Secret Surge, a massive campaign bringing up to $4,000,000 in liquidity provider incentives to Secret DeFi applications, begins today!
The past few weeks have seen an incredible amount of product releases on Secret Network, with even more on the horizon, including three new DEXs (Blizzard, ShadeSwap, and SecretSwap 2.0), a new lending protocol, a new stablecoin, a new EVM bridge, a new version of Secret tokens, and a DeFi themed hackathon!
Secret Surge aims to capitalize on this momentum, supporting the growth of these new applications and igniting Secret’s private DeFi ecosystem. This incentive program will run for six months, with plans to expand beyond, and with an initial “surge period” in the first three months that will offer double the rewards. Keep reading to learn all about Secret Surge and how it’s unleashing the power of private DeFi!
Unleashing the Power of Private DeFi
Secret Network was founded on the idea that blockchains cannot fully replace traditional centralized systems unless some form of privacy is built in. This is especially true when it comes to decentralized finance.
With web2 financial applications, users expect privacy by default. Bank account holdings, transfers of funds, and purchases of products are not broadcast publicly for the whole world to see. Who would want that? And yet, this is exactly how DeFi applications on public blockchains currently operate. It’s an invasion of personal privacy, and it can result in people becoming targeted by thieves. Additionally, public DeFi applications are often susceptible to MEV, which can result in users losing profit to trade bots that frontrun transactions.
Secret DeFi applications aim to solve these problems through the use of encrypted token balances and transfers, as well as MEV-resistant infrastructure. With all of the recent product launches happening on the network, and Secret Surge incentives now available, there has never been a better time to try out Secret’s privacy-preserving DeFi ecosystem!
The Secret Surge campaign starts today and will run for six months, during which up to $4,000,000 in rewards will be distributed. During the first three months, rewards will be distributed at 2x the rate.
Users can earn Secret Surge rewards by providing liquidity on one of four Secret DEXs. Rewards are distributed in the form of both $SCRT and native DEX tokens, such as $SNO, $SLIQ, $SHD, and $SIENNA. Each DEX will reward users with both $SCRT and their native DEX token.
Below, we’ll go into more detail about each DEX that is participating in Secret Surge, including the unique features of the application, the pools that are supported, and the rewards that are being distributed. Not all of these DEXs support Surge rewards starting today, but we'll update this blog over the next few weeks to indicate whenever rewards go live on each.
Secret Surge DEXs
ShadeSwap is one of many applications in the Shade Protocol DeFi suite. It launched on April 12th, and has already seen a large influx of user activity. With its unique privacy protections, user-friendly interface, and robust security measures, ShadeSwap promises to revolutionize the DeFi landscape and provide users with unparalleled opportunities for yield farming, liquidity provision, and decentralized trading. In addition to this DEX, Shade Protocol is also building ShadeLend, Silk, stkd-SCRT, and other useful tools.
ShadeSwap is rewarding users with both $SHD and $SCRT tokens during Secret Surge. The following pools are where users will be able to earn boosted rewards for providing liquidity:
- sSCRT / stkd-SCRT
- stkd-SCRT / SHD
- SILK / stkd-SCRT
- SILK / USDC
- SILK / USDT
In order to start providing liquidity on ShadeSwap and earning rewards, check out this tutorial.
Blizzard is both a DeFi protocol and Secret DEX aggregator that will be launching soon. As an aggregator, it can help you find the best possible swap route between all of the DEXs on Secret Network. It’s also a DEX itself, offering Balancer-style weighted pools and Curve-style stable pools.
Blizzard will be rewarding users with both $SNO and $SCRT tokens during Secret Surge. The following pools are where users will be able to earn boosted rewards for providing liquidity:
- sWBTC / sWETH / sUSDC (40/40/20)
- sWBTC / sSCRT (80/20)
- USDC / USDT (50/50)
Surge rewards are not yet activated on Blizzard, but will be coming soon!
SecretSwap has a very long history with Secret, being the very first DEX to launch on the network in February 2021. Since that time it has been maintained by a few different teams, the most recent being Arufa Research. Their team is currently developing a revamped version of SecretSwap, which they’re calling SecretSwap 2.0, which aims to be a sustainable and efficient liquidity hub for the Secret DeFi ecosystem.
It’s currently on testnet, and expected to launch within the next couple of weeks. Once it goes live, it will also be providing Secret Surge rewards, rewarding users with both $SLIQ and $SCRT tokens. The following pools are where users will be able to earn boosted rewards for providing liquidity:
- SCRT/ATOM & bSCRT/ATOM
- SCRT/USDC & bSCRT/USDC
Surge rewards are not yet activated on SecretSwap 2.0, but will be coming soon!
SiennaSwap is a privacy-first, cross-chain DEX where users can swap tokens privately with zero front-running. It launched in October 2021, and has been a pillar of Secret DeFi ever since. In addition to the SiennaSwap DEX, Sienna also features a lending protocol called SiennaLend, as well as staking and governance abilities. Sienna is also currently developing a token launchpad.
Sienna will be rewarding both SiennaSwap and SiennaLend users with both $SIENNA and $SCRT tokens during Secret Surge, but rewards are not yet activated. The exact pools that will be supported are yet to be announced, but we’ll add that information to this blog whenever it becomes available.
Bridging Assets to Secret
There are multiple ways of bridging assets into Secret in order to provide liquidity. If your assets are currently on Ethereum, Binance Smart Chain, or Axelar, the Secret Tunnel bridge can be used to bring them over to Secret. Read more about Secret Tunnel here, or check out this tutorial:
If your assets are currently on an IBC-enabled chain, you can bridge them over to Secret using one of several IBC bridge interfaces. Once your IBC assets are on Secret, you’ll need to convert them into wrapped Secret tokens using a wrap interface. Secret Dashboard is a great tool that provides both the bridging and wrapping interfaces. Shade and Sienna also offer their own interfaces.
This is an incredibly exciting time for Secret, with new applications launching and even more on the horizon. Secret Surge aims to take Secret’s DeFi ecosystem to the next level, but DeFi is just one of many usecases that Secret’s privacy-preserving technology is useful for. There are currently applications being built involving health and science data, communications, content streaming, auctions, gaming, music, security, ticketing, DAOs, NFTs, and more! To stay up to date on what’s being built on Secret, keep an eye out for our next ecosystem roadmap release, which will be coming in the next couple of weeks.
Going beyond the dApps being built on Secret, there is also extremely innovative work being done at the network level. Privacy as a Service is allowing other blockchains to connect to Secret and make use of its private computation capability, and there are currently several implementations of this being built out. Research and development is also currently going into integrating new forms of cryptography to deliver decentralized private computation in brand new ways, including making use of multi-party computation and fully homomorphic encryption. To learn more about this effort, see the Beyond ZK blog.
Secret is positioned to provide web3 with the next generation of decentralized privacy technology. There’s never been a better time to get involved! If you’re interested in building an application on Secret, check out our developer resources, grant funding, and register for the ongoing HackSecret hackathon, which is providing public developer workshops weekly. If you’re a VC interested in investing in the Secret ecosystem, schedule a call with our business development team to learn about the opportunities available. If you’re interested in getting involved with the community, you can join the Secret Agents program. For any other types of inquiries, contact us here.
Onwards and Upwards
To learn more about Secret Network, visit our community channels: