFund, HashKey, and more join the Secret ecosystem - and we reveal $400M in ecosystem funding with support from 25 organizations!

Secret Network Announces $400M in Ecosystem Funding and Reveals New Investors

Today, Secret Network is excited to share some major announcements as part of our recently revealed growth initiative, Shockwave, aimed at solidifying our network as a critical pillar and data privacy hub for Web3.

Firstly, we are happy to announce publicly for the first time that multiple top-tier investment firms have acquired SCRT positions and recently joined the Secret ecosystem as critical stakeholders, including: DeFiance Capital, Alameda Research, CoinFund and HashKey.

Secondly, we are revealing a new $225M ecosystem fund comprised of contributions from 25 existing ecosystem investors and partners targeted at expanding Secret Network’s application layer (including DeFi and NFTs), network infrastructure, and tooling.

Thirdly, we are announcing our $175M accelerator pool (funded in SCRT) that is designed to provide non-dilutive capital, grants, and ecosystem incentives to rapidly expand user adoption.

This news follows Monday’s launch of the auctions for the highly-anticipated Tarantino NFTs, a collection of seven rare NFTs issued by Quentin Tarantino on Secret Network that has been covered in The New York Times, The Wall Street Journal, CNBC, and elsewhere. These Secret NFTs secure chapters from the original, never-before-seen handwritten Pulp Fiction screenplay as well as exclusive commentary from the award-winning director and screenwriter.

Read on for more details about each announcement!

New Investment

Our H1 2022 goals for Shockwave are ambitious: onboarding hundreds of thousands of new users and launching hundreds of new applications. Our mission is to ensure Web3 applications have the data privacy guarantees and customizable privacy controls they will require for global adoption. Secret Network is the first and only mainnet layer 1 blockchain to feature privacy by default for smart contracts and applications, putting us in the ideal position for us to reach this vision.

To achieve ambitious goals, you must work with the best (and most ambitious) partners. That is why we are thrilled to announce that some of the leading and most reputable investment firms in Web3 have recently acquired substantial SCRT positions and are joining our mission alongside the other incredible existing supporters of the Secret ecosystem.

As mentioned above, these new partners include DeFiance Capital, Alameda Research, CoinFund, and HashKey. All of these firms are best-in-class investors and have proven track records of partnering closely with builders. They also share our vision for Secret’s global growth and will be working alongside us to drive adoption of privacy-first Web3 technologies, unlocking the true promise of the decentralized web.

Arthur Cheong, Founding Partner at DeFiance Capital:

"DeFiance is excited to support Secret Network, the only privacy-by-default smart contract blockchain that enables groundbreaking technologies like front-run resistant DEXes, Secret NFTs, and more. The Secret team has been relentless in working towards their mission since Enigma and we think that the ecosystem is now ready to tackle the next phase of growth."

Brian Lee, Partner at Alameda Research:

“Secret Network is the first mover and market leader in solving what is still a core need for Web3: data privacy for applications. We are excited to become supporters of the Secret ecosystem and look forward to helping accelerate its global growth across all verticals and aspects.”

Evan Feng, Director of Research at CoinFund:

"The availability of readily scalable, provable, and compliant privacy technology is an integral component of mass-market consumer-friendly web3 applications. CoinFund is proud to support Secret Network in its mission to enable and accelerate trust-minimized privacy within the composable base layer.”

Introducing The Secret Ecosystem Fund

We are also thrilled to finally reveal the $225M Secret Ecosystem Fund, a new initiative designed to provide long-term support (both financial and strategic) to developers and founders building critical applications on Secret Network.

The primary goal of the ecosystem fund is to ensure that every individual, team, and organization building on Secret has a clear path to self-sustainability and support in bringing their products to market. We want developers to build confidently in our ecosystem for years to come - not just proofs of concept or narrow pilot programs, but truly groundbreaking privacy-first Web3 applications across every vertical that can be adopted and championed by millions.

We’ve already seen tremendous adoption across our primary four application verticals - DeFi, NFTs, gaming/metaverse, and access control - with over $1.3B in historical trading volume on Secret DEXes like SecretSwap, thousands of active NFT collectors and creators on platforms like Stashh, and multiple successful funding rounds for Secret Apps like Sienna Network, Altermail, and Shade Protocol. Now it is time to create and support the next generation of bright stars in the Secret ecosystem, while amplifying our support of existing projects and builders.

The ecosystem fund is led by SCRT Labs, the core development team supporting Secret Network, and features the following partner organizations - all of whom hold a position in SCRT and/or have already invested in Secret’s application layer, demonstrating their commitment to our ecosystem’s mission and long-term vision:

Together with these partners, we will deploy capital across the Secret application ecosystem, providing substantial experience, guidance, and ongoing mentorship. We will facilitate connections between all ecosystem stakeholders and work collectively to grow all Secret Network’s core metrics, including: developer activation, community growth, active users, active validators, daily transactions and contract interactions, TVL in Secret DeFi, active collections of Secret NFTs, and more!

Guy Zyskind, Founder and CEO of SCRT Labs:

“With a strong network of supporters and a passionate global community, Secret Network is now entering its most aggressive growth phase to date. Since our first whitepapers at MIT in 2015, we have worked tirelessly to bring data privacy to all blockchains. We now invite developers around the world to join us in our mission and to build the next generation of Secret Apps that will protect and empower millions of global users. We and our partners are here to support and mentor you at every stage.”

Developers, teams, and organizations interested in the Secret Ecosystem Fund may get in contact via this interest form.

Secret Accelerator Pool

Finally, we are excited to share yet another opportunity for developers and builders in the Secret ecosystem: the Accelerator Pool, currently valued at over $175M.

Funded in SCRT and primarily managed by SCRT Labs, the Accelerator Pool will be used to support critical growth initiatives across Secret DeFi, NFTs, gaming and metaverse, and other essential application verticals on Secret Network. Initiatives will target the core network metrics mentioned above, especially active usage, userbase, and TVL.

In addition, the Accelerator Pool will be a source of non-dilutive early stage funding in the form of grants to teams building applications, ecosystem tooling, and network-level improvements that support our ambitious growth goals. This funding is intended to be used as an initial foundation for developers before they turn to the Secret Ecosystem Fund and work towards global growth.

Grants have already been approved for over a dozen initiatives, including the development of the Secret NFT reference implementation, the Secret Monero Bridge, developer frameworks like Polar and Griptape, and many more.

Interested developers may submit applications and get more information about the grant program via the Grants area of the Secret Foundation GitHub repository.

What’s Next?

This exciting set of announcements carries forward our momentum from our reveal of Shockwave earlier this month. With more products being funded and built, more creators launching on Secret Network, and more supporters and partners than ever helping to ensure our global growth, the future has never been brighter for Web3 privacy.

If you’re a developer, use the Ecosystem Fund and Grants links above to connect with the SCRT Labs team and the rest of our developer ecosystem.

If you’re anyone who is passionate about ensuring Web3 users have the data privacy protections they need and deserve, become a Secret Agent. It is our mission to make sure the decentralized web we’re building is one that truly empowers - and one that is accessible to all.

Secret Network - Become a Secret Agent
Secret Network is a blockchain-based, open-source protocol that lets anyone perform computations on encrypted data, bringing privacy to smart contracts and public blockchains.

Thank you for your support - the Shockwave is just starting! 🤫

Onwards and upwards!

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