Secret Network’s mining activity has been online for less than two days, and the total amount locked has exceeded 13 million US dollars. Currently, single-coin mining of 12 currencies is supported.
Written by: Ether Boy
On January 12, Secret Network launched the Secret Bridge Mining activity. Users can participate in mining by locking ETH or other eleven ERC-20 tokens to its cross-chain bridge Secret Ethereum Bridge. This activity plans to distribute 500,000 SCRT rewards within 6 weeks. In less than two days after the event went live, the total amount locked has exceeded $13 million.
"Secret Network" was renamed from the privacy public chain Enigma. The network is built based on proof of equity and Cosmos SDK/Tendermint. The native token is Secret (SCRT). The Secret Network mainnet was officially launched last September and became the first one-layer blockchain capable of supporting universal privacy computing in a distributed node system equipped with secure zones.
In December last year, Secret Network announced the launch and official launch of Secret Ethereum Bridge, a cross-chain bridge with Ethereum, on the main network. The Secret Ethereum Bridge allows users to lock data tokens on Ethereum while minting and trading another token on the Secret Network. All transactions and contract interactions on the Secret chain are untraceable, ensuring users’ privacy needs.
SCRT Mining Guide
Before the start of Secret Network’s bridge mining activity, the official provided a list of 16 tokens including ETH. At 21:00 pm local time on January 11, 2020, local time in the United States, there were 12 tokens in the list with a lock-up of more than $50,000 (including ETH). 12 tokens can participate in the staking rewards in the first week of the carve-up activity: ETH, WBTC, DAI, YFI, OCEAN, LINK, USDT, TUSD, UNI, BAND, BAC, and AAVE), and after the end of the first week, a snapshot will be taken every Monday, and tokens with a locked value of more than $100,000 at the time of the snapshot can continue to participate in mining activities.
During the entire event, the ETH pool will receive half of the total reward pool, which is 250,000 SCRT, and the remaining 250,000 SCRT will be allocated to other ERC-20 token pools.
Click on Secret Network official website, we need a Metamask wallet and a Keplr wallet. Click Connect with Metamask to connect our little fox wallet first.
If you don’t have a Keplr wallet yet, after clicking Connect with Keplr, the following interface will pop up. Click on the blue word Keplr to install a Keplr privacy wallet for the chrome browser:
If you already have a google account, you can log in with your google account, or you can create a new account:
Now, we have created our own wallet on Secret Network. It should be noted that participating in the mining interaction requires the use of some SCRT tokens. Compared with the high handling fees of the ETH network, the handling fees of the Secret network are relatively low. We can first put a few SCRT to the Secret address as handling fees. You can first buy some SCRT on Binance and then click Deposit to withdraw it directly to your Keplr wallet.
On Secret Network, you can directly convert Ethereum into a private asset that can be used to participate in mining. As shown in the picture below, click Use my address, the interface will automatically enter your Secret Network wallet address, click Continue.
Then we return to the main interface, click Earn, select ETH, save the private ETH into the pool, and then participate in mining to earn SCRT tokens.
Select the amount of "Privacy ETH" you want to stake and click Earn. Your "Privacy ETH" has already been invested in the fund pool.
It is worth noting that each private asset invested in mining has its minimum withdrawal limit (Minimun Withdraw), for example, ETH is 0.1 and USDT is 50. Therefore we are better off depositing more than this amount.
After mining is completed, you can click Withdraw to return to the "Bridge" interface. Click Secret→ETH. Fill in the amount you want to transfer and the address of the Little Fox wallet, click Continue, and your "Privacy ETH" will be transferred back to ETH, and transferred from the Keplr wallet back to the Little Fox wallet.
According to official website data, as of the time of publication, the value of ETH locked on Secret has exceeded US$7 million, which is approximately equal to the sum of the locked values of other ERC-20 tokens. The current annualized rate of return APY of ETH is 32%, and the annualized rate of return of BAC among the eligible capital pools in the first week is the highest, currently 167%.
Reference information:
Official website: https://bridge.scrt.network/eth
Official blog: https://scrt.network/blog/secret-bridge-mining-is-live