I would like to see an existing ERC-20 token on the Ethereum platform be made available as a Secret Token on the Secret Network. I would then also like to see that token supported on the Secret Ethereum Bridge. How can that be accomplished?
Is that something that would have to go through a governance process?
Is there documentation outlining such a process?
Feedback is appreciated.
To help improve the Secret Defi Hub concept, and to improve efficiencies in cross-chain value transfers, I’d like to propose an integration pattern that would bring the Secret Network together with the pTokens project ( https://ptokens.io/). The pTokens project is attempting to build a decentralized network utilizing TEEs for cross-chain value transfers.
Currently pBTC is an ERC-20 token on the Ethereum platform. I would like to see a secret token representation of pBTC which would be similar to the existing WBTC ( and sWBTC) tokens. As I see it, the benefit of pBTC over WBTC is that pBTC would bypass the KYC/AML constraint associated with WBTC (Individuals can issue pBTC tokens on Ethereum directly from their wallets without having to deal with KYC/AML).
A secret token for pBTC could be created for DeFi use on the Secret Network (SNIP-20 ).
The pBTC/sPBTC tokens could be added to the Secret Ethereum Bridge and traded on Secret Swap.
Then anyone wanting to convert value directly back to a Bitcoin address could convert the sPBTC token to pBTC via the Secret Ethereum Bridge, then use the pTokens DApp to redeem pBTC to Bitcoin bypassing KYC/AML and preserve transaction privacy.
That seems to me a low-hanging-fruit opportunity now. In the future a more direct integration of the Secret Network <-> pTokens could be done using the Secret Network itself without having to be dependent on Ethereum and avoiding high transaction costs.
pTokens Total Value Locked (USD) currently: $ 22,904,243.18
I have been attempting to move value off the EOS platform to the Secret Network. I’m using pETH token on EOS and ptokens DApp to do it. Unfortunately Ethereum gas fees makes this a painful process.
This would open up a more private and lower cost path for individuals to move value from Bitcoin to Secret DeFi.
Any feedback would be appreciated.