On January 19, The Secret Network (SCRT), a decentralized blockchain protocol, announced $400 million in ecosystem funding as part of growth initiative, Shockwave, which is aimed at establishing Secret Network as a critical pillar and data privacy hub for Web3. SCRT Labs, the core development team behind Secret Network, announced that several top-tier investment companies have acquired SCRT positions and recently joined the Secret ecosystem as critical stakeholders and participants of the ecosystem funding. Such top-tier investment companies include HashKey, CoinFund, Alameda Research, and DeFiance Capital.
Besides that, the company announced a new $225 million ecosystem fund contributed from 25 existing ecosystem investors and partners who share the similar vision of expanding Secret Network’s applications layer (including DeFi and NFTs), tooling, and network infrastructure.
Secret Network also announced its $175 million accelerator pool (funded in SCRT) that is designed to offer non-dilutive capital, ecosystem incentives, and grants incentives to rapidly expand its user adoption.
The companies that recently acquired significant SCRT holdings and made contributions to the Secret Ecosystem fund include HashKey, CoinFund, Alameda Research, and DeFiance Capital. These firms will work together with the Secret ecosystem to drive adoption of privacy-first web3 technologies as part of efforts to unlock the true potentials of the decentralized web.
How Secret Network Is Transforming Digital Finance
The development by the Secret Network comes at a time the company is committed to support smart contract programmability and advance DeFi features. The firm is working on empowering entrepreneurs, artists, developers, and crypto users through a combination of its unique business model and proprietary technology. The company is recognized as one of leading DeFi-capable blockchains to focus on privacy. This year, the Secret Network drew wide attention when it announced that Quentin Tarantino, a renowned US filmmaker, to release seven never-before-seen clips from the popular film Pulp Fiction. Such an announcement drove attention to both the Secret Network and the entire NFT (non-fungible token) market. It also assisted in cementing Secret as a top-performing NFT launch space. Currently, the Secret Network attempts to address several problems. First, the company helps to drive Web3 adoption. The blockchain network also uses a simple interface and wallet to enable users to create NFTs and other digital assets without the need of having to acquire technical experience.