Hello Secret Agents! Today we have exciting news to share about Secret Tokens - privacy-preserving tokens living on Secret Network that are programmable like ERC-20s, but private like Zcash or Monero. We've written before about how Secret Tokens are essential to the growth of DeFi and Web3, enabling new products like privacy-preserving AMMs and DEXes and many, many other solutions.
The first implementation of the SNIP-20 (Secret Token) standard is SecretSCRT ($sSCRT), a privacy-preserving, fungible Secret Token that is backed by SCRT, the native currency of Secret Network.
In October we shared the news that secretSCRT had been launched on the Secret Network mainnet!
While launching the Secret Contract for SecretSCRT was a monumental moment for the Secret Network, it wasn't much fun for the average user to try to figure out how to use the SecretCLI to interact with the SecretSCRT contract.
But now it is with great excitement that we want to share that Minting, Sending, Receiving, and Converting SecretSCRT has been made possible in a user-friendly way, thanks to the team at Chainapsis and their implementation of Secret Tokens in Keplr Wallet!
So how can you get started and mint, send, receive, and convert SecretSCRT in less than 60 seconds? Thankfully, some of our community members have created excellent written and video guides to get you started.
1) Install Keplr on Chrome or Brave via the web store
2) Have a SCRT balance In your KEPLR wallet to convert to SecretSCRT and pay transaction fees.
How do I Mint, Send, Receive, and Convert SecretSCRT?
For a written guide, follow along with community member Johnnie Red here:
What Do SecretSCRT Interactions and Transactions Look Like on the Puzzle Explorer?
The privacy-preserving nature of SecretSCRT means that the fungible asset has encrypted inputs, outputs, and state. As such, interactions with the SecretSCRT contract (deployed on mainnet here) and SecretSCRT transactions look a bit different on the Puzzle Explorer. Now that we're live, we can show you exactly what they look like!
Say Bob converts 10 SCRT to SecretSCRT. To do so, he follows the tutorial above. First, to get 10 SecretSCRT he has to deposit 10 SCRT to the SecretSCRT contract. While Bob knows he is depositing 10 SCRT and receiving 10 SecretSCRT all anyone else will see is that Bob interacted with the contract:
What about if Bob sends Alice 10 SecretSCRT? What does that look like on the explorer?
Transactions of SecretSCRT are also hidden!
How much SecretSCRT is on the Network Now?
As you can see above there is currently over 63,000 SCRT locked up in the SecretSCRT contract. Right now the usage of the SNIP-20 has solely been for users wanting to send and receive SecretSCRT, and it required the use of command line. As our ecosystem grows, however, this TVL (and the total value locked across all Secret Contracts) is expected to grow substantially. The goal of Secret Network is to bring programmable privacy to the Ethereum ecosystem and beyond!
The usage of Secret tokens is just beginning, and the entire Secret Network community looks forward to empowering developers to create useful assets and applications that protect and empower users!
🕵🏻♀️🕵🏽♂️ SΞCRΞT AGΞNTS: Operation Complete!