Secret Network, a blockchain offering data privacy by default, today announced the mainnet launch of SecretSwap, the ecosystem’s first AMM (automated market maker).
SecretSwap allows users to trade any secret token for any other. It works like Uniswap or SushiSwap, but with lower costs and higher user security. For example, because smart contracts on Secret Network have encrypted inputs, outputs, and state, miners are not able to front-run any orders submitted to the AMM.
Tokens that users buy on SecretSwap can be transferred with privacy on Secret Network, used in other Secret Apps, or sent over bridges back to native chains (including Ethereum). Network fees for interacting with SecretSwap are paid in the native SCRT token, like all other secret contracts.
The fungible tokens native to Secret Network are private by default, and they can represent any native or off-chain asset (including Ethereum assets, thanks to the Secret Ethereum Bridge).
On Secret Network, all users benefit from privacy network effects; the more usage there is of Secret Apps, the more security users gain.
SecretSwap currently supports any secret token, including all the tokens supported by the Secret Ethereum Bridge. This includes secret versions of: ETH, YFI, LINK, WBTC, OCEAN, RSR, UNI, SUSHI, DAI, USDT, USDC, AAVE, BAND, MKR, DPI, TUSD, BAC, SNX, COMP, and KNC.
Over 1,500 addresses have already used the Secret Ethereum Bridge to create secret token versions of their ETH assets.
As more bridges are built in the Secret ecosystem (including integration of IBC), SecretSwap aims to become a cross-chain, privacy-first, front-running resistant liquidity hub.