The startup behind Secret Network, CRT Labs allocated $400 million to support an ecosystem of privacy-enabled blockchain technologies.
Secret Network supports smart contracts with encrypted inputs, outputs and state channels.
The initiative is part of Shockwave, aimed at turning Secret Network into a data-privacy hub for Web 3.0.
Support for developing the ecosystem will come from DefiAnce Capital, Alameda Research, CoinFund and HashKey. The venture firms joined the startup as shareholders and committed to developing the project.
$400 million in the fund will be allocated across two tracks:
- $225 million will be directed toward expanding the application layer of Secret Network (including DeFi and NFTs), network infrastructure and tools. The funding will be underpinned by contributions from more than 25 ecosystem investors and partners;
- $175 million will fund the accelerator. It aims to provide capital, grants and incentives to enhance the network’s appeal to users. Grants have already been approved for several initiatives, including the development of a reference implementation of Secret NFT, a Monero privacy bridge and developer frameworks.
The press release states that the network’s trading volume reached $1.3 billion. The figure includes metrics from DEXs such as SecretSwap, NFT platforms like Stashh, and funding rounds for decentralized applications Sienna Network, Altermail, Shade Protocol and others. Projects in GameFi, metaverses and access-management have also shown interest in Secret Network’s functionality.
In January, film director Quentin Tarantino will stage an auction of an NFT collection based on the 1994 film ‘Pulp Fiction’ on Secret Network. Earlier, the Secret Network developers launched a ‘privacy bridge’ between Ethereum and ERC-20 tokens.
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