In our previous article on the Secret Network, we explained everything about the SCRT token, i.e., how you can get the token, in which wallet you can store the token, its use for Secret Network transaction activities, and how you can convert the SCRT token into sSCRT (privacy token). In this article, we will explore the wSCRT token and its functionality.
Wrapped Secret (wSCRT) is a synthetic ERC-20 version of SCRT (the native coin for Secret Network). The token is now live on Ethereum’s mainnet and on the Uniswap liquidity pool. Using Secret Ethereum Bridge, users can create wSCRT for secretSCRT, and it is pegged to 1:1 with the secretSCRT token. Since wSCRT is an ERC-20 token, you can see the transaction details on etherscan like any other Ethereum-based token.
wSCRT Contract address: 0x2b89bf8ba858cd2fcee1fada378d5cd6936968be
The Secret Ethereum Bridge was launched on mainnet in December 2020. The basic functionality of this bridge is to allow ETH and ERC-20s token holders to convert into Secret Tokens, a privacy-preserving token that follows the SNIP-20 standard on the Secret Network.
In this article, we will explain how you can convert your sSCRT token into a wSCRT token and how you can provide liquidity into the Uniswap pool with the wSCRT-ETH pair.
Go to the Secret Ethereum Bridge.
Connect your MetaMask (Ethereum Network) and Keplr wallet (Secret Network).
Both the wallets are connected. You can see the token balance.
Important: You need to have a minimum of 100 secretSCRT tokens in your Keplr wallet to use this activity.
Kindly note that the platform currently allows you to create wSCRT from secretSCRT. That means you need to hold a secretSCRT token in your Keplr wallet. If you are not aware of how to get the secretSCRT token, then read our previous article.
Now go to the Secret -> ETH tab. Select SNIP20 and, from the dropdown, select the secretSCRT token.
Enter the amount of secretSCRT that you want to convert to wSCRT and the destination Ethereum address.
Unfortunately, the process charges a very high swap fee (highlighted above).
But, anyway, we have confirmed the transaction, and the token is appearing in the dashboard.
wSCRT Token in MetaMask
If you are not able to see the token in your MetaMask wallet, then you have to add the token by giving the contract address of the token in the Custom Token tab.
See the below screenshot and add the token address. You can now see the wSCRT token in your wallet.
How You Can Use the wSCRT Token in Ethereum Network
Users can use the wSCRT token to provide liquidity in the Uniswap pool with the wSCRT-ETH pair.
You have wSCRT tokens in your wallet. You can use these wSCRT tokens and add an equal amount of Ethereum into the wSCRT-ETH Liquidity Pool on Uniswap.
Users are required to add liquidity into an Uniswap pool with the wSCRT-ETH pair.
To add liquidity, go to the Uniswap pool.
Enter the amount of wSCRT token you wish to add to the liquidity pool, and an equivalent amount of ETH will automatically get entered.
Since you are using this liquidity pair for the first time, users need to approve the pair first before adding liquidity.
Once approved, you can now supply the liquidity by clicking on the Supply button.
A MetaMask transaction is triggered. Confirm the transaction.
You can see your wSCRT-ETH liquidity details now.
The liquidity pool gets 0.3% of every wSCRT/ETH transaction on Uniswap. These fees are divided among the liquidity providers.
If you want to get your tokens back, then you need to follow the entire process in reverse. That means first removing the liquidity from Uniswap and getting wSCRT and ETH tokens in your MetaMask wallet.
Then go to the Secret Ethereum Bridge and now select the network ETH-> Secret from the top. Select the token and enter your Keplr wallet in the destination address field.
Confirm the process, and you will get your secretSCRT token in your wallet.
Resources: Wrapped SCRT is Now Live on Ethereum
Read More: How To Use the Guarda Wallet – Part II