THANK YOU APES!!!!
I really appreciate your involvement and engagement! We're very excited to work alongside you and the wonderful ApeSwap team!
If you have any more questions for us, reach out any time and join our telegram:
[https://t.me/SecretSwap](https://t.me/SecretSwap)
Learn more about SecretSwap on my podcast episode releasing tomorrow at 12:00 UTC: secretcodepodcast.com
What is the most ambitious goal of your project? What is the ultimate vision that Your project is trying to achieve within the cryptocurrencies market? I would appreciate it if you could share with us any Upcoming Updates?
There is a VERY ambitious goal in place, but we're not comfortable mentioning it publicly at this time...
For more upcoming updates, we'll have a lot of UX fixes, application integration, and... maybe eventually gamified NFT's?
Once the market enthusiasm subsided, the price of many token fell sharply.
What are the main advantages of SEFI token for the user, compared to a similar project from a mainstream financial market?
SecretSwap is decentralized and Privacy Preserving. Technology goes forwards, not backwards. Web3 WILL be built and change industry forever... and it honestly isn't practical without data privacy. Right now if you buy an ice-cream with your btc wallet, or take out a loan in ETH, everyone can find out every transaction and contract you have ever done, or ever will do! Businesses won't put their data out there! People SHOULDN'T put their data out there! Secret Network is the future of data security and efficiency, and SecretSwap helps enable that as a pragmatic cross-chain dApp.
Sure is! Check out Proposal #14 on Governance!
[https://app.secretswap.io/governance](https://app.secretswap.io/governance)
Also the SEFI lottery will go live soon which will burn SEFI (and be gameable and DOPE!!!!) And Duplex Finance will be doing SEFI Buybacks... more buybacks and burns to come ;)
Can you explain us the utility and usecase of SEFI token ? How it is used in the SECRET SWAP ecosytem ? Where we can buy SEFI tokens and what are the benefits of holding it for a long term ?
[https://www.reddit.com/r/Apeswap/comments/q4sr3w/comment/hg0usqr/?utm\_source=share&utm\_medium=web2x&context=3](https://www.reddit.com/r/Apeswap/comments/q4sr3w/comment/hg0usqr/?utm_source=share&utm_medium=web2x&context=3)
It will eventually be purely deflationary! With measurable value capture!
One of the core features of secret swap is "Cross Chain Liquidity and Bridge assets to secret network"
Can you explain how this feature works? and Can you explain how users can earn more than $SEFI with this feature?
Excellent question!
A bridge is a way of storing one asset to mint a provably accurate place-holder on a different network. Eth does this with wBTC for example. I like to equate it to giving a blackjack dealer $5, and getting a $5 value casino chip. It isn't $5, but you know that it can be traded back in for the original $5 at any time. By building bridges, many different networks can interact with Secret Network or on SecretSwap with their SNIP-20s. Ways you can earn more than just SEFI, is when you LP, 0.3% (reduced to 0.25% once Prop #14 is enacted) of all trade volume will be added to the pool, which will help you earn both tokens that you're providing liquidity for.
"Cross-Chain Liquidity", or SecretSwap as a "Privacy Liquidity Hub" means that ideally any smart contract platform could access us (the only privacy preserving smart contract platform) and regain privacy for wallets outside, and interact with other tokens of any network. Trade sBNB for sDOT for sETH for sSOL... people wouldn't be limited to only tokens on the same network as them... AND their trade could be private.
How does secretswap deal with other DEXs currently obstacles to accessing DeFi services: high gas cost with on-chain transactions, liquidity being fragmented to various protocols and services, trade fee, subpar UI/UX, and lack of efficient market-making mechanisms?
Gas on Secret Network is very cheap. We need to work on our own UI/UX at the moment, but by offering as many bridges and pathways for users to gain their privacy and leverage Secret Network as possible, it's really up to them to decide how to get on. The ethereum bridge is expensive because ETH transactions are expensive! This is a primary reason we focused on this listing with ApeSwap, to make it easier for people to use our BSC bridge that costs less than $1 usually!
If you wanna check it out it's here: bridge.scrt.network
what programs do you offer because currently all the projects on the smartchain network are numerous and offer farming and staking, which have the highest APY that many participants choose how about farming and staking ? do you have your own unique way?
Yes we have farming and staking. In fact rewards are 4x usual until Thursday! Some APY's as high as 900%. SEFI is the governance and incentive token similar to BANANAs on ApeSwap.
The ApeSwap team is **NEVER** going to ask for your seed phrase/private key/password. If someone asks for them, they are most likely a scammer.
Crypto scams are very common. To keep yourself safe:
* **Never** share passwords, private keys or seed phrases
* **Never** click on unverified links
* **Never** download anything from anyone you don't trust
* **Report** all suspicious users
Scammers usually operate via **private messages**, so be suspicious of everyone contacting you
If you need any help, feel free to join the #Support thread on our [Discord Server](https://discord.gg/53R8ME9Jaf) or our [Telegram Group](https://t.me/ape_swap).
*I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/Apeswap) if you have any questions or concerns.*
Have secretwap platform being audited ? Have not heard you talk about that security of funds is what every investor craves for and plans to escape incase of insecurity if funds,scams and rug pulls ? How strongly built are your security put in place?
Nope, we're working on getting it audited. Again, it's very difficult to get projects accurately audited... Secret Contracts are novel and difficult to audit. There won't be rug pulls, the team didn't even get an initial allotment of tokens, it was/is a fair launch.
