In February 2021, SecretSwap was launched as the premiere AMM DEX of Secret Network. SecretSwap is a 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.
10% of the total supply of the SEFI token was distributed in a one-time genesis event in March 2021 and SEFI will continue to be distributed to SecretSwap users over four years as reward for staking and providing liquidity on the platform. SEFI is non-inflationary with a fixed supply of 1 billion tokens. SecretSwap launched the world's first truly private voting application on blockchain - it's own Governance protocol - in July of 2021. A buyback and burn proposal was passed through protocol governance in September of 2021. In October 2021, SecretSwap announced a lottery system, which would also initiate a burn on the circulating SEFI, making it a deflationary asset.