Secret Network: Latest Developments
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Secret Network: Latest Developments
It has been a turbulent time lately in the crypto market with significant losses across many projects resulting in billions of dollars lost. Many are debating the cause with many suggesting the growing cost of living putting pressure on retail investors requiring access to fast cash to cover their living expenses.
But amongst the roller coaster ride there are a number of projects that have either maintained or suffered relatively low price impacts some even continuing to grow despite the market effects.
One of those projects is Secret Network which for the month of January experienced some impressive highs and no doubt this would have been caused by the recent auction of Quentin Tarantino NFTs.
Winning Bid Announced
The highly controversial NFT sales of the popular Tarantino film Pulp Fiction which has caught mainstream media attention as Miramax and Tarantino battle it out over rights of ownership, has sold their first NFT at auction.
The NFT up for auction is called ROYAL WITH CHEESE SCREENPLAY was auctioned off on 23 January 2022 netting a whopping $US1.1 Million at a highly contested auction.
The purchase was snapped up by the NFT collector AnonsNFT which also operates their own NFT protocol on the Secret Network called Anon Army.
Shockwave Launch
Shockwave which is the next phase of Secret Networks growth has launched and has the aim of solidifying the network and onboarding new projects through smart contracts and hundreds of thousands of users.
The Shockwave launch currently encompasses funding and incubation opportunities with additional support to developer tooling. Secret is also scaling their network and empowering their local community and will focus on increasing Secrets availability on exchanges i.e. increased exchange listings.
Shockwave is also planning on hosting an increased number of secret hackathons to help educate and drive innovation. You can find an in-depth breakdown on the Secret Shockwave announcement.
$US400m in Funding
Further news has been reported on the successful funding round which has seen Secret Network receive $US400 million in funding to grow their ecosystem. Financers include Alameda Research, Coinfund, Hashkey and DeFiance Capital.
Secret is also allocating $US175 Million to provide non-dilutive capital to spur the advancement of projects and token adoption.
Further information surrounding the funding round and statements from financers can be found on the Secret funding announcement.
Decentralised Exchange Aggregator
The most exciting information to announce is the launch of the Secret Decentralised Exchange Aggregator called Button Swap. This latest development will enable Secret purchasers to receive the best possible price on Secret by assessing all trading pairs and providing investors the cheapest offer.
You can find a full breakdown on Button Swap and how it works on the official Secret Network announcements page.
Secret 2022 Developments
As we can see Secret Network is really driving chance and adoption in 2022 with some impressive innovations and developments which will be sure to attract many retail and institutional investors.
Secrets privacy preserving network is a new and exciting feature on web3 and as the project continues to drive change it is looking more and more like a success.
2022 is gearing up to be a big year for Secret Network.
Image sources provided supplemented by Canva Pro. This is not financial advice and readers are advised to undertake their own research or seek professional financial services
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