Terra and the Secret Network have announced that they are working on a collaboration. The collaboration will focus on providing programmable privacy and DeFi opportunities for Terra Assets through the Secret Terra Bridge.
A Shared Vision
Both Terra and the Secret Network have a vision that hopes to unlock the value and power of DeFi around the world. They hope to empower communities by providing them cutting-edge technology in the DeFi and privacy domains.
Both platforms are built using CosmWasm and are part of the Cosmos ecosystem. Smart contracts on both networks utilize Rust. The collaboration between Terra and the Secret Network hopes to give opportunities to liquidity providers, privacy-focused users, and Terra and Secret Assets.
The Secret Terra Bridge
The Secret Terra Bridge joins a growing number of already launched and in development Secret bridges. The Secret Network has launched an array of bridges on the testnet and the mainnet since December 2020. Some of the bridges already launched are the Secret Ethereum Bridge, Monero, Plasm, and the Binance Smart Chain.
The Secret Terra Bridge will allow Terra Asset holders to create privacy-preserving tokens, known as Secret Tokens. Secret Tokens are programmable and find use in several applications but still retain their privacy by default. Secret Tokens can represent any asset or be native to the Secret Network.
Considerable Excitement Around The Collaboration
There has been a considerable buzz in the space around the collaboration between Terra and The Secret Network.
CEO and Co-Founder of Enigma, Guy Zyskind, spoke about his excitement around the partnership,
“We’re extremely excited to see the Terra and Secret ecosystems integrated. This is the first time two Cosmos/WASM chains interoperate on a contract level. Both teams spent a lot of time into making this happen, and we both agree that connecting Terra’s financial applications with Secret Network’s privacy benefits provides a unique value proposition to users.”
TerraForm CEO and Co-Founder added,
“We’re thrilled to expand Terra’s scope to Secret Network, offering our community a valuable avenue to preserve privacy with Terra assets, including private token swaps, UST payments, and more. Secret Network is one of the most compelling projects in the Cosmos ecosystem. We welcome their community to explore the Terra ecosystem and mutually benefit from what each ecosystem offers. Once the Secret Terra Bridge launches and IBC goes live, a torrent of inter-chain DeFi innovation will be unleashed.”
What To Expect
The initial integration will support Mirror Assets and UST, with both Terra and Secret Network teams focusing on deeper integrations. Initially, users can expect the following,
- Programmable privacy for native assets
- Users will have access to IBC enabled coins once IBC is fully integrated into Terra
- The bridge integration will support Terra assets, supporting them as secret tokens within front-running resistant Secret DeFi.
Terra-based asset holders will also have access to Secret DeFi applications such as SecretSwap. This will help in supporting and enhancing the role of the Secret Network as a privacy-preserving cross-chain hub.
Secret moves several tokens across chains (BEP-20 from BSC, ERC-20 From Ethereum), and the Secret Terra Bridge will give the same access to all Terra-based assets.
Making Steady Progress
Testing the bridge has made progress with the holodeck testnet (Secret) connected to the Tequila-0004 (Terra). The teams are now working on the migration from the tequila testnet to Bombay once the CosmWasm upgrade is completed.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.