Secret Network wants to quickly increase user adoption
Israeli startup SCRT Labs, the core development team behind Secret Network, has announced a new $225 million ecosystem fund and a $175 million accelerator pool. In addition, SCRT Labs announced that several investment firms have acquired SCRT, the network's native token, and recently joined the Secret ecosystem as stakeholders. Participants include DeFiance Capital, Dragonfly Capital, Alameda Research, CoinFund and HashKey.The ecosystem's $400 million in funding is split between two main initiatives. One is a $225 million ecosystem fund, made up of contributions from more than 25 existing ecosystem investors and partners, to build out Secret Network's application layer (including DeFi and NFTs), network infrastructure, and tools. In addition, the company is launching a $175 million SCRT Accelerator pool to provide non-dilutive capital, grants, and incentives to the ecosystem to grow user adoption rapidly.
What is Secret Network?
Secret Network is an independent base-layer blockchain network developed with the Cosmos SDK. It supports the development of smart contracts and introduces data protection for these contracts by default, allowing developers to create decentralized applications that also protect user data and maintain privacy. It started as Enigma, founded in 2017, but was later renamed Secret Network in May 2020. Secret Network's mainnet went live on Feb. 13, 2020.This news follows the launch of auctions for the highly anticipated Tarantino NFTs, a collection of seven rare NFTs issued by Quentin Tarantino on Secret Network. These Secret NFTs include chapters from Pulp Fiction's original handwritten screenplay that have never been seen before, as well as exclusive commentary from the award-winning director and screenwriter.
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