Secret Network launches a privacy bridge between Ethereum and ERC-20 tokens

On Tuesday, December 15, developers of Secret Network unveiled a new protocol designed to serve as a bridge to Ethereum, the second-largest cryptocurrency by market capitalization, and to provide privacy features for ETH and ERC-20 tokens. Among the latest are tokens from popular DeFi projects.

According to project representatives, Secret is the first and only blockchain with privacy features that supports smart contracts with encrypted inputs, outputs and state channels.

The Secret Ethereum Bridge is now LIVE on mainnet, bringing programmable privacy to $ETH and ERC-20s. In addition, up to 2 million $SCRT are expected to be available to support bridge mining and the launch of Secret DeFi / Secret AMM over the coming weeks! https://t.co/rNIPeO96Rl

— ecret Network (@SecretNetwork) December 15, 2020

“Secret tokens combine the programmability of ERC-20 with the privacy of coins such as Zcash or Monero. Interactions with contracts on the Secret Network are encrypted; only address owners or holders of viewing keys will be able to see what happens,” the project’s blog says.

In addition to the ETH bridge, initial support includes Yearn.Finance (YFI), Uniswap (UNI), Band (BAND), Compound (COMP), Chainlink (LINK), Aave (AAVE), Kyber (KNC), Synthetix (SNX), Ocean (OCEAN), Maker (MKR), Dai (DAI), Tether (USDT), True USD (TUSD), and Wrapped Bitcoin (WBTC).

Further plans for Secret Network include adding privacy features to other public blockchains.

“Launching this bridge (the first of many!) is an important step toward building a leading, resilient, private, and interoperable DeFi ecosystem based on Secret Network,” the statement says.

In January 2021, developers plan to launch the ‘bridge mining’ feature. By locking ETH and ERC-20 tokens in the bridge, users will be able to earn rewards in SCRT.

Also on the project’s roadmap is the development of Secret DeFi and other critically important applications, including an automated market maker (AMM) platform on top of the Secret Network.

Secret Network is the successor to Enigma Protocol and uses so-called “secret smart contracts.” The concept was introduced by the developers in 2018. The Secret Network mainnet went live in September 2020.

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