Proposal by Secret Network community member SCRTisland
This proposal would add WSCRT (Wrapped Secret) as a collateral asset on CREAM Ethereum.
Wrapped Secret (WSCRT) allows ethereum users to bridge between the world of ERC20 tokens into the privacy-preserving Secret Network tokens and back at a 1:1 rate. This allows bi-directional flow of many assets to take advantage of Secret Network’s privacy tokens, including adding CREAM as a secret version to our network as secretCREAM.
Secret Network is the first blockchain with privacy-preserving smart contracts. That means applications built on Secret can utilize encrypted data without revealing it to anyone, even the nodes in the network. For the first time, Secret Network allows developers to build powerful, permissionless, privacy-preserving applications - Secret Apps.
Secret is the native coin of the Secret Network, a decentralized network for private / secure computation. Nodes on the network (known as secret nodes) can perform generalizable computations over encrypted data, which allows smart contracts (known as secret contracts) to use private and sensitive data as inputs. WSCRT is the wrapped version of SCRT which allows a 1:1 bridge from SCRT to WSCRT.
All assets bridged to the Secret Network are minted using SNIP-20 (ERC-20 like contract based token issuance) standard. All SNIP-20s are privacy tokens as secret contracts are full encrypted (input, state, output). These secretTokens can be swapped on SecretSwap with front-running and miner-extractable value (MEV) resistance. This is again possible given the encrypted nature of SNIP-20 tokens.
Useful Links :
- Main Website: https://scrt.network/
- ERC20 Bridge: https://bridge.scrt.network/eth
- SecretSwap: https://bridge.scrt.network/swap
- Documentation: https://build.scrt.network/
Benefits for CREAM:
First mover advantage - no competition on SCRT borrowing / lending
- Yield opportunities for CREAM community through borrowing SCRT: CREAM users can participate in SCRT related yield opportunities (SCRT staking), SushiSwap Onsen without acquiring SCRT.
- Access to SCRT community through SCRT lending: CREAM will become the first platform to offer borrowing and lending of SCRT. Secret Network community is extremely strong, vocal and eager to support related projects. This listing would bring a strong influx of new users, who would use SCRT as collateral to participate in ETH DeFi.
- TVL potential: the total economic value available in SecretNetwork is approximately $600mn
- Potential to add aToken to the Secret Bridge to create wrapped aTokens with privacy. aTokens can be added to the Secret Network bridge if needed by the CREAM community)
Benefits for Secret Network Community:
- Ability to borrow / lend WSCRT and participate in leveraged ETH DeFi.
- Awareness gain among Ethereum DeFi users for the front-running resistant DeFi ecosystem Secret Network is building.
Secret Network has been live on mainnet for more than 1 year. SecretTokens have been tested thoroughly in production since October 2020. There is ~$80mn worth of Secret Tokens minted, which was used by +6,000 unique users with more than 50K computations. Secret Network Ethereum bridge has been live since December 2020, used by 2,200 unique users. Currently the bridge provides privacy to $75mn worth of Ethereum assets.
Days > 365
Holders > 13500
Market Cap ~ $210mn
Volume ~ $7mn
Add WSCRT as a collateral asset on CREAM Ethereum.
Do not add WSCRT as a collateral asset on CREAM Ethereum.