- One year after releasing Secret Contracts, SCRT Labs has completed its first major mainnet upgrade, Supernova.
- Supernova brings better scalability, more security, and up to 10 times cheaper gas fees than before.
- SCRT Labs has set November 22nd for the integration of IBC, which will connect the Secret Network with blockchains across the Cosmos ecosystem.
- Thanks to the Secret Network, Quentin Tarantino will be breaking into NFTs.
While blockchains have facilitated the creation of a more empowering and inclusive internet, known as Web 3.0, or the decentralized web, they are primarily public by default. As such, the user data is ‘exposed,’ posing a risk.
The Secret Network solves this problem by applying decentralized privacy. Secret Contracts, a type of smart contract, are created on the network to handle private and sensitive data, while secret nodes operate generalizable computations, and the project has been hailed for its unique technology. So how has it performed in the market recently?
Price Updates
Secret (SCRT) is the native coin of Secret Network. October was a special month for SCRT, as the coin rallied from $1.93 to its all-time high of $10.64 on October 26th.
The October price chart for Secret (SCRT). Source: Tradingview
SCRT has not been able to replicate its October performance in November, however, as the coin has largely consolidated at around the $8.5 mark. Unfortunately, SCRT has been under strong bearish pressure over the last 24 hours, dropping in value by 12.5%.
The 24 hour price chart for Secret (SCRT). Source: Tradingview
The downtrend now means SCRT is valued at $7.21005 at the time of writing. According to CoinMarketCap, the Secret Network is ranked 101st among digital assets with a market cap of $1.1 billion.
Recent Developments
Improving on its already impressive tech, SCRT Labs launched its Supernova Mainnet on November 11th. Supernova marks the first major mainnet upgrade for the Secret Network since Secret Contracts launched in September 2020.
With Supernova now operational, the Secret Network has become a cross-chain privacy-first platform for Web 3.0. The network upgrade is touted to enable hundreds of new unique use cases for DeFi, NFTs, and the much wider metaverse.
For most users, one of the most notable features of Supernova is the drastic reduction in gas fees, with SCRT Labs promising fees up to 10 times cheaper than before. Transactions are also executed more efficiently on the Supernova mainnet.
Before the transition to the Supernova mainnet was completed, Binance announced its support for the network upgrade.
Future Events
The Secret Ecosystem is buzzing with hype around the network’s future releases. Thanks to the Secret Network, Quentin Tarantino will make his debut in the world of NFTs. Sometime in November, the “front cover,” the initial, uncut, handwritten scripts of “Pulp Fiction,” will be auctioned on Opensea, the largest ETH-based NFT marketplace.
After these seven uncut scenes from “Pulp Fiction” have been auctioned, the Tarantino NFT team will auction ten NFT art pieces of iconic and unique props from Quentin Tarantino’s movies. There are expected to be more secret artists auctioning their NFTs following the Tarantino set.
Along with the launch of the Supernova mainnet, SCRT Labs revealed its integration with IBC. However, SCRT Labs is looking to achieve even greater decentralization on its network, hence, a community proposal will be made before the IBC is fully integrated into the network. The date of the proposal has been set for November 15th.
With the integration date set for November 22nd, IBC will connect the Secret Network with blockchains across the Cosmos ecosystem, in addition to the Ethereum network, Binance Smart Chain, and Monero.
The completion of IBC integration into the Secret Network will empower the addition and support of LUNA and UST. If both proposals are passed, the Secret Network will offer programmable privacy for native Terra assets.
In addition, LUNA and USDT holders will gain access to all Secret DeFi applications on the network. Following the integration, users will be able to move and swap digital assets across chains supported by Terra.
On The Flipside
- The price of SCRT has seemingly been unaffected by the launch of the Supernova mainnet upgrade, despite the hype surrounding its release.
- Since its launch, the SCRT coin has dropped by more than 18% in value.
Community
The secret community is not as anonymous as the transactions on the network. Members of the Secret Community are well known for lending their voices to the growth of the project.
With its push for more decentralization, members of the community will be even further included in the decision-making of the Secret ecosystem.
Confirming the decrease in gas fees after Supernova’s launch, @rannyg wrote:
Node explorer shows actual gas used is 62k vs 400k pre supernova pic.twitter.com/e7bJM3RBQv— Rana (@rannyg) November 12, 2021
Impressed by the list of NFTs expected on the network, @ScrtIndonesia, wrote:
this will be massive. dont take your eyes off for $SCRT is strong ecosystem https://t.co/SCU010t2IR— $SCRT_indonesia (@ScrtIndonesia) November 12, 2021
Talking about the Secret NFTs, one Twitter (NYSE:TWTR) user, @CryptoMoss_, wrote:
Secret Network NFTs will literally be the death of the right click save meme (A thread). Secret NFTs can contain private metadata that only the owner can see. Photography images can be slightly blurry to the public NFT collections can watermark the marketplace image $SCRT pic.twitter.com/otycGzAQXD— Mo