SCRT Labs Launches $400 Million Fund to Bolster Privacy Network’s Ecosystem and Application Layer
On Wednesday, the Secret Network announced the launch of a $400 million fund in order to expand the application layer and provide grants to ecosystem participants that accelerate user adoption. The market capitalization for the network’s native token SCRT is the third-largest privacy-centric crypto asset market today with a $1.4 billion market cap.
SCRT Labs Launches $400 Million Fund, SCRT Jumps Over 47% During the Last Week
At the time of writing, there is over $11 billion worth of privacy-centric crypto assets today, according to coingecko.com’s “top privacy coins by market capitalization” list. Monero (XMR) and zcash (ZEC) command the top two positions, in terms of privacy coin valuations, on January 19, 2022. The cryptocurrency secret (SCRT) is the third-largest with a $1.4 billion valuation, which represents the 87th position out of more than 12,000 crypto assets today. Secret Network is a privacy coin that features smart contract capabilities as well.
Secret (SCRT) is up 644% year-to-date, and over the last 30 days, SCRT jumped 112% against the U.S. dollar. Weekly statistics indicate that secret has increased by 47.9% over the last seven days. However, out of the $2 trillion crypto-economy on Wednesday, secret (SCRT) is only 0.07% of the entire valuation. During the last 24 hours, there’s been $84.6 million in SCRT trade volume, and its 24-hour price range has been between $8.54 to $9.82 per unit. At press time, Osmosis is currently the most active SCRT exchange, according to coingecko metrics.
The Secret Network on Wednesday announced the launch of a $400 million fund in order to bolster the project and incentivize development. The Secret Network was also chosen by Quentin Tarantino when he issued his collection of seven Pulp Fiction non-fungible token (NFT) assets. The development team behind the Secret Network, SCRT Labs, further revealed that a few notable investment firms have obtained positions in SCRT. The firms SCRT Labs mentioned include Alameda Research, Hashkey Capital, Coinfund, and Defiance Capital.
“We are excited to become supporters of the Secret ecosystem and look forward to helping accelerate its global growth across all verticals and aspects,” Brian Lee, a partner at Alameda Research said in a statment. “Secret Network is the first mover and market leader in solving what is still a core need for Web3: data privacy for applications.”
Fund Will Consist of $225 Million Ecosystem Fund and a $175 Million Accelerator Pool
SCRT Labs details that the funding will be broken down into two parts. First, a $225 million ecosystem fund “comprised of contributions from over 25 existing ecosystem investors and partners, targeted at expanding Secret Network’s application layer (including defi and NFTs), network infrastructure, and tooling.” Additionally, the team says the ecosystem fund “features commitments from 25 partner organizations.”
Then $175 million will be dedicated to an “accelerator pool funded in SCRT that is designed to provide non-dilutive capital, grants, and ecosystem incentives to rapidly expand user adoption.”
“Since our first whitepapers at MIT in 2015, we have worked tirelessly to bring data privacy to all blockchains,” Guy Zyskind, founder and CEO of SCRT Labs said. The CEO added:
We now invite developers around the world to join us in our mission and to build the next generation of Secret Apps that will protect and empower millions of global users.
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