Privacy-Focused Blockchain Secret Network Announces $400M in Ecosystem Funding

Data privacy-focused blockchain Secret Network has announced a new $225 million ecosystem fund and a $175 million accelerator pool, building on the recently revealed growth initiative, called Shockwave.

The Secret Ecosystem Fund will provide long-term financial and strategic support to developers and founders building on the network. The fund is led by SCRT Labs, the core development team behind the network, with a long list of Web 3 investment partners, including DeFiance Capital, Alameda Research, CoinFund and Arrington Capital.“The primary goal of the ecosystem fund is to ensure that every individual, team and organization building on Secret has a clear path to self-sustainability and support in bringing their products to market,” wrote the Secret Network team in an announcement post.The Accelerator Pool is funded in SCRT, the network’s native token, and primarily managed by SCRT Labs. The pool will support growth initiatives across Secret decentralized finance (DeFi), non-fungible tokens (NFTs), gaming, metaverse and other essential application verticals.In addition, the pool will provide early stage grant funding for teams building applications, ecosystem tooling and network-level improvements that could fuel Secret Network’s growth. Grants have already been approved for over a dozen initiatives, including the Secret NFT reference implementation, the Secret Monero Bridge for token conversion and developer frameworks Polar and Griptape.Secret Network also announced that a number of investment firms had recently acquired “substantial” SCRT token positions, including DeFiance Capital, Alameda Research, CoinFund, and HashKey.”DeFiance is excited to support Secret Network, the only privacy-by-default smart contract blockchain that enables groundbreaking technologies like front-run resistant DEXes, Secret NFTs and more. The Secret team has been relentless in working towards their mission since Enigma and we think that the ecosystem is now ready to tackle the next phase of growth,” said Arthur Cheong, founding partner at DeFiance Capital, in the post.

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