Greetings to the Secret (and privacy) community!
Today we are excited to announce an unprecedented achievement - the launch of the Secret Monero Bridge on mainnet, empowering Monero holders to directly access the Secret DeFi ecosystem for the very first time!
Combining the strength and adoption of Monero with the wide utility of Secret Network’s programmable privacy, the Secret Monero Bridge is connecting privacy-to-privacy, creating DeFi utility in ways that have never before been possible before.
By using the Secret Monero Bridge, users can convert their XMR into sXMR, a "secret" version of XMR native to Secret Network. Monero users can then use Secret DeFi applications like SecretSwap to exchange sXMR privately for a variety of Secret Tokens (either native or supported by other Secret Network bridges), or for SCRT itself! The Secret Monero Bridge is bidirectional, meaning users can seamlessly convert their sXMR back to XMR whenever they please.
Use the Secret Monero Bridge now at this IPFS link:
https://ipfs.io/ipns/k51qzi5uqu5dhovcugri8aul3itkct8lvnodtnv2y3o1saotkjsa7ao1aq0dqa/
Read the full Secret Monero Bridge Tutorial:
Secret Network
sXMR mainnet token address: secret19ungtd2c7srftqdwgq0dspwvrw63dhu79qxv88
For support from the Monero community, please use I2P mail support via the link provided on the Secret Monero Bridge (see the upper right).
For support from the Secret Network community, please join the Secret Discord: https://chat.scrt.network
Check out the bridge support channel for any problems encountered on the Secret Monero Bridge.
What is the Secret Monero Bridge?
Secret Bridges bring programmable privacy to assets from other ecosystems, allowing them to enter Secret Network as privacy-preserving "Secret Tokens." Secret Tokens are a powerful concept - they're programmable like ERC-20s and usable in applications, but they remain private by default like Monero and similar coins. Interactions with Secret Token contracts are encrypted, viewable only to address owners or holders of their viewing key.
The launch of the Secret Monero Bridge allows Monero to flow to and from Secret Network. Since Monero is already a privacy coin, the biggest immediate benefit for users with this bridge is that they can gain accessibility to Secret DeFi via privacy-preserving decentralized finance apps built on the Secret Network. This includes SecretSwap, the first front-running resistant, cross-chain and privacy-first AMM.
The Secret Monero Bridge is the third Secret Bridge to launch on mainnet, joining the Secret Ethereum Bridge and the Secret Binance Smart Chain Bridge. As more bridges get added to mainnet, Secret DeFi users will have a wider array of Secret Tokens to interact with, securing Secret Network as the data privacy hub of the blockchain universe!
Viewing Keys
Secret Network’s vision is to create a decentralized application ecosystem with privacy by default, while also giving users the option to decrypt their own encrypted transactions and data. This gives users direct control over their level of privacy with their own data. Users that bridge from XMR -> sXMR will be prompted to create a viewing key so they can view their own balance of sXMR, as well as be able to interact with Secret DeFi.
Like everything else on Secret Network, creating a viewing key costs SCRT as gas. If you need a small amount of initial SCRT to generate a viewing key on Secret Network, you can ask in the community discord channel called "secret-pizza".
Another option is to utilize an email-powered faucet for acquiring your first SCRT. Details on this can be found inside the FAQ for the Secret Monero Bridge.
How does the Secret Monero Bridge Work?
The Secret Monero Bridge uses the I2P network (a fully encrypted private network layer) to provide anonymity and financial privacy for the on/off ramp between the Monero blockchain and Secret Network. The I2P network is an end-to-end encrypted, peer-to-peer, anonymous network where network traffic destination, origination, and contents are kept entirely private.
The Secret Monero bridge team created the bridge to be an unstoppable and uncensorable service that is decentralized with its architecture. To mitigate censorship risk, the Secret Monero Bridge multi-signature Monero wallet was designed as a multi-signature wallet, where each decentralized multi-signature consensus node operator (MSCNO) is unaware of the identities or locations of other MSCNOs. Each decentralized MSCNO operates inside the I2P network and therefore remains hidden from others. The Secret Monero Bridge code resides and executes inside the I2P network - this protects the location of the MSCNOs that execute the code.
Secret Monero Bridge Wallet: 46KTmvCDx862ijymLsCDVaCZ5UNc2A6yNhYEBt4t6AkrLf5CpF7XuB8HjUffdAfcZRTnZD1f3JyeTixqSsdMW7Sd9x1odvN
SecretSwap
SecretSwap is an AMM protocol for creating liquidity and trading Secret Tokens on Secret Network. Leveraging encrypted secret contracts, SecretSwap protects users against malicious front-running and privacy threats, provides access to cross-chain liquidity, and reduces fees relative to other layer-1 protocols (such as Ethereum). Monero holders who use the Secret Monero Bridge to convert XMR -> sXMR are able to exchange (with privacy-by-default) sXMR for other Secret Tokens such as sETH, sBTC, and sSCRT.
Soon, sXMR holders will have the following DeFi opportunities on SecretSwap:
- Provide liquidity for sXMR/Secret Token Pairs (averaging ~55% APY)
- Stake SEFI - Stake earned SEFI (the governance token of SEFI) for providing liquidity for sXMR pairs
- Earn cashback for swapping sXMR and exchanging with other Secret Tokens
Note that until SecretSwap incorporates LP rewards for sXMR pairs, sXMR on SecretSwap will have a small amount of liquidity available.
Want to try out the AMM? Use SecretSwap now!
What happens next?
As mentioned above, the Secret Monero Bridge is now live on mainnet! At this time, anyone will be able to test creating Secret Token versions of Monero assets (sXMR), exchange and yield farm with sXMR and burn them to transfer back to Monero. For users who are already familiar with DeFi and liquidity mining, this is an attractive new way to get competitive yield on Monero assets while also gaining exposure to the groundbreaking world of Secret DeFi - a universe where applications are front-running resistant and private by design!
In order to learn more about or contribute to the Secret Network ecosystem:
- Follow us on Twitter (https://twitter.com/secretnetwork)
- Join the Secret Discord (https://chat.scrt.network)
- Join the community Telegram (https://t.me/scrtcommunity)
And remember to use the bridge support channel for any problems encountered on the Secret Monero Bridge!
Secret Network is community-governed and directly supported by dozens of independent companies, node operators, and developers around the world. There are many ways to contribute to the growth of our network and ecosystem - beginning with joining our communities, and then perhaps joining a committee!
Thanks for reading to the end! We're excited our privacy solutions have finally extended to the Monero ecosystem as we work to grow a more secure, more accessible, and more usable global open financial ecosystem. As we continue to bring the power of programmable privacy to more ecosystems and assets, we hope you will join us in our mission of empowering and protecting millions of users around the world.
Onwards and upwards!
