The Secret Network launched a fund of $400 million on Wednesday to help expand its application layer, provide grants for ecosystem participants and accelerate user adoption. The market capitalization for the network’s native token SCRT is the third-largest privacy-centric crypto asset market today with a $1.4 billion market cap.
SCRT Labs launches $400 million fund, SCRT jumps over 47% in the last week
At the time of writing, there is over $11 billion worth of privacy-centric crypto assets today, according to coingecko.com’s “top privacy coins by market capitalization” list. Monero, XMR, and zcash, are in the top 2 positions for privacy coin valuations on January 19, 2022. Third-largest cryptocurrency is SCRT, with a $1.4 Billion valuation. It ranks 87 out of over 12,000 available crypto assets. Secret Network, a privacy cryptocurrency that also offers smart contracts capabilities, is also available.
SCRT (secret) has increased 644% over the year. In the 30 days since the beginning of the month, SCRT rose 112% against US dollars. The secret index has increased by 47.9% per week in seven days according to the weekly statistics. Secret (SCRT), however, is just 0.07% in the total $2 trillion cryptocurrency-economy. During the last 24 hours, there’s been $84.6 million in SCRT trade volume, and its 24-hour price range has been between $8.54 to $9.82 per unit. According to coingecko metrics, Osmosis was the most active SCRT trade exchange at press time.
On Wednesday, The Secret Network announced that a fund of $400 million was launched to support the project and encourage development. Quentin Tarantino chose The Secret Network to launch his 7 Pulp Fiction Non-Futilible Token (NFT) assets. SCRT Labs (the secret network’s development team) revealed that SCRT has been occupied by a handful of notable investment companies. SCRT Labs mentions Alameda Research and Coinfund as well as Hashkey Capital and Coinfund.
“We are excited to become supporters of the Secret ecosystem and look forward to helping accelerate its global growth across all verticals and aspects,” Brian Lee, a partner at Alameda Research said in a statment. “Secret Network is the first mover and market leader in solving what is still a core need for Web3: data privacy for applications.”
Fund will consist of a $225 MILLION Ecosystem Fund, and an $175 million Accelerator pool
SCRT Labs explains that funding will be split into two components. First, a $225 million ecosystem fund “comprised of contributions from over 25 existing ecosystem investors and partners, targeted at expanding Secret Network’s application layer (including defi and NFTs), network infrastructure, and tooling.” Additionally, the team says the ecosystem fund “features commitments from 25 partner organizations.”
Then $175 million will be dedicated to an “accelerator pool funded in SCRT that is designed to provide non-dilutive capital, grants, and ecosystem incentives to rapidly expand user adoption.”
“Since our first whitepapers at MIT in 2015, we have worked tirelessly to bring data privacy to all blockchains,” Guy ZyskindSCRT Labs founder and CEO, said. The CEO also added:
Now we invite all developers from around the world, to come join our cause and help us build the next generation Secret Apps to empower millions.
How do you feel about the SCRT Labs-initiated $400 Million Fund? Comment below to let us know your thoughts on this topic.
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