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3 Benefits From the Secret Network - Cosmos Partnership

www.altcoinbuzz.io 24 November 2021 08:00, UTC
Reading time: ~2 m

Secret Network, a privacy-first blockchain network, collaborates with Cosmos ($ATOM) to join the Inter-Blockchain Communication (IBC) Protocol. The protocol is commonly called the IBCGang.

Secret Network ($SCRT) announced on Twitter. They will be joining other existing platforms in the IBCGang, such as Osmosis, Crypto.org, Terra, and KiChain. In this article, you will discover more about the Secret Network – Cosmos partnership.

Besides, the IBC is one of the main features of Cosmos, helping developers to connect with other blockchains. The protocol uses the instant finality feature of Tendermint to help different blockchains share tokens and data amongst their technology. Therefore, the IBC makes it possible for blockchains having separate validators sets and apps to become interoperable.

It’s been a long journey to the @cosmos, but today, we have finally arrived 🚀@SecretNetwork is officially part of the #IBCGang!

Today we achieve cross-chain privacy and interoperability, from $ATOM to $OSMO to $LUNA to $UST and beyond.

More opportunities coming very soon 🤫 pic.twitter.com/U9vLnyxVmN

— 𝕊ecret Network – Supernova is here 💥 (@SecretNetwork) November 22, 2021

Benefits of the Secret Network – Cosmos Partnership

This collaboration is expected to provide some exciting opportunities such as:

  • Privacy: Secret Network is expected to have Cosmos-wide privacy. This feature makes it possible for users to wrap their IBC-enabled tokens with confidentiality.
  • Swap Feature: $SCRT holders will be able to swap their tokens for other Cosmos tokens like $CRO, $LUNA, $ATOM, $OSMO, etc.
  • Rewards: There are plans for LP (Liquidity Pools) incentives.

Top-rated IBC Zones

According to a recent report from Map of Zones, a Cosmos ecosystem explorer revealed the top-rated zones on IBC. The report was based on their level of IBC transfer activities. The ranking is as follows:

  • Osmosis with 149,115 IBC transfers
  • Org with 89,795 IBC transfers
  • Cosmos with 72,982 IBC transfers

⚛ This week in the #IBCgang ⚛
– 330k #IBC transfers
– $CRO overtakes $ATOM
– $XKI now in the top 10@MapOfZones top 10 by IBC transfers:
1 @osmosiszone
2 @cryptocom
3 @cosmos
4 @JunoNetwork
5 @terra_money
6 @sifchain
7 @akashnet_
8 @Sentinel_co
9 @emoney_com
10 @Ki_Foundation pic.twitter.com/2ZzcCJ8sD7

— Cephalopod Equipment (@CephalopodEquip) November 19, 2021

$SCRT & $ATOM Price Information

As of the time of publication, the price of Secret Network’s native token, $SCRT’s, is $7.33 with a 24-hour trading volume of USD 15.5 million. Also, the cost of $SCRT dropped by 5% over the last 24 hours. Besides, it has a circulating supply of 153 million tokens.

On the other hand, the price of Cosmos’ native token, $ATOM, is $30.63 with a 24-hour trading volume of USD 653 million. Also, the cost of $ATOM dropped by 0.9% over the last 24 hours. Besides, it has a circulating supply of 282 million tokens.

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