Secret Network announced in a blog post on June 15th. The BSC bridge offers the possibility of connecting BEP-20 tokens with their data protection equivalent or “secret token” in the secret network.
The Secret Bridge went live on Ethereum in mid-December and gives holders of ETH and certain ERC-20 assets the ability to create a “secret” version of their assets to enable private transactions. It can now provide the same functionality for the BEP-20 token in the Binance Smart Chain.
“This unlocks transactional privacy and programmable privacy for BSC assets while enabling holders to take advantage of Secret DeFi opportunities.”
Data protection token on Binance Smart Chain
The list of originally supported privacy bridge tokens includes ETH, USDT, BNB, ADA, XRP, DOGE, DOT, USDC, BCH, LTC, LINK, BUSD, TRX, CAKE, BAKE, XVS, LINA, FINE and BUNNY.
The platform also offers so-called “Secret DeFi” or “SeFi” high-yield farming opportunities. In addition to bridging, it also has a DEX called SecretSwap, which offers cross-chain and privacy-first exchanges to create liquidity and trade Secret Tokens on the Secret network.
By using secret smart contracts, SecretSwap claims to protect users from malicious preemption and privacy threats. According to the analytics site, DEX’s liquidity is currently $33 million, and its cumulative transaction volume has just exceeded $200 million.
The team also previously announced the Secret Monero Bridge and Secret Plasm Bridge test network to foster the connection between Polkadot and the Cosmos ecosystem.
“As more bridges get added to mainnet, Secret DeFi users will have a wider array of Secret Tokens to interact with, securing Secret Network’s role as the privacy hub of the blockchain universe.”
It has two governance tokens, SCRT for the network itself and SEFI for DEX and DeFi protocols.
SCRT and SEFI Price Analysis
At press time, the network’s native SCRT token is up 5.3%. According to data from CoinGecko, the trading price is $1.48 but has fallen sharply over the past month along with other markets.
The SCRT is also down 72% from its historic high of $5.23 on Feb.21. There are 70 million tokens in circulation, with a market value of just over $100 million.
The SEFI token did better today, up 13%. SEFI is trading at $0.075 and has made solid strides over the past few weeks. It’s also still much lower than the ATH, which was slightly below $1 in March.