Anyone interested in building a Secret Monero Bridge?
The bridge would allow for swapping XMR on the Monero blockchain to a secret token sXMR on the Secret Network. sXMR would be pegged 1:1 with XMR.
The secret contract would need to own an XMR wallet and use the “check_tx_key” command in the Monero protocol which provides a mathematical proof of payment prior to issuing the sXMR tokens. When a swap from sXMR → XMR is made, the secret contract would need to take the sXMR out of circulation and send the XMR from the secret contract XMR wallet to the supplied XMR address and provide the Monero proof-of-payment.
This would allow value to cross over between the Monero blockchain and the Secret Network.
I developed a similar working prototype on the EOS platform but didn’t take it further because of the lack of privacy on EOS.
Prototype video: https://ipfs.io/ipfs/QmZwUz2kGxkyYSy6ndjnYMfXaBFNtBuVtFhSxpeGxwt9N8
I think the Monero community could benefit from Secret DeFi!