Secret Terra Bridge Launch

Introducing a new collaboration between Terra and Secret Network that will provide programmable privacy and DeFi opportunities for Terra assets via the Secret Terra Bridge.

Terra and Secret have long shared a vision for unlocking the true power and value of decentralized finance by empowering communities globally with cutting edge technology in both the privacy and DeFi domain. Both Secret and Terra are built with CosmWasm, smart contracts on both networks use Rust, and both are part of the larger Cosmos ecosystem. It is these commonalities that have led to the current mutually beneficial teamwork between Secret and Terra.

Leveraging development experience and the strength of our products and ecosystems, we are excited to announce a new collaboration that will create substantial opportunities for liquidity providers, Terra and Secret assets, and privacy focused users. This blog post summarizes the integration of Secret Network with Terra so that both Secret and Terra assets can have cross-chain functionality and interoperability via the Secret Terra Bridge. The bridge is currently implemented on testnet, with eyes now firmly set on a mainnet deployment!

“We’re extremely excited to see the Terra and Secret ecosystems integrated. This is the first time two Cosmos/WASM chains interoperate on a contract-level. Both teams spent a lot of time into making this happen, and we both agree that connecting Terra’s financial applications with Secret Network’s privacy benefits provides a unique value proposition to users.” – Guy Zyskind, CEO and cofounder, Enigma.

“We’re thrilled to expand Terra’s scope to Secret Network, offering our community a valuable avenue to preserve privacy with Terra assets, including private token swaps, UST payments, and more. Secret Network is one of the most compelling projects in the Cosmos ecosystem, and we welcome their community to explore the Terra ecosystem and mutually benefit from what each ecosystem has to offer. Once the Secret Terra Bridge launches and IBC goes live, a torrent of inter-chain DeFi innovation will be unleashed.” – Do Kwon, Co-Founder and CEO, Terraform Labs.

As mentioned above, the Secret Terra Bridge is now live on testnet. As teams move towards a mainnet deployment, soon anyone will be able create Secret Token versions of supported Terra assets, exchange and yield farm with these tokens, and burn them to transfer assets back to the Terra ecosystem.

What is Terra?

Terra is an application-specific blockchain in the Cosmos ecosystem deploying a suite of algorithmic, fiat-pegged stablecoins. Terra’s DeFi ecosystem functions as a foundation of demand for the network’s stablecoins, led by TerraUSD (UST). Terra stablecoins maintain their peg parity via a series of arbitrage incentives and a decentralized on-chain oracle system, with the elastic supply of Terra’s native governance and staking token, LUNA, absorbing the short-term volatility of the stablecoin pegs.

One part of Terra’s value contributions, payments, in essence replaces the complicated payments value chain, including credit card networks, banks, and payment gateways with a single blockchain layer. In concert with the efficiencies that Terra has provided payment channels for both merchants and consumers, it continues to steadily provide infrastructural improvements and tools for the foundations of laying down a credibly neutral, distributed, and radically transparent ecosystem.

What is Secret Network?

Secret Network is the first ever privacy-enabled Layer 1 blockchain, featuring privacy-preserving smart contracts (“secret contracts”) that utilize hardware-based and software-based privacy technologies to protect data. Secret contracts are unique in that they allow for encrypted inputs, outputs and state. That means all data on Secret Network is private by default, public when desired – a new degree of programmability that unlocks 100x more Web3 use cases. Secret Network is also open-source and permissionless – anyone can operate a node, deploy an app, or contribute to the network and its ecosystem.

Secret Apps on Secret Network have seen significant adoption and innovation, including SecretSwap, Secret Auctions, Secret Heroes, Secret Bridge, and more. All these applications have privacy by default, utilizing the encryption of secret contracts. Secret Network is supported by multiple independent development teams and entities as well as a global community of passionate privacy advocates, including Enigma, Secret Foundation, 45+ mainnet validators, multiple investment funds, and many other developers and community members who contribute to network governance and growth.

📰 INFO:

https://scrt.network/blog/announcing-secret-network-terra-bridge