Onsen proposal - WSCRT

Summary
WSCRT - WETH pool LP rewards (in WSRT) is being moved from Uniswap to SushiSwap on Monday February 22. 50K WSCRT (~$175K), will be distributed to LPs on SushiSwap. We’d like this pool to be considered for the Onsen.

Abstract
Secret Network is the first and only privacy preserving smart contracting platform (L1 blockchain). Secret Network community has been focusing on a privacy preserving and front-running resistant DeFi ecosystem for ETH DeFi users. You can mint secretETH and secretSushi (wrapped Sushi with privacy) and participate in Secret DeFi. WSCRT is ERC20 version of SCRT, Secret Network’s native coin, used for staking, governance and TX fees.

Motivation
We believe privacy tools are needed required to grow the DeFi ecosystem. SecretTokens (like ERC20s) are privacy tokens that provide users full anonymity. Transactions and contract interactions are hidden from the mempool.

We believe regular users should not be abused so easily by bots whether it’s front-running or miner extractable value (MEV). Secret contracts have encrypted inputs, outputs and state. When you submit a transaction, no attacker can see the inputs and try to extract value from you

We already offer SUSHI holders the ability to mint secretSUSHI, transact privately and swap SUSHI privately in secretSwap. The goal of secretSwap is not to compete but to provide a privacy first, front-running resistant DEX alternative to SushiSwap users. If enough secretSUSHI is minted SUSHI holders will also be eligible for bridge rewards for supporting anonymity on Secret Network. This is a (impermanent) risk free yield program which offers 20-30% on ETH and ERC20s.

Specification
This in an open invitation for more SUSHI holders to participate in our privacy journey. We would love to see Sushi become eligible for SCRT rewards. We would love to see SushiSwap community start providing liquidity to WSCRT/WETH and earn rewards.

We also hope that you share our excitement and add this pool into the Onsen menu!

3 Likes

It would be lovely to see both projects working together. Secret Network took a great step by moving their incentivized liquidity pool from Uniswap to SushiSwap. It would only be fair that the pool also receives some nice SUSHI on top.

Plus there are so much more possibilities that could be explored.