Secret Network Offers $400M to Build Privacy Ecosystem
The data privacy network aims to attract developers and users with new funding.
Key Takeaways
- Secret Network is offering $400 million to members of its ecosystem through two separate funds.
- Various blockchain firms have obtained SCRT as stakeholders, including DeFiance Capital and Alameda Research.
- Secret Network is best known for hosting Quentin Tarantino's Pulp Fiction NFT project and a number of other projects.
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Secret Network has announced that it is offering $400 million to projects in its privacy-oriented blockchain ecosystem.
Two Separate Funds Are Available
Secret’s $400 million fund is made up of two parts. The first is a $225 million ecosystem fund that has gained contributions from several of Secret’s partners and venture capital firms. This fund is meant to aid developers already building on Secret by offering long-term strategic and financial support.
The second fund is a $175 million accelerator pool, which has been filled with the project’s SCRT token. This fund will provide grants, capital, and incentives to “rapidly expand user adoption.”
Both funds are part of Secret’s Shockwave development phase, which aims to promote adoption by attracting new projects and users and by offering new features to the community.
Secret also says that several firms have obtained SCRT tokens as stakeholders, including Alameda Research, a venture capital firm best known for backing the major cryptocurrency exchange FTX .
Other participants include DeFiance Capital, CoinFund, HashKey, Kucoin Labs, and Huobi Ventures, among others.
Secret Network Is a Data Privacy Blockchain
Secret Network is a blockchain that aims to provide data privacy for smart contracts and applications. While other chains such as Ethereum and Solana support such programs as well, Secret claims to be the “first blockchain with data privacy by default.”
The platform has recently become notable for hosting Quentin Tarantino’s Pulp Fiction NFT auction. Other projects on the platform include the messaging app Alter, the NFT project PrivatePandas, and the Shade Protocol (the basis of the stablecoin Silk).
Secret Network’s SCRT token is currently the 80th largest cryptocurrency on the market, with a capitalization of $1.3 billion. The coin’s price is up 37% over the past seven days.
Disclosure: At the time of writing, the author of this piece owned BTC, ETH, and other cryptocurrencies.
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