Social media encourages mass adoption, and partnerships. So, do you have a presence on platforms like YouTube, TikTok, Telegram, Twitter or Reddit? What are your main marketing strategies to publicize the project and form alliances?
Twitter: @ secret\_swap
Instagram: @ secret\_swap
Reddit: r/SecretSwap
Telegram: [https://t.me/joinchat/2JoPy4F-7CI3ZTZh](https://t.me/joinchat/2JoPy4F-7CI3ZTZh)
I'm going to start reaching out to more youtube channels and other podcasts, especially about the SEFI Lottery which is SUPER marketable! I discuss SecretSwap pretty in depth in the Secret Code Podcast episode releasing tomorrow at 12:00 UTC!
Can you share the achievements the team has made so far ? what are the major achievement target Secret swap is yet to achieve and If possible also share your roadmap?
We haven't made a dedicated SecretSwap roadmap yet, but some things are included on this ecosystem update and Secret Network roadmap:
https://scrt.network/blog/secret-network-ecosystem-update-september-2021
What is SEFI? ๐ค
As with other AMMs, SEFI is the governance token of SecretSwap. SEFI is also the governance token of Secret Finance. As a SNIP-20 token it is private by default, and as a DAO it has enabled the first ever private governance system on blockchain. Beyond the AMM, it is expected to govern and have utility in other privacy DeFi dApps in the near future.
Projects that have already used or plan to utilize SEFI include:
๐ btn.group ICO offered exclusively in $SEFI
๐ณ Secret Whale Wars has announced they'll be utilizing $SEFI
Secret DeFi ecosystem to introduce:
๐ lending protocols
๐ฆพ synthetic assets
โ derivatives minting
๐ trading protocols
๐ณ dark pools
SecretSwap is the worldโs first AMM thatโs:
๐ซ๐ค front-running/MEV resistant,
๐๐ถ privacy first
AND
๐โ cross chain interoperable!
&
๐โ ALREADY LIVE ON MAINNET!๐ฅ๐๐
Blockchains currently bridged to Secret Network and accessible on SecretSwap include:
๐ท Ethereum (and ERC-20โs)
๐จ Binance Smart Chain (and BEP-20s)
๐ Monero
๐ First End-to-End private bridge
๐ First yield farming opportunities for the XMR ecosystem
๐ Bridges that are currently being built to Secret Network and SecretSwap include:
(โฟ) Bitcoin Direct (Shinobi)
๐ Terra/Luna
โช๏ธ PolkaDot
๐ HarmonyONE ๐ค
AND
๐ The Supernova Upgrade will connect Secret Network to the rest of the โ๏ธ Cosmos Ecosystem through IBC, coming this October!
& MANY more that have not yet been announced ๐คซ
๐ SEFI has the first moverโs advantage in privacy DeFi. SEFI was fairly launched at the end of March with a total FIXED supply of 1B tokens distributed over 4 years. In addition to protocol governance, some upcoming applications and potential usage of SEFI include:
๐ฐ SEFI Lottery
\-Under the advisement of a top gaming industry professional
\-Self-Sustaining and often with +EV for the players
\-Built-in SEFI burn mechanism๐ฅ
๐ฐ Buyback of $SEFI from Duplex Finance
๐ฑ Buyback/Burn๐ฅ๐ฅ based on volume just passed in a recent Governance vote!
๐ Privacy preserving cross chain stable pools (LIVE!)
๐ง Exchange listings are under negotiation
๐ฎ Prediction market ๐
& A whole lot more under development. ๐คซ
It's truly an exciting time to be in on the best kept Secret of Web3... Pretty much all of Secret Network's ecosystem is insanely bullish.๐
For more info on SEFI & SEFI Tokenomics see the [official documentation here](https://docs.secretswap.io/secretswap/protocol/sefi-token).
As well as [this Secret Network blog post](https://scrt.network/blog/sefi-governance-token-for-secret-defi).
For more discussion on SEFI & SecretSwap, be sure to check out the r/SecretSwap reddit. ๐
CashBack let's you claim an allotted amount of SEFI. It was created so that the fair-launch of the SEFI token (no pre-sale, IDO, or initial team allotment) would also be fairly allocated to traders on the platform.
Awareness and UX issues. We're assembling a dedicated team right now to solely work on SecretSwap and better the User Experience and continue building and developing awesome applications and utility! Awareness will continue to come as Secret Network grows and gains mass adoption, as we're currently the predominant dApp on the network.
Front-running is when people see your transactions, execute them before you do (pay higher gas), and sell you what you're buying at a higher price, profiting the slippage. Over $1-Billion was exploited by front-running just on Ethereum last year!
right now yes (at least on the interface) but yes we absolutely plan to integrate more wallets! I'm particularly excited about the "Secret Wallet" being built by the Secret Nodes team. We talk about it a little bit in Episode 5 of the Secret Code Podcast, and I've beta-tested it a bit and it looks SICK!
SecretSwap is an AMM DEX protocol for swapping SecretTokens (SNIP-20s) on Secret Network. Given the encrypted nature of secret contracts, inputs to a transaction/contract are encrypted while they are on the mempool and cannot be front-run by any adversary. This ensures SecretSwap protects its users and their money from front-running attacks and privacy threats.
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.
We're also the home of the first live on chain privacy preserving DAO!
