Secret Network Launch Surge DeFi Incentives
Secret Network Labs proposed a six-month incentive program, Secret Surge, which was voted on by the community and launched on April 24, 2023. The proposal, which received a 98.3% YES vote, aims to support projects in the DeFi space and liquidity providers. The program will have a three-month growth period with double rewards to incentivize the rapid launch of projects.
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Secret Surge began on April 24, 2023, and will run for six months, during which rewards totaling up to 4 million USD will be distributed. These rewards will be distributed at double the rate during the first three months.
To receive rewards, it will be necessary to provide liquidity on one of the 4 DEXs running on the Secret Network:
On ShadeSwap, you will receive SHD and SCRT as a reward for providing liquidity during the duration of Secret Surge.
You can find the pools with increased rewards here.
- sSCRT / stkd-SCRT
- stkd-SCRT / SHD
- SILK / stkd-SCRT
- SILK / USDC
- SILK / USDT
All pools are at a proportion of 50:50.
Unfortunately, this DEX has not yet been launched on the Secret Network mainnet, but it is expected soon. Once it has launched, you will be rewarded for providing liquidity with SNO and SCRT during the duration of Secret Surge.
These pools will support increased rewards once the DEX is launched:
- sWBTC / sWETH / sUSDC (at a proportion of 40:40:20)
- sWBTC / sSCRT (at a proportion of 80:20)
- USDC / USDT (at a proportion of 50:50)
Secret Swap 2.0
Secret Swap was the first DEX on the Secret blockchain. Its new version, Secret Swap 2.0, is currently being tested on the testnet, and its launch on the mainnet should take place in a few weeks. After its launch, you will be rewarded for providing liquidity in SLIQ and SCRT for the duration of Secret Surge.
These pools will support increased rewards after the DEX has been launched on the mainnet:
- bSCRT / SLIQ
- bSCRT / SCRT
- seSCRT / SCRT
- SCRT / ATOM & bSCRT / ATOM
- SCRT / USDC & bSCRT / USDC
- bSCRT / ETH
- bSCRT / BTC
Sienna Swap also operates SiennaLend protocol, both of which will reward liquidity providers with SIENNA and SCRT during the Secret Surge. Currently, it has not been specified which pools will offer increased rewards.
This program will attract a lot of new users thanks to the increased rewards. This will bring the necessary liquidity to the protocols, which will in turn increase the overall liquidity of the ecosystem and contribute to its robustness. With more users, the program will be more reliable and develop better. As the usage of the Secret blockchain and DeFi grows, the number of transactions will also increase, which will have a positive impact on overall sustainability. Over the course of the next six months, Secret Network could become more known to new users.
The Secret Network blockchain and its DeFi ecosystem need more incentives like this. As it is not yet very well-known, its advantages are not adequately presented to attract new users. This way of "giving away money" tends to be effective, but it is still important that prospective users do their own research before investing (DYOR), to decide whether the Secret Network blockchain is right for them or not.