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Wednesday, April 21, 2021

Network Usage Soars as Secret Network (SCRT) Launches SEFI

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Network Usage Soars as Secret Network (SCRT) Launches SEFI

Privacy-focused blockchain platform Secret Network has officially launched its native governance token SEFI on the mainnet. Interestingly, this has lead to a massive surge in network usage as users continue to claim and stake SEFI. 

The mainnet launch of the SEFI token is a major step for Secret Network. SEFI will serve as a governance token for Secret DeFi and SecretSwap. SecretSwap is the first-ever AMM to go live on Secret Network.

As the Secret community continues expanding and stabilizing the network after the launch of $SEFI, here’s a quick update thread 👇👇👇

1) April 1 was another day of record tx’s and gas use (over 3B in gas!) as users worked to claim and stake $SEFI and become @secret_swap LPs. pic.twitter.com/TxFZW1qZxZ

— 𝕊ecret Network (@SecretNetwork) April 2, 2021

More on SEFI token

SEFI is the governance token of the privacy-focused blockchain platform Secret Network. The token has a total fixed supply of 1 billion SEFI. 10% of which has been allocated to its genesis. The remaining 90% is scheduled to be allocated over the next four years. Find out more about SEFI token distribution here.

The token is currently connected between both Ethereum and Secret networks. Simply put, some of its supply is on Secret and some on Ethereum. Users can easily swap SEFi on either network using the Secret Ethereum Bridge.

How to earn SEFI?

There are two major ways by which users can earn SEFI tokens namely:

  • By staking SecretSwap LP tokens, and
  • By staking SEFI itself.

The token makes it possible for community members to govern both SecretSwap and Secret DeFi in a decentralized manner.

They take part in major decisions like;

  • How to spend the development pool
  • Determining the pools qualified for user rewards
  • Joining other communities liquidity mining campaigns
  • Fees and their uses
  • Products and features allowed into Secret Finance.
Other Updates

According to the official blog post, users should also expect other iconic changes on the platform. One of which is the launch of a new landing page for SecretSwap. SecretSwap initially “soft-launched” on the mainnet in February. Its new landing page will help intimate users with the unique features of Secret DeFi. Like its front-running resistance, cheaper fees, better privacy, cross-chain liquidity, etc. This new landing page is a step in the right direction to making SecretSwap “more usable and functional!”

Apart from the new landing page, Secret Network has also launched on the mainnet a routing feature for SecretSwap. With it, users will enjoy better swap prices, increased fees for LPs, and more SEFI tokens for everyone in general.

Alongside the routing functionality, the network also added the sSCRT / SCRT trading pair on SecretSwap. With this users can easily and conveniently exchange their SCRT into any secret token and vice versa.

Following its February soft-launch, the platform has amassed over $100 million in TVL to the Secret Ethereum Bridge. Also, with approximately $6 million in liquidity to SecretSwap pools.

Up next

Secret Network, the first blockchain with privacy-preserving secret contracts has plans to launch a number of amazing use cases. Secret DeFi, according to its official blog post, is only a small fraction of what it is able to accomplish.

Apart from SecretSwap more Secret Apps have been launched like its Secret OTC auctions. Many Secret apps are also still gearing up to go live like its proposed cross-ecosystem bridges. These bridges will help bring privacy to more assets, furthermore allowing more assets to be on Secret DeFi applications.

SCRT price

In the last 7 days, SCRT is up by over 24.45%.  At the time of press, SCRT is trading at $3.32. Do read our detailed price prediction of SCRT and join us on Telegram to receive free trading signals.

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