17 August 2021, 2:00am EST
The Secret Network, formerly founded as Enigma back in 2014, has just launched an exciting extension surrounding Monero. The Secret-Monero Bridge is now live on Secret's mainnet.
This is wonderful news for Monero users looking to utilize DeFi, but in a privacy-centric way. This bridge allows XMR holders to convert their XMR to sXMR tokens in a MultiSig XMR wallet, and use sXMR tokens to utilize the Secret Networks DeFi applications (DApps). Monero users can now implement DeFi with secrecy and convert the sXMR tokens back into XMR into their private wallets when concluding their transactions on the Secret Network. All transactions using sXMR and the Secret Network's DApps are shielded from onlookers, creating a private DeFi.
This news is a major upshot for Monero users. It bridges (literally) the gap between privacy and the DeFi world. We look forward to testing out the possibilities that the Secret Network has created and will report back on any findings. You can read the full press release by The Secret Network here: