The Secret Network has recently announced the launch of their Secret Binance Smart Chain Bridge that will allow the supporting BEP-20 token holder to convert their tokens into corresponding Secret tokens. The BSC community will also be able to use their Secret tokens in Secret Network’s Defi ecosystem, which will allow them to swap any Secret tokens and provide liquidity.
The platform is currently offering the following benefits to the BSC community in the Secret Defi system, i.e., SecretSwap:
- Earn Cashback ($CHSBK) for swapping and exchanging with other Secret tokens
- Provide liquidity for Secret token/SCRT pairs (currently ~90% APY)
- Stake $SEFI, the governance Secret token for SecretSwap (currently ~65% APY)
The network is also planning to announce new $SEFI pools that will offer more yield opportunities to the BSC users.
Table of Contents
Usage Guide
In our previous guide, we have explained how you can use the Secret Binance Smart Chain Bridge to convert your BEP-20 tokens into Secret tokens.
In this guide, we will explain the following things:
- How to convert one Secret token into another
- How to add and remove liquidity from Secret Pools
- Check and redeem Cashback
- Stake $SEFI
Swap Secret Tokens
With SecretSwap, you can swap any Secret tokens. If you have Secret tokens, then you can directly go to the Swap page. Otherwise, you have to swap your BEP-20 tokens into Secret tokens using the Secret Binance Smart Chain Bridge.
We have some sBNB in our Keplr wallet that we want to convert into $SEFI (the native governance token for Secret Defi) using SecretSwap.
Now, to use the SecretSwap application, go to this page.
Select the input and the output token first and then enter the amount of the input token. The application will show you the amount of output token that you will receive after the swap.
Confirm the swap activity by pressing the Swap button. This will trigger a wallet transaction that you need to confirm.
The swap activity is done. Also, as you can see from the above screenshot, we have received some cashback for trading with SecretSwap.
Add Viewing Key
To see the $SEFI token in your wallet, you have to create a viewing key. Click on the magnifying icon against $SEFI. This will trigger a transaction in your Keplr wallet. Confirm the transaction, and you will be able to see your desired $SEFI token.
Cashback
Users receive Cashback, $CSHBK, an incentivized token when they do trading via SecretSwap. They can burn this Cashback token to receive $SEFI.
We have also received some $CSHBK which we will burn to get $SEFI.
To check your Cashback, go to this page.
Create the viewing key by clicking on the below-highlighted icon and confirm the transaction. You can see your earned $CSHBK token in your Kelpr wallet.
Redeem Cashback $CSHBK
Users can burn their earned Cashback token to receive $SEFI. From the Cashback tab, you can check the amount of the $SEFI token that you will receive after burning your $CSHBK token.
To redeem your token, go to the Cashback tab and click on Redeem for SEFI. The extra $SEFI token will be added to your balance.
Pool/Provide Liquidity
Users can also provide liquidity using the Secret Network liquidity pool. You can check the list of all available liquidity pools from the Withdraw tab.
We have selected to provide liquidity with token pair sSCRT/sBNB. If you are using the token pair for the first time, you have to approve spending for both tokens. Once approved, you can provide liquidity.
Enter the amount of one token that you want to provide for liquidity and the application will automatically reflect the amount of the other token.
Click on Provide to confirm the activity. Once the transaction is successful, you can see your liquidity pool details from the Withdraw tab.
To see your liquidity details, select and expand the token pair where you have provided liquidity.
Add LP Token in Your Wallet
You can see your liquidity pool token in your wallet by adding the token contract address.
You can get the token address by clicking on the magnifying icon appearing against your pool share.
Confirm the transaction triggered from your Keplr wallet, and you will be able to see your desired pool token.
Withdraw
At any time, users can remove their pooled tokens from liquidity. The tokens will be reverted back to your Keplr wallet.
To withdraw, go to the Withdraw tab. Select the token pair where you have provided liquidity.
Now choose the percentage of liquidity you want to withdraw and click on the Withdraw button. This will trigger a transaction. Confirm the transaction from your Keplr wallet.
Once the transaction is successful, you can see your liquidity pool tokens will become zero and the corresponding tokens get added to your wallet.
Stake $SEFI
$SEFI is the native governance token of the Secret DeFi system. The Secret Network also allows the users to stake their $SEFI tokens and earn an APY of 65%.
To stake $SEFI, go to the Earn tab.
You can check other token pairs here that you can stake and earn rewards.
Enter the amount of $SEFI token that you wish to stake and click on Earn. Confirm the transaction from your Keplr wallet.
Once confirmed, you can check your staked $SEFI token wallet by clicking on the View Balance icon on the Withdraw section. This will add the staked token balance (named SPYSEFI) in your wallet, and your $SEFI token balance will become zero.
To get your $SEFI token back, you can withdraw it by going to the Withdraw section. Enter the amount of staked token that you wish to withdraw and hit the Withdraw button.
Confirm the transaction from your Keplr wallet.
Once confirmed, you can see your staked token (SPYSEFI) balance becomes zero, and $SEFI tokens revert back to your wallet.
Conclusion
The Secret Binance Smart Chain Bridge and access to the Secret DeFi ecosystem will allow the BEP-20 token holder to take advantage of the high-yield opportunity of the Secret Network. The network is also offering Cashback ($CSHBK) on using the SecretSwap application, and the token can be burned later to retrieve the $SEFI token. Users can also stake $SEFI and earn an APY of 65%. The platform is also planning to include more $SEFI pools in the future. So, if you a BEP-20 token holder, you can enjoy the benefits of the Secret Network along with preserving privacy.
Resources: Secret Network
Read More: How to Stake Binance Coin (BNB)
