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What is SecretSwap Protocol (SEFI)? Everything you need to know about SEFI token

Publish by Lily Du at 20 October 2021

In this article, we would like to introduce SecretSwap - an AMM on Secret Network. We'll be covering the following topics:

  • What is SecretSwap? What are SecretSwap’s features?
  • SEFI Tokenomic: key metrics, token allocation, and token use-cases.
  • How/Where to earn and store SEFI tokens?
  • Roadmap & Updates.
  • Founders/ Team members, Investors, and Strategic partners.

Let's explore the potential of SecretSwap!

What is SecretSwap?

SecretSwap is an AMM for swapping SecretTokens (SNIP-20s) on Secret Network. SecretSwap also provides access to cross-chain liquidity through an Ethereum bridge, a Binance Smart Chain bridge, a Monero bridge, a Plasm bridge (in development), and reduces fees relative to Ethereum.

How does SecretSwap work?

Similar to AMMs on crypto markets, SecretSwap and its pools use the function of x*y=k to maintain a curve along which trades can happen. With SecretSwap, users can be:

  • Traders: Users can involve in buying and selling assets through SecretSwaps
  • Liquidity Providers: Users can choose to provide liquidity to the corresponding SecretSwap pool and receive newly minted LP tokens as rewards from the pool’s trading fees.
  • Stakers: Users can stake either LP Tokens or SEFI tokens in order to earn staking rewards as SEFI tokens.

Why is SecretSwap unique?

Since the name said it all, SecretSwap particularly and Secret Network, in general, has its inputs to a transaction/ contract encrypted. This ensures SecretSwap protects its users and their money from front-running attacks and privacy threats, as well as increases the level of privacy compared to traditional AMMs.

What is SEFI token?

SEFI Token is the governance token for SecretSwap and is also used to incentivize traders and liquidity providers on SecretSwap. The detailed use cases can be seen below.

Detailed information about SEFI token

SEFI Price Today

Users can check SEFI price on Coin98 Markets via: https://markets.coin98.com/currencies/secret-finance

Coin98 Markets is a price-tracking website for crypto assets in the rapidly growing cryptocurrency space. More specifically, you can view the detailed information of a Token Metric from any project, as well as access the home page or the community page of a project, or filter the coins/tokens by Market Cap, Trading Volume, etc.

SCRT price is updated regularly at Coin98 Markets. (updated: Oct 20 2021)

SEFI Key metrics

  • Token name: SecretSwap
  • Ticker: SEFI
  • Token Standard: SNIP-20, ERC-20
  • Contract:
    • ERC-20: 0x773258b03c730f84af10dfcb1bfaa7487558b8ac
  • Token use cases: Utility, Governance
  • Circulating Supply: Updating...
  • Max Supply: Updating...
  • Total Supply: 1,000,000,000 SEFI

SEFI Token Allocation and Release Schedule

The SEFI token was distributed in a one-time genesis event in March 2021 and will continue to be distributed to SecretSwap users over four years. SEFI is non-inflationary with a fixed supply of 1 billion tokens.

SEFI Token Release Schedule
SEFI Token Allocation

SEFI Token Sale

There has been no information about SEFI token sale. Stay tuned with Coin98 Insights for more information updated in the future.

SEFI Token use cases

Governance: SEFI holders can govern the protocol in a decentralized fashion. Some of the aspects that the community can govern include Determining pools eligible for user rewards, uses of fees, Adding other products into Secret Finance, etc.

Utility:

  • Fee payment: SecretSwap requires SCRT as gas to execute each transaction. Depending on the market price of SCRT, transaction costs can increase or decrease.
  • LP rewards: users provide liquidity to SecretSwap’s pools and receive SEFI as rewards.

How to store SEFI Tokens

You can store, send, receive SEFI on Coin98 Wallet with a few single steps. The guides on how to make transactions with SEFI on Coin98 Wallet are as follows:

Step 1: Open Coin98 Wallet & click Receive on the home screen.

Step 2: Search SEFI.

Step 3: Click on the token address, copy the wallet address and send SEFI to this address.

Besides Coin98 Wallet, SEFI tokens can be stored using any SNIP-20 compatible wallets such as Citadel.One, Keplr, Ledger Nano.

How to buy SEFI Tokens

Coin98 Exchange is a decentralized exchange (DEX), a Multi-chain liquidity aggregator that offers users a wide variety of DeFi services (swap, stake, lend, borrow,...) through intuitive and simple interfaces.

You can use Coin98 Exchange to swap other tokens for SEFI following these simple steps on: https://exchange.coin98.com/

Step 1: Connect to the Coin98 Extension Wallet.

Step 2: Choose coins/tokens for trading:

  • Choose Uniswap at the top of the trading screen.
  • Search SEFI.
  • If the token is not shown, insert the token address: 0x773258b03c730f84af10dfcb1bfaa7487558b8ac

Step 3: Adjust the amount you want to swap.

Step 4: Adjust the gas fee, then click Swap.

How to buy SEFI tokens on Coin98 Exchange

Besides Coin98 Exchange, investors can also purchase SEFI tokens on various CEXes and DEXes such as Sushiswap, Uniswap, Binance, Mandala, MXC.com, etc.

CEXes and DEXes to buy SEFI tokens

Roadmap & Updates

Q3 2021: Whitepaper | MVP | Branding.

Q4 2021:

  • Token Launch | SecretSwap.
  • Integration | UX/UI Improvements.

Q1 2022: Mainnet | Synthetics | Governance V2.

Q2 2022: Global Yield Derivation | Synthesis Reward Activation.

Q3 2022: SecretSwap Leverage Product.

Is SEFI a good investment?

Below are some highlights for your consideration:

SecretSwap belongs to the Secret Network Ecosystem. Its future value directly depends on the future of the whole ecosystem and vice versa. When Secret Network flourishes with more projects built, AMMs like SecretSwap will be the first place receiving asset flows.

TVL on SecretSwap has increased significantly, partly because of the upcoming Supernova - the first major mainnet upgrade on Secret Network. SecretSwap of course is not the sole AMM on the market, it ranks the 162nd position at the moment of writing.

SEFI will have advantageous edges when demands for privacy increase. Given the encrypted nature of secret contracts, inputs to a transaction/contract are encrypted and SecretSwap can protect its users and their money from front-running attacks.

There are 2 fees involved with a SecretSwap transaction: SecretSwap fees and Secret Network fees. SecretSwap fees are 0.3% of each swap deducted across the pairs - which is similar to fees of other AMMs on the crypto market recently.

Investors also compare with similar projects listed below for some price forecasts.

Team, Investors, and partners

The team has revealed little details about the founders/ team members, backers, and strategic partners. Stay tuned with Coin98 Insights for further updates in the future.

Similar projects

Uniswap V2 (UNI): One of the first fully decentralized exchanges (DEX) built in 2018 on top of the Ethereum blockchain.

PancakeSwap (CAKE): A decentralized exchange (DEX) that allows users to securely trade a massive variety of BEP-20 tokens quickly and cheaply without relying on centralized services or losing control over their private keys.

Ref Finance (REF): The first AMM DEX project to launch mainnet on NEAR, similar in design to Uniswap.

Raydium (RAY): An automated market maker (AMM) and liquidity provider built on the Solana blockchain for the Serum decentralized exchange (DEX).

Summary

This article has included the most critical and detailed information on the SEFI Token. Please leave any questions you have below, and we will get back to you as soon as we can!

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Lily Du

The only true wisdom is in knowing you know nothing.

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