A decentralized finance cross-chain bridge for converting tokens into privacy focused versions has launched to mainnet on Binance Smart Chain (BSC).
The Secret Network announced the launch in a blog post on June 15. The BSC bridge provides the ability to bridge BEP-20 tokens into their privacy-preserving equivalents, or “Secret Tokens” on the Secret Network.
The Secret bridge went live on Ethereum in mid-December providing holders of ETH and certain ERC-20 assets to create ‘secret’ versions of their assets to enable private transactions. It can now provide the same functionality for BEP-20 tokens on the Binance Smart Chain.
“This unlocks transactional privacy and programmable privacy for BSC assets while enabling holders to take advantage of Secret DeFi opportunities.”
Privacy Tokens on Binance Smart Chain
This list of initially supported tokens for privacy bridging includes ETH, USDT, BNB, ADA, XRP, DOGE, DOT, USDC, BCH, LTC, LINK, BUSD, TRX, CAKE, BAKE, XVS, LINA, FINE, and BUNNY.
The platform also offers yield farming opportunities on what it calls “Secret DeFi,” or “SeFi.” In addition to the bridge, it has a DEX called SecretSwap which provides cross-chain and privacy-first swaps for creating liquidity and trading Secret Tokens on the Secret Network.
By leveraging secret smart contracts, SecretSwap claims to protect users against malicious front-running and privacy threats. Liquidity on the DEX is currently $33 million according to the analytics page and it has just surpassed $200 million in cumulative volume.
The team has also previously announced testnets for a Secret Monero Bridge and Secret Plasm Bridge facilitating a connection between the Polkadot and Cosmos ecosystems.
“As more bridges get added to mainnet, Secret DeFi users will have a wider array of Secret Tokens to interact with, securing Secret Network’s role as the privacy hub of the blockchain universe.”
It has two governance tokens, SCRT for the network itself, and SEFI for the DEX and DeFi protocol.
SCRT and SEFI price updates
The network’s native SCRT token has gained 5.3% on the day at the time of press. It was trading at $1.48 according to CoinGecko but has fallen heavily with the rest of the market over the past month.
SCRT is also down 72% from its all-time high of $5.23 on Feb. 21. There are 70 million tokens circulating giving it a market cap of just over $100 million.
The SEFI token has fared better today with a gain of 13%. Trading at $0.075, SEFI has made solid progress over the past couple of weeks. It too is still way down from the March ATH of just below $1.