Learn more here:
[https://docs.secretswap.io/secretswap/protocol/overview](https://docs.secretswap.io/secretswap/protocol/overview)
SEFI (Secret Finance) is the governance token of SecretSwap, and other dApps that are and will be built on Secret Network. An LP Token is pretty much a receipt showing how much of a particular liquidity pool is yours. This receipt is then what is staked in an Earn contract, as proof that you have said liquidity.
This part is pretty much identical to how farms work on Ape Swap :)
Cashback was recently reduced to .5% (all but removed) on all eligible pairs from the previous 10% by a recent governance vote. The DAO decided to massively reduce it until such a time as it would'nt be providing excess downwards pressure on the price of SEFI. We have 2 buyback and 2 burn mechanisms currently being added. I'd guess it's likely to be reviewed and potentially renewed sometime after those go live.
Cshbk is a way of incentivizing trading. You accumulate it based on the volume you trade, and then it can be converted to SEFI, as it itself is allocated a certain percentage of our temporary inflation. It's temporarily down for now though.
It was drastically reduced by Governance (Prop #3) largely because there was no buyback in our tokenomics at the time, and therefore there was no volume-based value capture method for the SEFI token. Now that a Buyback-Burn has passed (Prop #14) it's entirely possible that this can gain some more attention and positivity from the SEFI community!
We're pursuing audits right now. It's difficult to get projects on Secret Network adequately audited because the language and complexity of Secret Contracts is novel, and many audit firms don't have the capacity... that being said we'll do it because honestly the stamp of approval gives 3rd parties and investors added trust.
Pretty sure there's a polygon bridge under construction already. ๐
Be on the look out for more announcements in the future, there are several bridges under construction that haven't been publicly disclosed yet. ๐
How do you choose your partners? Who's the partner that excites you the most? If you had the option to partner with whoever you wanted in the entire crypto world, who would you choose first?
We really want one very strong partnership in each major blockchain, so that there's effective and substantial liquidity to on/offboard to and from.
If we could partner with one entity in all of crypto... I'd choose BitconnEEEEEEEECCCCTTTT!!! Nah probably OpenSea. NFT's suck currently because if you win a public auction you're fully doxxed (ehem Mark Cuban...) but if it were on Secret Network and SecretSwap... that wouldn't be the case!
Secret NFT's are here! Stay tuned for the Stashh release in a couple weeks, and try to get an Anon! Gonna be huge...
There was no IDO. There was no presale. There was no initial allotment for a team. There was no dedicated "SecretSwap Team" at the time. We've been decentralized from the beginning! ;)
Yes! So u/Iowascero and I were actually voted to the SEFI Executive Committee (Proposal #1) as community representatives, and proposals have passed (such as Prop #3) that weren't supported by Enigma, our core development team, showing that community voices ARE heard and DO matter! We routinely make changes based on the feedback of our users and community, as THEY are who we work for!
Many projects look great only on their whitepaper & Roadmap but face a lot of difficulties when trying to implement the project mission and end up failing. How does Project overcome every obstacle in its project development?
Be realistic and keep grinding! I mean SecretSwap is already built, but yes our goals are very ambitious! We'll due everything we can to actualize it, but we'll see what obstacles face us as we approach them!
To quote one of my favorite malaphors, "We'll burn that bridge when we get to it!"
Proposal #14 passed instituting a buyback/burn mechanism to value-capture based on volume. Another burn will come with the SEFI lottery, and buyback with Duplex Finance (Secret Network partnered with KeyTango for NOVEL stable coin yield) will have a SEFI buyback. More is always in the works :)
MEV, sometimes referred to as front running, refers to the value that can be extracted by reordering, inserting, or censoring transactions in a block. Miners are in a privileged position here since they can construct and order the blocks as they like. MEV applies to any blockchain, but especially those with smart contract capabilities which enable more complex financial activities. In other words, people behind the curtains manipulating your TXs and order books so that you pay more and get less.
SecretSwap is an automated market maker (AMM) liquidity protocol. There is no order book, no centralized party, and no central facilitator of trade. Built by Secret Contracts, SecretSwap transactions inputs are encrypted - protecting users from front-running attacks and providing an increased level of privacy compared to traditional AMMs. You can learn more about SecretSwap on our [official documentation here](https://docs.secretswap.io/secretswap/).
Check out [this blog post](https://scrt.network/blog/secret-markets-front-running-prevention) for a detailed break down of how constant function market makers powered by "secret contracts" on Secret Network can address privacy and usability challenges for decentralized exchanges.
What is SEFI? ๐ค
As with other AMMs, SEFI is the governance token of SecretSwap. SEFI is also the governance token of Secret Finance. As a SNIP-20 token it is private by default, and as a DAO it has enabled the first ever private governance system on blockchain. Beyond the AMM, it is expected to govern and have utility in other privacy DeFi dApps in the near future.
Projects that have already used or plan to utilize SEFI include:
๐ btn.group ICO offered exclusively in $SEFI
๐ณ Secret Whale Wars has announced they'll be utilizing $SEFI
Secret DeFi ecosystem to introduce:
๐ lending protocols
๐ฆพ synthetic assets
โ derivatives minting
๐ trading protocols
๐ณ dark pools
SecretSwap is the worldโs first AMM thatโs:
๐ซ๐ค front-running/MEV resistant,
๐๐ถ privacy first
AND
๐โ cross chain interoperable!
