The secret network has announced that the Secret Monero Bridge is live on the Mainnet. The Monero Bridge will allow Monero (XMR) holders to access the secret DeFi ecosystem directly for the first time.
The Secret Monero Bridge combines the strength and adoption of Monero with the utility of the Secret Network’s programmable privacy. The Secret Monero Bridge is creating a utility for DeFi that has not been possible before.
Convert XMR Into Secret sXMR
The Secret Monero Bridge allows users to convert their XMR tokens into sXMR. sXMR tokens can be described as a “secret” version of the XMR token that is native to the Secret Network, allowing users to use secret DeFi applications such as SecretSwap.
SecretSwap allows users to exchange their sXMR tokens in private for secret tokens supported by other Secret Network bridges or native, or they can exchange them for SCRT. Users can also convert their sXMR back to XMR, as the Secret Monero Bridge is bidirectional.
A Look At The Secret Monero Bridge
Secret Bridges like the Secret Monero Bridge bring privacy to assets that are from different ecosystems. The assets can enter the Secret Network as Secret Tokens. Secret Tokens can be programmed like ERC-20 tokens and can be used in applications while maintaining their privacy. All interactions with Secret Token contracts are encrypted and can be viewed only by those users who hold the viewing keys.
The Secret Monero Bridge enables Monero to go to and from the Secret Network easily. Monero’s use as a privacy coin allows users to gain accessibility to Secret DeFi through the use of privacy-preserving DeFi applications built on the Secret Network. This means that users can access applications such as SecretSwap, which is a cross-chain and privacy first AMM.
Third Secret Bridge To Launch On Mainnet
The Secret Monero Bridge is not the first Secret Bridge to launch on the Mainnet, after the Secret Ethereum Bridge and the Secret Binance smart Chain Bridge. With the addition of more Secret bridges to the Mainnet, users of Secret DeFi will have more options of Secret tokens that they can interact with.
Understanding How The Secret Monero Bridge Works
The Secret Monero Bridge anonymity and financial privacy between the Monero blockchain and the Secret Network by utilizing the I2P network. Which is an encrypted, anonymous, peer-to-peer network that keeps all its contents private.
The Secret bridge acts as an uncensorable service with a decentralized architecture. The multi-signature Monero wallet mitigates any risk of censorship because every node operator is unaware of the identity or the location of other multi-signature consensus node operators (MSCNO). MSCNO’s operate within the I2P network and are hidden from other MSCNOs.
Creating Viewing Keys
The Secret Network is creating an ecosystem that includes privacy by default. It also gives users the ability to decrypt their encrypted data and transactions,ensuring that users control their privacy. Those users who use the bridge to go from XMR to sXMR will have to create a viewing key to view their sXMR balance and interact with Secret DeFi.
The creation of viewing keys on the Secret Network requires SCRT as Gas. Users who require a small quantity of SCRT to generate a viewing key can ask the community discord channel. They can also utilize an email-powered faucet and acquire SCRT.
The SecretSWAP AMM Protocol
The SecretSwap AMM protocol allows for liquidity creation and the trade of Secret Tokens on the Secret Network. It leverages encrypted contracts and protects users against any privacy threat while also providing them access to cross-chain liquidity and also reduces fees relative to other layer-1 protocols. Monero token holders who convert their tokens to sXMR can exchange them for other tokens such as sBTC, sETH, and sSCRT.
The Road Ahead
With the Secret Monero Bridge live, community members can create Secret Tokens (sXMR), exchange them, or also yield farm. With sXMR and then transfer them back to XMR by burning them. This allows users to get a competitive yield on Monero assets while also being exposed to Secret DeFi.