Most of our readers are familiar with the Secret Network and its $SCRT coin. That’s pronounced as the Secret coin. But did you know that there’s also a wrapped version of the $SCRT coin available? That’s the sSCRT coin. You pronounce this as secretSCRT. 

So, in this article, we take a closer look at the sSCRT coin.

What Is sSCRT?

The sSCRT coin is a wrapped version of the $SCRT coin. Now, we’re most likely familiar with Secret Network’s native coin, $SCRT. You can use it to pay for gas fees, staking, or governance. Each interaction with a $SCRT coin is public-by-default. In other words, its transactions are viewable on-chain. 

However, the underlying philosophy of the Secret Network is to offer confidential computing. That’s where you decide what to disclose. To achieve this, the network uses private smart contracts. So, you can wrap non-private tokens into private and fungible tokens. This came to life with the approval of the Secret Network Improvement Proposals 2020. Hence, these private tokens use the SNIP-20 standard. 

So, that’s how we get the sSCRT coin, by wrapping $SCRT. However, there are more private SNIP-20 tokens around. For example, native tokens like $SHD, $FINA, $ALTER, $SILK These projects are part of Secret Network’s ecosystem. However, you can also bridge other tokens to the Secret Network. Once bridged, they are private by default. For example, sATOM, sBNB, sETH, sUSDC, or sWBTC.  

What Happens On-Chain with sSCRT Coins?

The process of wrapping SNIP-20 tokens, like sSCRT, makes them invisible. Let me give you a sample of how the process works and what happens on-chain. Let’s transfer 200 sSCRT coins from Bob’s wallet to Alice’s wallet.

  • Bob goes to the Secret Dashboard and uses the wrap feature. See the picture below. He has the option to choose between plenty of coins. However, for our sample, we use $SCRT.
  • He now wraps 200 sSCRT coins. The conversion is always 1:1.
  • Bob sends his 200 sSCRT to Alice.
  • A block explorer shows that Bob’s wallet interacted with the sSCRT smart contract. Some explorers where you would see this could be, for example, ATOMScan or Mintscan. However, there’s no further information available. So, you don’t know if Bob bought or sold tokens or an NFT. There’s also no information on the viewing key or the number of tokens.
  • The block explorer will not show any interaction at all with Alice’s wallet. There’s no on-chain information available for her wallet with this transaction.


Source: Secret Network dashboard

Viewing Keys

Alice can see the contents of this transaction with her viewing key. She can create her own key since the tokens interact with her wallet. Bob received his viewing key when he wrapped the sSCRT coins. He can now choose with whom he will share this viewing key. And Alice can share hers with whomever she wants. Neither can see the other’s transactions other than the one they have together. Also, you can share this key with, for example, an auditor, when needed. When each has their own separate viewing key, neither can see what the other does with those tokens later.

The viewing keys are like encrypted passwords. You can revoke them at any time.

Furthermore, there’s also no on-chain information about how many Secret tokens you minted. Nor is there on-chain information on your Secret Token balance. The only on-chain evidence is the gas fee you paid for the minting and the transaction.

Use Cases for Secret Tokens

Using sSCRT or other Secret Tokens can come in handy. There are various reasons why you, or a company, want to keep transactions private. For instance, you may want to conceal your wallet, if it’s heavily loaded with assets. This may attract hackers. Let’s give a sample here.

Companies can hold crypto assets. To be less exposed to volatility, they may keep part of their holdings in stablecoins. This could be $USDC or $USDT. Furthermore, this company doesn’t want everybody to know how much their wallet holds. So, they decide to hold their stablecoins as Secret Tokens in a private wallet. As a result, bad actors can’t see the total value of a company.

On the other hand, the private wallet can hold enough sUSDC or sUSDT to pay salaries or bills or sponsor events. Whenever it’s required, the company can change their sUSDC back to $USDC. Accountants can also have access, with the firm’s viewing keys. For retail investors, like you and me, it works the same way. We can also create such private wallets for Secret Tokens.

Another use case would be if you are active in DeFi. By using a typical AMM, there’s always the risk of front running or a sandwich attack. However, when using Secret Tokens, there’s no information available on your metrics. For example, your liquidation target, the position size, and other information. As a result, lending and borrowing becomes a lot safer. As does trading.

Various protocols use the Secret options. For example,


The Secret Network offers confidential options for your crypto assets. These are their Secret Tokens, including their sSCRT coin. When using the Secret Tokens, there’s no on-chain evidence of your transactions. We gave samples of how the Secret Tokens work and explained some of its use cases.

The current $SCRT price is $0.4486. It has a market cap of $151.6 million. There’s an infinite max supply and a total supply of 291 million coins. Out of these, 271 million $SCRT coins already circulate.



The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers, and their risk tolerance may be different from yours.

We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments, so please do your due diligence. This article has been sponsored by Secret Network.

Copyright Altcoin Buzz Pte Ltd.


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