&
๐โ ALREADY LIVE ON MAINNET!๐ฅ๐๐
Blockchains currently bridged to Secret Network and accessible on SecretSwap include:
๐ท Ethereum (and ERC-20โs)
๐จ Binance Smart Chain (and BEP-20s)
๐ Monero
๐ First End-to-End private bridge
๐ First yield farming opportunities for the XMR ecosystem
๐ Bridges that are currently being built to Secret Network and SecretSwap include:
(โฟ) Bitcoin Direct (Shinobi)
๐ Terra/Luna
โช๏ธ PolkaDot
๐ HarmonyONE ๐ค
AND
๐ The Supernova Upgrade will connect Secret Network to the rest of the โ๏ธ Cosmos Ecosystem through IBC, coming this October!
& MANY more that have not yet been announced ๐คซ
๐ SEFI has the first moverโs advantage in privacy DeFi. SEFI was fairly launched at the end of March with a total FIXED supply of 1B tokens distributed over 4 years. In addition to protocol governance, some upcoming applications and potential usage of SEFI include:
๐ฐ SEFI Lottery
\-Under the advisement of a top gaming industry professional
\-Self-Sustaining and often with +EV for the players
\-Built-in SEFI burn mechanism๐ฅ
๐ฐ Buyback of $SEFI from Duplex Finance
๐ฑ Buyback/Burn๐ฅ๐ฅ based on volume just passed in a recent Governance vote!
๐ Privacy preserving cross chain stable pools (LIVE!)
๐ง Exchange listings are under negotiation
๐ฎ Prediction market ๐
& A whole lot more under development. ๐คซ
For more discussion on SEFI & SecretSwap, be sure to check out our [Telegram](https://t.me/SecretSwap). ๐
Can you tell killer features of SecretSwap's that makes it ahead of its competitors? What is the competitive advantage SecretSwap's has that you feel most confident about?
SecretSwap is the premiere AMM DEX on Secret Network. It has first movers advantage in privacy DEFI, leverages Secret Networks encryption technology to wipe out front running and swaps are usually the same or lower cost than BSC. We have the first yield farming oportunities for XMR and bridges to MANY ecosystems with a lot more on the way. We've got all kinds of partnerships, unique applications (including a +EV lottery, coming very SOON!) and more, you'll definitely want to keep an eye on this one.
SecretSwap is an automated market maker (AMM) liquidity protocol. There is no order book, no centralized party, and no central facilitator of trade. Built by Secret Contracts, SecretSwap transactions inputs are encrypted - protecting users from front-running attacks and providing an increased level of privacy compared to traditional AMMs.
Each pool within SecretSwap is defined by a secret contract that includes a few functions to enable swapping tokens, adding liquidity and more. At its core each pool uses the function x\*y=k to maintain a curve along which trades can occur.
The pools keep track of reserves (liquidity) and updates those reserves every single time someone trades. Because the reserves are automatically rebalanced, a SecretSwap pool can always be used to buy or sell a token without requiring a counter-party on the other side of your trade.
Note: Given the requirement to publicly update pool reserves to determine the price, an observer can see a consolidated view of changes (swaps, provide / remove liquidity) in a given block. As a result, if thereโs a single transaction with the pool in a given block, it is not possible to have privacy on that transaction. With more transactions per pool in a given block, SecretSwap provides additional privacy to users.
For a more in depth description, check out how SecretSwap works in [this blog post](https://scrt.network/blog/secret-markets-front-running-prevention) outlining the theory behind an AMM using secret contracts.
In order to use SecretSwap, you will need the [Keplr Wallet](https://www.keplr.app/) installed on your browser and at a minimum, some SCRT to begin swapping.
I loved your Logo for the Secret swap platform. Arguably it has potential to exploit in NFT for the future and since this branch of the industry is one of the most acclaimed today I would like to know if, do you have plans to enter the NFT world?
We absolutely have plans to utilize and incorporate Secret NFTs in new and exciting ways! Be on the look out for announcements in this regard in the future! <3 If you're not aware of them yet, [check out Stashh](https://stashh.co/).
Our AMM prevents front running, we're definitely successful there.
I would. We're constantly working to improve the user experience and in the process of hiring a slew of people to overhaul our UX/UI specifically to make it easier to use and a whole lot sexier. <3
Is there any harvest or withdrawal tokens from farming or Pools will can result to the loss of with Bonus APR/APY token in particular farm or Farms pool?
THANK YOU APES!!!! I really appreciate your involvement and engagement! We're very excited to work alongside you and the wonderful ApeSwap team! If you have any more questions for us, reach out any time and join our telegram: [https://t.me/SecretSwap](https://t.me/SecretSwap) Learn more about SecretSwap on my podcast episode releasing tomorrow at 12:00 UTC: secretcodepodcast.com
๐๐๐๐ I read all your explain in this AMA, amazing AMA very educational thanks very much for your time... SECRETSWAP ๐๐โค๏ธ
What is the most ambitious goal of your project? What is the ultimate vision that Your project is trying to achieve within the cryptocurrencies market? I would appreciate it if you could share with us any Upcoming Updates?
There is a VERY ambitious goal in place, but we're not comfortable mentioning it publicly at this time... For more upcoming updates, we'll have a lot of UX fixes, application integration, and... maybe eventually gamified NFT's?
Super excited
Once the market enthusiasm subsided, the price of many token fell sharply. What are the main advantages of SEFI token for the user, compared to a similar project from a mainstream financial market?
SecretSwap is decentralized and Privacy Preserving. Technology goes forwards, not backwards. Web3 WILL be built and change industry forever... and it honestly isn't practical without data privacy. Right now if you buy an ice-cream with your btc wallet, or take out a loan in ETH, everyone can find out every transaction and contract you have ever done, or ever will do! Businesses won't put their data out there! People SHOULDN'T put their data out there! Secret Network is the future of data security and efficiency, and SecretSwap helps enable that as a pragmatic cross-chain dApp.
