Secret Network developers are launching a confidential intranet management system for their automated market maker SecretSwap.
According to the Secret Network, the DeFi SecretSwap protocol works similarly to Uniswap or SushiSwap, but has privacy features. For example, resistance to advanced trades – attack strategies or bot trading in Ethereum, when traders see other orders and place their own first.
The launch of the tool means SEFI token holders will be able to vote on a system that is confidential by default. The developers say the system will help “ensure the integrity and sovereignty of SecretSwap’s decentralized governance.” According to Secret Analytics, SecretSwap is a relatively new member of the DeFi industry, with $ 275 million worth of crypto assets blocked in its protocol.
“Data privacy is critical to the security and usability of DeFi,” said Secret Foundation CEO and Chairman Tor Bair. “SecretSwap addresses universal DeFi issues such as pre-emptive deals attacks by giving users access to multi-homed assets and privacy by default.”
Bair noted that the developers faced challenges during the launch of the project, including difficulties in protecting voting mechanisms from offline attacks, protecting individual votes while preserving their aggregate, and aligning them with the protocol user interface.
“The launch of the SEFI governance system fulfills the original goal of a governance token and strengthens community control over SecretSwap and the future growth of Secret DeFi — a multi-homed, attack-resistant, privacy-focused DeFi ecosystem where user interests come first,” Bair said.
As a reminder, the Secret Network implemented privacy-focused smart contracts last fall. In April, the Plasm Network at Polkadot and the Secret Network at Cosmos launched the first iteration of the “bridge” to connect ecosystems, each of which represents different zero-level protocols for blockchain interoperability.
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