$SCRT is the native token for the Secret Network and has been on fire in recent weeks, but what is driving momentum?
It is no secret that $SCRT has been outperforming their best performance so far this month. Since the beginning of October, $SCRT had skyrocketed when it was trading at around USD 1.90. Then, it surged to an all-time high of USD 6.88 on Monday, October 11th. This pushed its market cap to a milestone billion dollars.
At the time of writing this article, $SCRT prices were around USD 6.28, a gain of 230% in less than a fortnight.
As you can see in the picture above, over the past 90 days, $SCRT has made a whopping 568%, so what is driving the momentum for this smart contract platform?
Secret Network Fundamentals
$SCRT is the native token for the Secret Network, one of the first privacy-focused decentralized smart contract platforms in the DeFi sector.
The secret network will be deploying its first major mainnet upgrade this month since it launched in September 2020. The upgrade, called Supernova, will establish Secret as the cross-chain privacy-first platform for Web3.
Today we announce our next major upgrade: Supernova 💥
It brings #IBC, new modules, new products, new partners, and more!
— 𝕊ecret Network – Supernova coming Oct 2021 💥 (@SecretNetwork) August 12, 2021
According to the announcement, Supernova will integrate Secret with the Inter Blockchain Communication protocol (IBC), the backbone of the Cosmos ecosystem. The IBC will enable SCRT in cross-chain Cosmos DeFi applications such as Osmosis and the Gravity decentralized exchange.
Also, it will add privacy features to the entire Cosmos ecosystem, which is rapidly expanding. According to the Cosmos explorer, there have been 1.2 million IBC transfers over the past 30 days.
Finally, the secret network did not announce an official launch date for Supernova. It is expected to occur in the latter half of October.
Airdrops and Staking Yields on Shade Protocol
The Shade Protocol, built on the Secret Network, offers airdrops for $SCRT holders next month. This will begin from November 7th to December 13th.
Official snapshot details have been confirmed:
(1) 28 days to prepare for snapshots in advance
(2) Snapshots begin November 7th – December 13th
This leaves plenty of time for people to prepare for the airdrop 🙂
— Shade Protocol (@Shade_Protocol) October 11, 2021
Other Related News About Secret Network
On the other hand, on October 11th, the Secret Network also announced the launch of Duplex Finance, which offers impressive yields on stablecoins.
Also, In May 2021, the Secret Network has raised $11.5 million in a funding round led by Arrington Capital and Blocktower Capital. It included participation by Spartan Group and Skynet Trading.
Finally, there was a potential security issue in September of this year which resulted in an unplanned upgrade to Secret 3.
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