Secret Network (SCRT), a privacy-first blockchain protocol that provides data privacy, has announced a strategic partnership with Terra.
The partnership is aimed at providing programmable privacy and decentralized finance (DeFi) opportunities for Terra assets. Secret Network (SCRT) announced the partnership via an official blog post. Disclosing that both platforms aim to create opportunities for liquidity providers, their assets, and privacy-focused users.
NEW: Announcing the Secret Bridge to @terra_money!
Live on testnet, this collaboration between Terra and Secret provides programmable privacy and DeFi opportunities for Terra assets. Learn what this can mean for @mirror_protocol @anchor_protocol and more!https://t.co/Z2VkiyYJtB
— 𝕊ecret Network (@SecretNetwork) June 23, 2021
The integration would ensure both Secret and Terra assets have cross-chain functionality and interoperability via the Secret Terra Bridge. It is also important to note that the bridge is currently live on testnet. Plans are also in place for its upcoming mainnet launch. Additionally, the bridge will enable holders of specific Terra assets to create secret versions of their assets as Secret Tokens.
Secret Network, via the announcement, disclosed that the partnership was formed as a result of both platforms’ similar visions. Together, both Secret Network and Terra are focused on unlocking the true potential of the DeFi space.
Tor Bair, Founder of Secret Foundation, spoke highly of the partnership. Disclosing that the entire Secret Network ecosystem was thrilled by the prospect of incorporating Terra’s scope. He also added that the partnership will provide the Secret community with “[…] a valuable avenue to preserve privacy with [Terra money] assets.”
Fast-Growing Secret Network Ecosystem
The Secret Network has been witnessing impressive growth in recent times. This remarkable growth is spurred on by the launching of multiple bridges on its platform. The Secret Terra Bridge testnet is joining several other Secret bridges that have been built on Secret. Some of these bridges include Plasm, Secret Ethereum Bridge, Binance Smart Chain, etc.
The Secret Terra bridge integration will first provide support for UST and Mirror assets. Other meaningful effects of the partnership will take place in the near future.
Do Kwon, Terraform Labs co-founder and CEO, pointed out that the team was thrilled with the integration of Secret Network. According to him, the partnership will enable Terra to offer its community a valuable way of preserving privacy with Terra assets.
He further said, “Secret Network is one of the most compelling projects in the Cosmos ecosystem.” Also adding, “Once the Secret Terra Bridge launches and IBC goes live, a torrent of inter-chain DeFi innovation will be unleashed.”
As of the time of publication, SCRT was trading at $0.995497 with a 24-hour trading volume of $2,953,809.
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