The Secret Network Genesis Distribution Airdrop offers participants a valuable opportunity. Built with the Cosmos SDK and leveraging proof-of-stake using Tendermint's Byzantine fault-tolerant consensus algorithms, Secret Network is a cutting-edge layer one solution. It is the first blockchain to support encrypted inputs, outputs, and state for smart contracts, enabling the development of powerful decentralized applications. This innovative platform can unlock significant value across various industries by prioritizing data privacy. The Secret Ethereum Bridge now supports multiple new ERC-20 assets, allowing users to convert their assets into privacy-preserving Secret Tokens usable in Secret DeFi applications such as SecretSwap and bridge mining. Participants in SEFI governance may introduce additional mechanics based on the usage of other Secret DeFi products as the ecosystem continues to expand.
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About Secret Network
SEFI has a fixed token supply, with tokens being distributed over four years and rewards halving annually. The distribution parameters, such as the weighting of rewards between LP Providers and Traders, may be subject to change through governance in the future. The native token of the Secret Network is "SCRT." As the DeFi ecosystem grows, participants in SEFI governance may introduce additional mechanics based on the usage of other Secret DeFi products.
Step-by-step guide
Visit the Secret Network Genesis Distribution Airdrop page to learn about the genesis distribution for SCRT stakers, bridge users, and SecretSwap LPs, as well as long-term token mechanics and distribution. It will outline details on the proposed distribution for SEFI tokens, including genesis and initial rewards structure. To summarize what follows, the following actions will be the most highly connected with SEFI genesis distribution: A) Staking $SCRT, the native coin of Secret Network (similar to the role of ETH on Ethereum) – note that you must stake your SCRT to be eligible. B) Interacting with Secret Bridges (turning assets from other ecosystems into secret tokens), including through providing liquidity to WSCRT pairs on ETH. C) Usage of SecretSwap (providing liquidity for pairs). In this initial proposal, the SEFI token will be distributed in a one-time genesis event as well as to SecretSwap users over four years. The token emission and the details of each class of rewards can be seen here. 10% of SEFI will be distributed at genesis. The remaining 90% of tokens would be distributed over four years, with rewards halving year over year.
Disclaimer: This content is for educational and informational purposes only and does not constitute financial advice. Conduct thorough research before making any deposit/investment decisions (DYOR).
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