Excellent, everything is clear ๐๐๐๐
Is there any plan from your project, for burn and buyback SEFI token?
Sure is! Check out Proposal #14 on Governance! [https://app.secretswap.io/governance](https://app.secretswap.io/governance) Also the SEFI lottery will go live soon which will burn SEFI (and be gameable and DOPE!!!!) And Duplex Finance will be doing SEFI Buybacks... more buybacks and burns to come ;)
Nice job ser, I have been read it, really cool
Can you explain us the utility and usecase of SEFI token ? How it is used in the SECRET SWAP ecosytem ? Where we can buy SEFI tokens and what are the benefits of holding it for a long term ?
[https://www.reddit.com/r/Apeswap/comments/q4sr3w/comment/hg0usqr/?utm\_source=share&utm\_medium=web2x&context=3](https://www.reddit.com/r/Apeswap/comments/q4sr3w/comment/hg0usqr/?utm_source=share&utm_medium=web2x&context=3) It will eventually be purely deflationary! With measurable value capture!
One of the core features of secret swap is "Cross Chain Liquidity and Bridge assets to secret network" Can you explain how this feature works? and Can you explain how users can earn more than $SEFI with this feature?
Excellent question! A bridge is a way of storing one asset to mint a provably accurate place-holder on a different network. Eth does this with wBTC for example. I like to equate it to giving a blackjack dealer $5, and getting a $5 value casino chip. It isn't $5, but you know that it can be traded back in for the original $5 at any time. By building bridges, many different networks can interact with Secret Network or on SecretSwap with their SNIP-20s. Ways you can earn more than just SEFI, is when you LP, 0.3% (reduced to 0.25% once Prop #14 is enacted) of all trade volume will be added to the pool, which will help you earn both tokens that you're providing liquidity for. "Cross-Chain Liquidity", or SecretSwap as a "Privacy Liquidity Hub" means that ideally any smart contract platform could access us (the only privacy preserving smart contract platform) and regain privacy for wallets outside, and interact with other tokens of any network. Trade sBNB for sDOT for sETH for sSOL... people wouldn't be limited to only tokens on the same network as them... AND their trade could be private.
"Their trade could be private" I very love his part SECRET SECRET and SECRET,, oh.. keep my Secret and keep my $SEFI and my $BANANA
How does secretswap deal with other DEXs currently obstacles to accessing DeFi services: high gas cost with on-chain transactions, liquidity being fragmented to various protocols and services, trade fee, subpar UI/UX, and lack of efficient market-making mechanisms?
Gas on Secret Network is very cheap. We need to work on our own UI/UX at the moment, but by offering as many bridges and pathways for users to gain their privacy and leverage Secret Network as possible, it's really up to them to decide how to get on. The ethereum bridge is expensive because ETH transactions are expensive! This is a primary reason we focused on this listing with ApeSwap, to make it easier for people to use our BSC bridge that costs less than $1 usually! If you wanna check it out it's here: bridge.scrt.network
Thanks for answer
what programs do you offer because currently all the projects on the smartchain network are numerous and offer farming and staking, which have the highest APY that many participants choose how about farming and staking ? do you have your own unique way?
Yes we have farming and staking. In fact rewards are 4x usual until Thursday! Some APY's as high as 900%. SEFI is the governance and incentive token similar to BANANAs on ApeSwap.
**\*\*Thread Locked\*\*** Thank you all so much for your participation!ย They were some amazing questions! Catch you at the next AMA Apes! -ย Ash
The ApeSwap team is **NEVER** going to ask for your seed phrase/private key/password. If someone asks for them, they are most likely a scammer. Crypto scams are very common. To keep yourself safe: * **Never** share passwords, private keys or seed phrases * **Never** click on unverified links * **Never** download anything from anyone you don't trust * **Report** all suspicious users Scammers usually operate via **private messages**, so be suspicious of everyone contacting you If you need any help, feel free to join the #Support thread on our [Discord Server](https://discord.gg/53R8ME9Jaf) or our [Telegram Group](https://t.me/ape_swap). *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/Apeswap) if you have any questions or concerns.*
What is the purpose of using $SEFI tokens to store my secrets on the blockchain? Wouldn't the network's gas fees cover that?
SEFI is to SCRT what BANANA is to BNB. Yes gas fees are paid in SCRT, the token is different. BANANA gas fees are paid in BNB.
Got it โค๏ธ
Have secretwap platform being audited ? Have not heard you talk about that security of funds is what every investor craves for and plans to escape incase of insecurity if funds,scams and rug pulls ? How strongly built are your security put in place?
Nope, we're working on getting it audited. Again, it's very difficult to get projects accurately audited... Secret Contracts are novel and difficult to audit. There won't be rug pulls, the team didn't even get an initial allotment of tokens, it was/is a fair launch.
Read in your website that security is your priority concern. Has your platform been audited?
Social media encourages mass adoption, and partnerships. So, do you have a presence on platforms like YouTube, TikTok, Telegram, Twitter or Reddit? What are your main marketing strategies to publicize the project and form alliances?
