Secret Network has recently announced the launch of the SecretSwap platform in their mainnet. With SecretSwap, users can easily swap one secret token with another. The platform also allows the users to provide liquidity and earn rewards. SecretSwap aims to provide high user security at a low cost with the added advantage of privacy features supported by the underlying Secret Network.
SecretSwap currently supports only the secret token swapping feature. It supports secret versions of ETH, YFI, LINK, WBTC, OCEAN, RSR, UNI, SUSHI, DAI, USDT, USDC, AAVE, BAND, MKR, DPI, TUSD, BAC, SNX, COMP, and KNC tokens. Users can easily convert these ERC-20 tokens into a secret token by using the Secret Ethereum Bridge.
You can refer to our previous guide on how you can get the SCRT token and convert it into an sSCRT token, as well as our guide on how you can create Wrapped Secret (wSCRT), which is a synthetic ERC-20 version of SCRT.
In this guide, we will focus on how you can swap secret tokens and provide liquidity using SecretSwap.
Table of Contents
Usage Guide
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 ERC-20 tokens into secret tokens using the Secret Ethereum Bridge.
Get the Secret Token
To convert your ERC-20 tokens into secret tokens, go to the Secret Ethereum Bridge.
Select conversion from ETH => Secret at the top
Now select the ERC-20 token that you want to convert into a corresponding secret token.
We have some USDT tokens which we want to convert into secretUSDT.
Enter the amount of USDT and fill in your secret wallet (Keplr wallet address) address in the destination field.
Click on Continue. It will trigger two transactions. Confirm the transactions.
Once the transaction is complete, click on the view balance icon to reflect the token balance. In case you are unable to see it, then go to your Keplr wallet and add the token contract address (as shown in the below image). You will be able to see your tokens now.
SecretSwap
So, we now have the secret version on USDT in our Keplr wallet, which we can use and convert into any other secret token using SecretSwap.
To use SecretSwap, 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 number of output tokens that you will receive after the swap.
Confirm the process. You can now see your desired output token in your Keplr wallet.
Provide Liquidity
Users can provide liquidity using the Secret Network liquidity pools.
You can check the list of all available liquidity pools from the Withdraw tab.
We have selected to provide liquidity with token pair sSCRT/sUSDT.
If you are using the token pair for the first time, you have to approve spending for both the tokens. Once approved, you can provide liquidity.
Enter the amount of one token that you want to provide for the liquidity pool and the application will automatically reflect the number 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 Wallet
You can see your liquidity pool token in your wallet by adding the token contract address.
Go to Add Token and enter the liquidity pool token contract address.
You can get the token address by clicking on the View icon appearing against your pool share.
Withdraw
At any time, users can remove their pooled tokens from liquidity. The tokens will be reverted to your Keplr wallet.
To withdraw, go to the Withdraw tab.
Now choose the percentage of liquidity you want to withdraw and click on the Withdraw button.
This will trigger a transaction.
Once the transaction is successful, you can see your liquidity pool tokens will become zero, and the corresponding tokens get added to your wallet.
Conclusion
Secret Network can be a good option in terms of transaction charges and maintaining the privacy of your transactions. The transaction charges are really very low. But the platform is still in its infancy stage. We have received error messages with almost every transaction but then it still gets completed. Wallet balances are taking too much time to reflect in the Swap or liquidity platform. User liquidity detail is showing on the Withdraw page. It would be more readable if placed under a separate tab. The platform currently supports only a few tokens. We are hopeful that, as the project advances, these small issues will be taken care of. More token additions will increase its adoption and lower transaction fees will definitely give it a boost.
Resources: SecretSwap is LIVE on Mainnet
Read More: RAMP DEFI Ecosystem Building Blocks
This is by far the only clear explanation of this secret swap thing. Thanks a lot. You are a lifesaver.