Secret Network Bridge tokens Introduction (Part 1)
Hello and welcome to another article!
In this article, we will be introducing the Secret Bridge’s tokens to you, along with their features. This will be the first part. In the second part, we will introduce you to the remaining tokens that are accepted by SecretBridge.
Citadel.One recently received a grant from the Secret Network to further progress in our Secret Network integration into the Citadel.One web platform and mobile app. The details of the grant proposal can be found here.
Citadel.One has been building infrastructure around the Secret Network on its web platform for a while now, and this grant will allow us to be able to build and integrate the Secret Network Bridge into our platform and mobile app, bringing support for SNIP-20 tokens to our platform and our users.
SNIP-20 tokens are a special hybrid of the features of ERC-20 tokens and the Secret Network’s privacy respecting features. They take up the programmability of ERC-20 tokens and efficiently merges it with the optimum privacy of the Secret network to create efficient tokens with features from both protocols.
Secret Bridge Supported Tokens
Citadel.One has offered support for some SNIP-20 tokens. Let us take a look at all the tokens offered, as well as a short description of each.
- Secret (SCRT)
SCRT is the main token of the Secret Network. It is used for staking and governance of the platform and has a total supply of 150 million tokens. (The Secret Network explorer can be found here)
2. sAAVE
AAVE is a DeFi lending protocol that allows for pooling and borrowing of assets anonymously. The Secret Network bridge brings privacy to the platform’s governance token (AAVE) by encrypting transaction information and account balances through sAAVE.
3. sALPHA
Alpha Finance Lab describes itself as a cross-chain DeFi platform that will interoperate and bring alpha to users across different blockchains such as Binance Smart Chain (BSC) and Ethereum. Secret network brings privacy to the Alpha network in the form of sALPHA.
4. sBAC
Basis.cash is a protocol for stablecoins. The platform’s token, BAC is a stablecoin that adjusts its supply based on rising and falling demand for the token. Secret network brings privacy to this protocol as well through sBAC.
5. BAND
BAND protocol is an oracle service that connects the real world and the blockchain together, providing real world data on chain. BAND has privacy added to it by the Secret Network through sBAND.
6. sBAT
Basic Attention Token (BAT) is the token that powers a crypto-based browser service. Users of the browser get rewarded in BAT for viewing privacy respecting ads. Privacy is brought to Brave in the form of sBAT by the Secret Network.
7. sCOMP
COMP is the native token of the Compound protocol, which is a lending and borrowing service. It allows users to pool their tokens and borrow from these pools in a decentralised manner. sCOMP is the private version of COMP developed by the Secret Network.
8. sDAI
DAI is a stablecoin created by MakerDAO and works autonomously to jeep its value around one dollar by leveraging special smart contracts built on the Ethereum blockchain. sDAI is the private version of DAI running on the Secret Network.
9. sDPI
DPI (Defi Pulse Index) is the native cryptocurrency of the DeFi Pulse Index, which is an index fund of some sorts that allows users to gain exposure to different parts of the market by creating a single token that represents a basket of tokens from different parts of the crypto market. sDPI represents the private version of this token on the Secret network.
10. sENJ
Enjin is a protocol dedicated to NFTs and ENJ is used to directly back the value of NFTs minted within the Enjin ecosystem. sENJ is the private version of the ENJ token made on the Secret Network.
11. sETH
Ethereum is a global computer that allows for the development and deployment of smart contracts written in the platform’s native programming language, Solidity. ETH is the main token of the Ethereum platform, and sETH is the Secret Network version of ETH that has privacy features built in.
12. sKNC
Kyber Network is a protocol for swapping digital assets. Kyber Network Crystals, KNC, is the main token of the network, and is used for paying fees on the Kyber Network. sKNC is the private version of kNC built on the Secret Network.
13. sLINK
LINK is an oracle that brings real world data to the blockchain. sLINK is the Secret Network version of this token that has built in privacy features.
14. sMKR
MKR is a decentralized organization built on Ethereum to allow lending and borrowing of cryptocurrencies without the need for a middle man. MKR is the platform’s native token, and sMKR is the privacy centric version of it created by Secret Network.
15. sMANA
Decentraland is a crypto based virtual world. MANA is the digital asset token used to pay for goods and services in Decentraland. sMANA is the Secret Network version of MANA that has baked in privacy.
That’s it for the first part!
In the next article, we will discuss the following tokens:
- sOCEAN
- sREN
- sRENBTC
- sRSR
- sRUNE
- sSCRT
- sSEFI
- sSNX
- sSUSHI
- sTORN
- sTUSD
- sUNI
- FATS
- sUSDC
- sUSDT
- sWBTC
- sYFI
- sYFL
- sZRX
Be sure to check out our platform here to better manage your staking! Also, download our mobile app which can be found on Android or Apple devices and get more out of your staking!
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About Citadel.one
Citadel.one is a non-custodial Proof-of-Stake platform for the management and storage of crypto assets. Users can create public addresses for all supported networks with one seed phrase, connect their Ledger or Trezor device, or import an address generated by another wallet.
The analytical dashboard provides relevant information on wallets’ balances and networks’ main metrics. In Citadel.one, we standardize the semantics, making interactions with the platform as easy as possible. The same goes for network metrics. By using universal terms, we are making it easier for users to understand and compare networks.
One of the main functions of the Citadel.one platform is participation in the PoS consensus — users can stake and delegate their assets, claim rewards, and follow the latest network proposals in the voting tab.
Citadel.one offers its users instant cryptocurrency exchange services that allow fast and secure crypto assets swap. It is also possible to buy and sell crypto with a credit or debit card. Citadel.one users can track rewards, withdrawals, transfers, and deposits across all supported networks and add comments to these transactions.
Among PoS platforms, Citadel.one supports BAND network($BAND) Secret Network ($SCRT), Cosmos ($ATOM), ICON ($ICX), IOST, Orbs, and Tezos ($XTZ). We also support Ethereum, Bitcoin, and Tether ($USDT) for our users’ convenience. Mobile and desktop versions, new networks, including Polkadot and Ontology, are scheduled for the upcoming updates. Furthermore, delving into the idea of true decentralization, we envision Citadel.one a decentralized autonomous organization and a genuinely community-owned platform in the nearest future.
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