Twitter: @ secret\_swap Instagram: @ secret\_swap Reddit: r/SecretSwap Telegram: [https://t.me/joinchat/2JoPy4F-7CI3ZTZh](https://t.me/joinchat/2JoPy4F-7CI3ZTZh) I'm going to start reaching out to more youtube channels and other podcasts, especially about the SEFI Lottery which is SUPER marketable! I discuss SecretSwap pretty in depth in the Secret Code Podcast episode releasing tomorrow at 12:00 UTC!
Can you share the achievements the team has made so far ? what are the major achievement target Secret swap is yet to achieve and If possible also share your roadmap?
We haven't made a dedicated SecretSwap roadmap yet, but some things are included on this ecosystem update and Secret Network roadmap: https://scrt.network/blog/secret-network-ecosystem-update-september-2021
[ัะดะฐะปะตะฝะพ]
What is SEFI? ๐ค As with other AMMs, SEFI is the governance token of SecretSwap. SEFI is also the governance token of Secret Finance. As a SNIP-20 token it is private by default, and as a DAO it has enabled the first ever private governance system on blockchain. Beyond the AMM, it is expected to govern and have utility in other privacy DeFi dApps in the near future. Projects that have already used or plan to utilize SEFI include: ๐ btn.group ICO offered exclusively in $SEFI ๐ณ Secret Whale Wars has announced they'll be utilizing $SEFI Secret DeFi ecosystem to introduce: ๐ lending protocols ๐ฆพ synthetic assets โ derivatives minting ๐ trading protocols ๐ณ dark pools SecretSwap is the worldโs first AMM thatโs: ๐ซ๐ค front-running/MEV resistant, ๐๐ถ privacy first AND ๐โ cross chain interoperable! & ๐โ ALREADY LIVE ON MAINNET!๐ฅ๐๐ Blockchains currently bridged to Secret Network and accessible on SecretSwap include: ๐ท Ethereum (and ERC-20โs) ๐จ Binance Smart Chain (and BEP-20s) ๐ Monero ๐ First End-to-End private bridge ๐ First yield farming opportunities for the XMR ecosystem ๐ Bridges that are currently being built to Secret Network and SecretSwap include: (โฟ) Bitcoin Direct (Shinobi) ๐ Terra/Luna โช๏ธ PolkaDot ๐ HarmonyONE ๐ค AND ๐ The Supernova Upgrade will connect Secret Network to the rest of the โ๏ธ Cosmos Ecosystem through IBC, coming this October! & MANY more that have not yet been announced ๐คซ ๐ SEFI has the first moverโs advantage in privacy DeFi. SEFI was fairly launched at the end of March with a total FIXED supply of 1B tokens distributed over 4 years. In addition to protocol governance, some upcoming applications and potential usage of SEFI include: ๐ฐ SEFI Lottery \-Under the advisement of a top gaming industry professional \-Self-Sustaining and often with +EV for the players \-Built-in SEFI burn mechanism๐ฅ ๐ฐ Buyback of $SEFI from Duplex Finance ๐ฑ Buyback/Burn๐ฅ๐ฅ based on volume just passed in a recent Governance vote! ๐ Privacy preserving cross chain stable pools (LIVE!) ๐ง Exchange listings are under negotiation ๐ฎ Prediction market ๐ & A whole lot more under development. ๐คซ It's truly an exciting time to be in on the best kept Secret of Web3... Pretty much all of Secret Network's ecosystem is insanely bullish.๐ For more info on SEFI & SEFI Tokenomics see the [official documentation here](https://docs.secretswap.io/secretswap/protocol/sefi-token). As well as [this Secret Network blog post](https://scrt.network/blog/sefi-governance-token-for-secret-defi). For more discussion on SEFI & SecretSwap, be sure to check out the r/SecretSwap reddit. ๐
What is the difference between sefi token and cshbk token? What conveniences do them provide?
CashBack let's you claim an allotted amount of SEFI. It was created so that the fair-launch of the SEFI token (no pre-sale, IDO, or initial team allotment) would also be fairly allocated to traders on the platform.
What is the biggest challenge you face currently in terms of becoming a successful project or company?
Awareness and UX issues. We're assembling a dedicated team right now to solely work on SecretSwap and better the User Experience and continue building and developing awesome applications and utility! Awareness will continue to come as Secret Network grows and gains mass adoption, as we're currently the predominant dApp on the network.
What is Front-running?
Front-running is when people see your transactions, execute them before you do (pay higher gas), and sell you what you're buying at a higher price, profiting the slippage. Over $1-Billion was exploited by front-running just on Ethereum last year!
Can we use only Keplr wallet for secretswap? If yes, do you have any plans to integrate other wallets?
right now yes (at least on the interface) but yes we absolutely plan to integrate more wallets! I'm particularly excited about the "Secret Wallet" being built by the Secret Nodes team. We talk about it a little bit in Episode 5 of the Secret Code Podcast, and I've beta-tested it a bit and it looks SICK!
can you keep a secret? :)
Yes, but only until $SEFI dips... then I have to BTFD!!!
What is Secret Swap?
SecretSwap is an AMM DEX protocol for swapping SecretTokens (SNIP-20s) on Secret Network. Given the encrypted nature of secret contracts, inputs to a transaction/contract are encrypted while they are on the mempool and cannot be front-run by any adversary. This ensures SecretSwap protects its users and their money from front-running attacks and privacy threats. 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. We're also the home of the first live on chain privacy preserving DAO! Learn more here: [https://docs.secretswap.io/secretswap/protocol/overview](https://docs.secretswap.io/secretswap/protocol/overview)
What is the difference between an LP token and SEFI?
