Top 3 Defi Protocols on Secret Network

It’s no secret that we, at Altcoin Buzz, are big fans of Secret Network. Indeed, we believe that it’s one of the most promising privacy projects today. With its encryption technology, developers can control how we, as users, share our information. Aside from that, Secret is part of the thriving Cosmos ecosystem. This makes it interoperable with many top-tier projects, including Kava, Cronos, Osmosis, and more. 

According to DeFillama, Secret Network has a Total Value Locked (TVL) of $11.6 million. That’s more than double from back in early April. So, which DeFi protocols are leading Secret’s TVL charge? Today, we’ll be exploring the top 3 DeFi protocols on Secret Network.

#1 – Sienna Network

The first of the top 3 DeFi protocols on Secret Network is Sienna Network. Since Sienna is built on Secret, it has a focus on privacy. With that, it aims to keep all user transactions on its platform private. But, what does Sienna offer its users? Let’s take a look below.

First, let’s explore SiennaLend, Secret’s first lending protocol. Here, you can deposit multiple secret tokens for collateral. These tokens include $sBTC, $sETH, $sUSDT, $sSCRT, and many more. You can take out loans against said collateral, and you can also provide loans to other users. By depositing your tokens, you earn a sweet yield. On the flip side, you’ve got to pay interest on tokens that you borrow.

Next, we move on to SiennaSwap. In a nutshell, this is Sienna’s Decentralized Exchange (DEX). Using SiennaSwap, you can swap between secret tokens (SNIP-20) with low fees and waiting times. On top of that, since transactions are private, your swaps are protected from front-running too. To learn more on how to use its DEX, check out the quick video below.

Last but not least, Sienna isn’t just all about DeFi. It’s got plans way beyond that. It’s got its own NFT project, named Sienna Knights. Also, it plans to release its launchpad, SiennaLaunch, by this quarter.

Top 3 DeFi Protocols on Secret Network - Sienna Knights
Source: Stassh

Sienna network has its own governance token, $SIENNA. At the time of writing this article, Sienna’s TVL sits at $2.7 million. To keep up with its developments, you can follow their Twitter here. Now, let’s segue into the next DeFi protocol.

#2 – SecretSwap

The next of the top 3 DeFi protocols on Secret Network is SecretSwap. Similar to SiennaSwap, SecretSwap is a DEX and an Automated Market Maker (AMM) as well. You can use it to swap between SNIP-20 tokens on the Secret network. Also, it’s resistant to front-running.

Top 3 DeFi Protocols on Secret Network - SecretSwap
Source: Secretswap

Aside from swapping tokens, there’s other stuff to do here with your assets too. These include:

  • Providing liquidity via its “Pool” feature.
  • Staking Liquidity Pool (LP) tokens to earn $SEFI via its “Earn” feature.
  • Voting on proposals that advance the project via its “Governance” feature.

Oh, did I forget to mention SecretSwap’s $SEFI token? By staking it, you gain voting power to have a say in SecretSwap’s governance proposals. Moreover, $SEFI serves as a token to incentivize traders and LP providers. This is meant to bring more users to SecretSwap.

Speaking of users, SecretSwap’s TVL has been on the decline since its high in November 2021. Today, its TVL sits at about $1 million. Despite this, it remains an important DEX in the Secret ecosystem. To keep abreast of its progress, follow SecretSwap on Twitter here.

#3 – StakeEasy

Last, but not least, of the top 3 DeFi protocols on Secret Network is StakeEasy. StakeEasy is a liquid staking platform. In simple terms, it allows you to stake your tokens on its website. In return, you receive another liquid staking token. This new token represents your stake on the platform. It is liquid and can be used for other DeFi purposes, like providing liquidity or collateral. Therefore, StakeEasy helps to unlock the value of your staked assets.

Top 3 DeFi Protocols on Secret Network - StakeEasy
Source: StakeEasy

Indeed, with StakeEasy, you’re able to achieve better yields with your assets. As of today, StakeEasy supports liquid staking for $SCRT and $JUNO tokens. Moving forward, it plans to support liquid staking for $EGLD, $ATOM and $OSMO tokens.

At the time of writing this article, StakeEasy’s TVL sits at $161,000 now. However, we feel that with the popularity of liquid staking, its TVL won’t stay low for long. If you would like to follow its developments, feel free to check out its Twitter account here.


Alright! That concludes our top 3 DeFi protocols on the Secret network. To re-cap, they are Sienna Network, SecretSwap, and StakeEasy. All 3 of these protocols serve different purposes within the Secret ecosystem. So, do give them a try if you’ve got assets on the Secret network, and let us know what you think!

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