I am new to this community and am having some confusion when it comes to these two different aspects. Could someone here help me out?
SCRT is the base token for the whole secret network. Account balances and transactions are viewable to everyone. Transaction fees are paid in SCRT.
SEFI is a sub token of the network that is specific to secretswap. Account balances and transactions are private and viewable with a “viewing key”. Transactions that you do related to SEFI are still paid in SCRT.
To add to tech3:
SCRT is used in network governance
SEFI is used in SecretSwap governance
Thank you for the answer. What does secret swap governance have that isn’t covered by the network?
None of the governance of the network is done on the swap governance
None of the governance of the swap is done on the network
They are 100% separate
Is the function of the swap only to convert coins to secret coins and also to exchange them? Am I missing anything?
The function of the swap is to be a decentralized exchange. Like uniswap or sushiswap. The bridge is what converts to secret wrapped versions of assets from other chains. If it helps, consider the analogy of “scrt is to sefi as eth is to sushi” not perfect analogy by any means but that should clarify what it is that each governs. Sefi governs a dapp on the network. Scrt governs the network.