Secret Network announces $400m ‘Shockwave’ growth initiative
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Secret Network has announced that $400 million will be injected into the ecosystem of the privacy-preserving blockchain protocol, as layer 1 blockchains continue to jostle for users and liquidity.
The “Shockwave” growth initiative consists of a US$225 million ecosystem fund to provide experience, guidance and mentorship for developers building on Secret, plus a US$175 million accelerator pool designed to provide non-dilutive capital, grants and ecosystem initiatives designed to increase user adoption.
The platform also announced that leading crypto investment firms DeFiance Capital, Alameda Research, CoinFund and HashKey had acquired SCRT positions and joined the ecosystem.
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“With a strong network of supporters and a passionate global community, Secret Network is now entering its most aggressive growth phase to date,” SCRT Labs founder and chief executive Guy Zyskind was quoted as saying in the announcement.
“We now invite developers around the world to join us in our mission and to build the next generation of Secret Apps that will protect and empower millions of global users.
“We and our partners are here to support and mentor you at every stage.”
Ecosystem incentive funds have taken off in the past six months or so, boosting the visibility and adoption of layer 1 blockchains such as Polygon, Avalanche, Fantom, Near Protocol, Solana and Celo.
SCRT tokens were down 4.6 per cent to $US9.12 at lunchtime.
That gives the project a market cap of $1.3 billion and makes it the No. 79 crypto.
It was the No. 346 project back in late July, when SCRT tokens were trading for just over $1.
SCRT tokens were available for under US$2 as recently as September.
Zyskind tweeted that the project was “on our way to top 20 as we solve privacy for web3”.
While most smart contract platforms such as Ethereum are public by default, Secret supports encrypted inputs and outputs for its application layer.
The platform also got a boost when director Quentin Tarantino chose Secret for his NFT drop of handwritten chapters from his Pulp Fiction screenplay.