We just published a post about Secret DeFi, based on the secretToken standard. Secret tokens works like ERC 20 but the balances and token transactions are encrypted given the privacy preserving smart contracts. This has been tested during phase 1 testnet with secret contracts, which included validators like Staked, Figment, Chorus.one, Iqlusion and others.
We are very bullish about secret applications, especially in DeFi that will be powered by the secretToken standard. Privacy is critical for adoption of DeFi and more efficient capital allocation. If you have thoughts, comments and feedback for us regarding Secret Defi, please share them in this thread!
Wow, such a great post. I looked at the secret-secret contract before, but didn’t quite get it until I read the post about locking up an asset (BTC, ETH, Atom, etc.) in the Secret Token (an ECRC20-like secret contract), a synthetic token if I got that right, and then using the Secret Token in transactions. It’s like it magically becomes a privacy coin!
The Secret Token also got me thinking of an ERC721-like “Secret Asset” … secret ownership of assets.
And also very exciting was the description of bringing multiple interested parties to the network - DeFi participants and Secret lovers for the network effects. So you have lots more participants, liquidity and secrecy. I’m very much looking forward to Secret DeFi apps on Secret Network.
Thank you, Guy for writing that and for everyone who contributed. It really illuminated the concepts well and I had an “ah ha!” moment which was so fun!
Anybody who hasn’t read it yet, should! There’s way more than my words can convey. I too am very bullish about secret applications.
… secret ownership of assets.