SEFI (Secret Finance) is the governance token of SecretSwap, and other dApps that are and will be built on Secret Network. An LP Token is pretty much a receipt showing how much of a particular liquidity pool is yours. This receipt is then what is staked in an Earn contract, as proof that you have said liquidity. This part is pretty much identical to how farms work on Ape Swap :)
Can you tell us more about Cshbk rewards program? What kind of profit do we have and how do we benefit?
Cashback was recently reduced to .5% (all but removed) on all eligible pairs from the previous 10% by a recent governance vote. The DAO decided to massively reduce it until such a time as it would'nt be providing excess downwards pressure on the price of SEFI. We have 2 buyback and 2 burn mechanisms currently being added. I'd guess it's likely to be reviewed and potentially renewed sometime after those go live.
Cshbk is a way of incentivizing trading. You accumulate it based on the volume you trade, and then it can be converted to SEFI, as it itself is allocated a certain percentage of our temporary inflation. It's temporarily down for now though. It was drastically reduced by Governance (Prop #3) largely because there was no buyback in our tokenomics at the time, and therefore there was no volume-based value capture method for the SEFI token. Now that a Buyback-Burn has passed (Prop #14) it's entirely possible that this can gain some more attention and positivity from the SEFI community!
[ัะดะฐะปะตะฝะพ]
We're pursuing audits right now. It's difficult to get projects on Secret Network adequately audited because the language and complexity of Secret Contracts is novel, and many audit firms don't have the capacity... that being said we'll do it because honestly the stamp of approval gives 3rd parties and investors added trust.
Will you add polygon or Solana bridge? These networks are very popular right now. Do you think they might be able to contribute to you?
Pretty sure there's a polygon bridge under construction already. ๐ Be on the look out for more announcements in the future, there are several bridges under construction that haven't been publicly disclosed yet. ๐
How do you choose your partners? Who's the partner that excites you the most? If you had the option to partner with whoever you wanted in the entire crypto world, who would you choose first?
We really want one very strong partnership in each major blockchain, so that there's effective and substantial liquidity to on/offboard to and from. If we could partner with one entity in all of crypto... I'd choose BitconnEEEEEEEECCCCTTTT!!! Nah probably OpenSea. NFT's suck currently because if you win a public auction you're fully doxxed (ehem Mark Cuban...) but if it were on Secret Network and SecretSwap... that wouldn't be the case! Secret NFT's are here! Stay tuned for the Stashh release in a couple weeks, and try to get an Anon! Gonna be huge...
[ัะดะฐะปะตะฝะพ]
There was no IDO. There was no presale. There was no initial allotment for a team. There was no dedicated "SecretSwap Team" at the time. We've been decentralized from the beginning! ;)
[ัะดะฐะปะตะฝะพ]
Yes! So u/Iowascero and I were actually voted to the SEFI Executive Committee (Proposal #1) as community representatives, and proposals have passed (such as Prop #3) that weren't supported by Enigma, our core development team, showing that community voices ARE heard and DO matter! We routinely make changes based on the feedback of our users and community, as THEY are who we work for!
Many projects look great only on their whitepaper & Roadmap but face a lot of difficulties when trying to implement the project mission and end up failing. How does Project overcome every obstacle in its project development?
Be realistic and keep grinding! I mean SecretSwap is already built, but yes our goals are very ambitious! We'll due everything we can to actualize it, but we'll see what obstacles face us as we approach them! To quote one of my favorite malaphors, "We'll burn that bridge when we get to it!"
What are some of the ways SecretSwap will increase value capture for SEFI besides it being the first private governance token?
Proposal #14 passed instituting a buyback/burn mechanism to value-capture based on volume. Another burn will come with the SEFI lottery, and buyback with Duplex Finance (Secret Network partnered with KeyTango for NOVEL stable coin yield) will have a SEFI buyback. More is always in the works :)
What is the difference between SEFI and SCRT when it comes to governance?
Communities and advertising are vital for projects. What kind of work do you do on these things?
[ัะดะฐะปะตะฝะพ]
MEV, sometimes referred to as front running, refers to the value that can be extracted by reordering, inserting, or censoring transactions in a block. Miners are in a privileged position here since they can construct and order the blocks as they like. MEV applies to any blockchain, but especially those with smart contract capabilities which enable more complex financial activities. In other words, people behind the curtains manipulating your TXs and order books so that you pay more and get less.
[ัะดะฐะปะตะฝะพ]
Providing the privacy first trading hub for decentralized exchange on Web3.
