SEFI—Native Governance Token For Secret Network
The first blockchain with data privacy by default for smart contracts, Secret Network reveals its secret by introducing $SEFI token, governance token that will empower the Secret Network DeFi ecosystem.
Proposed Distribution For S$EFI, Including Genesis & Initial Rewards Structure
- Staking $SCRT, the native coin of Secret Network (similar to the role of ETH on Ethereum) – note that you must stake your SCRT to be eligible.
- Interacting with Secret Bridges (turning assets from other ecosystems into secret tokens), including through providing liquidity to WSCRT pairs on ETH.
- Usage of SecretSwap (providing liquidity for pairs).
Initially SEFI will focus on governance of SecretSwap, the first cross-chain, front-running resistant decentralized exchange, which launched on mainnet in February. SecretSwap makes use of the SNIP-20 standard and Secret Ethereum bridge, and it will make use of bridges to other ecosystems (including the Secret Binance Smart Chain bridge). As the Secret DeFi ecosystem expands, it is possible for participants in SEFI governance to introduce additional mechanics based on the usage of other Secret DeFi products.
In this initial proposal, the SEFI token will be distributed in a one-time genesis event as well as to SecretSwap users over four years. The token emission and the details of each class of rewards can be seen below. SEFI is non-inflationary with a fixed supply.
10% of SEFI will be distributed at genesis. The remaining 90% of tokens would be distributed over four years, with rewards halving year over year. These parameters (e.g. weighting of rewards between LP Providers and Traders) could change in the future through governance.
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Secret Network is the first blockchain with data privacy by default for smart contracts. With Secret Network, developers can finally build decentralized and permission-less applications that also protect users and preserve privacy.
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