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Secret Network announces launch of programmable privacy on Ethereum

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Source: Pixabay

Secret Network, a Layer 1 privacy-enabled blockchain, has announced that it will be bringing programmable privacy to the Ethereum blockchain on 14 December. The mainnet, scheduled to launch next week, will enable the Secret Ethereum Bridge that will create bridge mining opportunities for ETH and ERC-20 holders.

This will also allow users to create synthetic (wrapped) ETH and ERC-20 tokens on Secret Network that can then be used with full privacy, at a lower cost. The aforementioned announcement said,

“This is not only a huge improvement for privacy-conscious users of Ethereum and DeFi applications; it’s a critical step along our path to building a more secure, more accessible, and more usable global open financial ecosystem.”

The protocol is also expected to launch a cross-chain AMM that will launch on Secret Network and support Ethereum, ERC-20s, stablecoins, Tendermint chains, and other ecosystems and assets. Users will then be able to utilize any Secret Token, including secretETH, to provide liquidity to the Secret AMM or participate in front-running resistant DEX swaps.

The bridge operating partners will be Figment, Staked, and B-Harvest, all entities that are experienced node operators supporting multiple networks, in addition to the Secret ecosystem.

The expansion to other blockchains such as Ethereum came on the back of the Secret Network registering significant organic growth following its launch in September, with 48 active mainnet validators out of a possible 50. The protocol said,

“Now we have turned our focus to global usage. To achieve this, we’re providing privacy to other blockchain ecosystems, including Ethereum, one of the most vibrant decentralized ecosystems of all.”

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Samyuktha is a full-time journalist at AMBCrypto. Currently pursuing her Masters in Finance and Business Analytics, she is interested in cryptocurrencies, fintech, and blockchain technology adoption across various sectors.