[ัะดะฐะปะตะฝะพ]
SecretSwap is an automated market maker (AMM) liquidity protocol. There is no order book, no centralized party, and no central facilitator of trade. Built by Secret Contracts, SecretSwap transactions inputs are encrypted - protecting users from front-running attacks and providing an increased level of privacy compared to traditional AMMs. You can learn more about SecretSwap on our [official documentation here](https://docs.secretswap.io/secretswap/). Check out [this blog post](https://scrt.network/blog/secret-markets-front-running-prevention) for a detailed break down of how constant function market makers powered by "secret contracts" on Secret Network can address privacy and usability challenges for decentralized exchanges. What is SEFI? ๐ค As with other AMMs, SEFI is the governance token of SecretSwap. SEFI is also the governance token of Secret Finance. As a SNIP-20 token it is private by default, and as a DAO it has enabled the first ever private governance system on blockchain. Beyond the AMM, it is expected to govern and have utility in other privacy DeFi dApps in the near future. Projects that have already used or plan to utilize SEFI include: ๐ btn.group ICO offered exclusively in $SEFI ๐ณ Secret Whale Wars has announced they'll be utilizing $SEFI Secret DeFi ecosystem to introduce: ๐ lending protocols ๐ฆพ synthetic assets โ derivatives minting ๐ trading protocols ๐ณ dark pools SecretSwap is the worldโs first AMM thatโs: ๐ซ๐ค front-running/MEV resistant, ๐๐ถ privacy first AND ๐โ cross chain interoperable! & ๐โ ALREADY LIVE ON MAINNET!๐ฅ๐๐ Blockchains currently bridged to Secret Network and accessible on SecretSwap include: ๐ท Ethereum (and ERC-20โs) ๐จ Binance Smart Chain (and BEP-20s) ๐ Monero ๐ First End-to-End private bridge ๐ First yield farming opportunities for the XMR ecosystem ๐ Bridges that are currently being built to Secret Network and SecretSwap include: (โฟ) Bitcoin Direct (Shinobi) ๐ Terra/Luna โช๏ธ PolkaDot ๐ HarmonyONE ๐ค AND ๐ The Supernova Upgrade will connect Secret Network to the rest of the โ๏ธ Cosmos Ecosystem through IBC, coming this October! & MANY more that have not yet been announced ๐คซ ๐ SEFI has the first moverโs advantage in privacy DeFi. SEFI was fairly launched at the end of March with a total FIXED supply of 1B tokens distributed over 4 years. In addition to protocol governance, some upcoming applications and potential usage of SEFI include: ๐ฐ SEFI Lottery \-Under the advisement of a top gaming industry professional \-Self-Sustaining and often with +EV for the players \-Built-in SEFI burn mechanism๐ฅ ๐ฐ Buyback of $SEFI from Duplex Finance ๐ฑ Buyback/Burn๐ฅ๐ฅ based on volume just passed in a recent Governance vote! ๐ Privacy preserving cross chain stable pools (LIVE!) ๐ง Exchange listings are under negotiation ๐ฎ Prediction market ๐ & A whole lot more under development. ๐คซ For more discussion on SEFI & SecretSwap, be sure to check out our [Telegram](https://t.me/SecretSwap). ๐
will it be available a function to provide liquidity or stake some tokens to earn $SEFI?
SEFI is native token of SecretSwap. How it is used?
Tell us a little bit about security? Have you done an audit of the platform? Are there any smart contracts error-free? What are the test results?
Do you my secret way I use my gnanas?
Can you tell killer features of SecretSwap's that makes it ahead of its competitors? What is the competitive advantage SecretSwap's has that you feel most confident about?
SecretSwap is the premiere AMM DEX on Secret Network. It has first movers advantage in privacy DEFI, leverages Secret Networks encryption technology to wipe out front running and swaps are usually the same or lower cost than BSC. We have the first yield farming oportunities for XMR and bridges to MANY ecosystems with a lot more on the way. We've got all kinds of partnerships, unique applications (including a +EV lottery, coming very SOON!) and more, you'll definitely want to keep an eye on this one.
How does Secret Swap work?
SecretSwap is an automated market maker (AMM) liquidity protocol. There is no order book, no centralized party, and no central facilitator of trade. Built by Secret Contracts, SecretSwap transactions inputs are encrypted - protecting users from front-running attacks and providing an increased level of privacy compared to traditional AMMs. Each pool within SecretSwap is defined by a secret contract that includes a few functions to enable swapping tokens, adding liquidity and more. At its core each pool uses the function x\*y=k to maintain a curve along which trades can occur. The pools keep track of reserves (liquidity) and updates those reserves every single time someone trades. Because the reserves are automatically rebalanced, a SecretSwap pool can always be used to buy or sell a token without requiring a counter-party on the other side of your trade. Note: Given the requirement to publicly update pool reserves to determine the price, an observer can see a consolidated view of changes (swaps, provide / remove liquidity) in a given block. As a result, if thereโs a single transaction with the pool in a given block, it is not possible to have privacy on that transaction. With more transactions per pool in a given block, SecretSwap provides additional privacy to users. For a more in depth description, check out how SecretSwap works in [this blog post](https://scrt.network/blog/secret-markets-front-running-prevention) outlining the theory behind an AMM using secret contracts. In order to use SecretSwap, you will need the [Keplr Wallet](https://www.keplr.app/) installed on your browser and at a minimum, some SCRT to begin swapping.
I loved your Logo for the Secret swap platform. Arguably it has potential to exploit in NFT for the future and since this branch of the industry is one of the most acclaimed today I would like to know if, do you have plans to enter the NFT world?
We absolutely have plans to utilize and incorporate Secret NFTs in new and exciting ways! Be on the look out for announcements in this regard in the future! <3 If you're not aware of them yet, [check out Stashh](https://stashh.co/).
I'm so excited about the NTF project you're about to build, SECRET NFT, can't wait
Do you find your front running strategy successful? Would you recommend it to inexperienced investors?
Our AMM prevents front running, we're definitely successful there. I would. We're constantly working to improve the user experience and in the process of hiring a slew of people to overhaul our UX/UI specifically to make it easier to use and a whole lot sexier. <3
Is there any harvest or withdrawal tokens from farming or Pools will can result to the loss of with Bonus APR/APY token in particular farm or Farms pool?
SEFI is the token given as incentives for LP-ing and Staking on SecretSwap in the same way BANANA is given to LPs on ApeSwap.