Secret Monero Bridge Launch

Secret Network launched Secret Monero Bridge on testnet.

This is an exciting new development in the crypto privacy space that combines the strength of the Monero privacy coin with the wide utility of Secret Network’s programmable privacy, specifically privacy-first decentralized finance (DeFi) ecosystem.

Secret Bridges bring programmable privacy to assets from other ecosystems, allowing them to enter Secret Network as privacy-preserving “Secret Tokens.” Secret Tokens are a powerful concept – they’re programmable like ERC-20s and usable in applications, but they remain private by default like Monero and similar coins. Interactions with Secret Token contracts are encrypted, viewable only to address owners or holders of their viewing key.

The launch of the Secret Monero Bridge will allow Monero to flow to and from Secret Network. Since Monero is already a privacy coin, the biggest immediate benefit for users with this bridge is that they can gain accessibility to Secret DeFi via privacy-preserving decentralized finance apps built on the Secret Network. This includes SecretSwap, the first front-running resistant, cross-chain and privacy-first AMM.

This is the fourth Secret Bridge to pass the testnet stage, joining the Secret Ethereum Bridge (already live on mainnet and securing over $100M in Ethereum assets), the Secret Binance Smart Chain Bridge, and Secret Plasm Bridge (facilitates a connection between 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, making Secret Network the privacy hub of the blockchain universe.

Using the Secret Monero Bridge Decentralized Application (Dapp) which resides in IPFS, Monero holders can transfer their XMR to the Secret Monero Bridge which securely locks the XMR in a multi-signature Monero wallet and issues sXMR tokens that can be used on the Secret Network. A collection of decentralized multi-signature consensus nodes operating inside the I2P network, will be signers on the multi-signature wallet and sXMR and XMR will be pegged 1:1. The consensus nodes control the transfer of XMR from the Secret Monero Bridge wallet to user wallets for withdrawals and control the minting and burning of sXMR tokens using Secret Network’s multi-signature technology.

Users can then utilize these sXMR tokens in Secret DeFi, where they can trade sXMR for other Secret Tokens, stake Secret Tokens to earn passive revenue, provide liquidity for Secret Token/SCRT pairs to earn yield farming rewards, and eventually even lend Secret Tokens to grow value. Once they are ready to leave the ecosystem, users can convert sXMR back into XMR using the Secret Monero Bridge and cash out privately.

What is Secret Network?

Secret Network is community-governed and directly supported by dozens of independent companies, node operators, and developers around the world.

What is Monero?

Monero is cash for a connected world. It’s fast, private, and secure. With Monero, you are your own bank. You can spend safely, knowing that others cannot see your balances or track your activity.

📰 INFO:

https://scrt.network/blog/secret-monero-bridge-is-live-on-testnet