Morgan Chittum

<div id="highlights-block_61e8977c7a3b2" class="highlights">
        <ul>
                <li>Secret Network is best known for building a non-fungible token protocol, which advertises itself as the first “NFT with programmable privacy&#8221;</li>
                <li>Investment firms that have taken a large SCRT token position include CoinFund, Alameda Research, HashKey and DeFiance Capital</li>
            </ul>
    
</div>



<p>Secret Network will soon deploy $400 million into its network’s ecosystem from big-name investors such as CoinFund, Alameda Research and DeFiance Capital, the protocol’s developer told Blockworks on <a href="https://scrt.network/blog/secret-network-400m-ecosystem-funding-new-investors" target="_blank" rel="noreferrer noopener">Wednesday</a>.</p>



<p>The privacy-focused blockchain will launch a $175 million accelerator pool and $225 million ecosystem fund, according to marketing materials. The $225 million raise will come from 25 different investors and the other $175 million will be deployed directly from SCRT Labs.&nbsp;</p>



<p>The accelerator pool will be a source of non-dilutive early stage funding for various projects trying to build on Secret Network, according to a <a href="https://scrt.network/blog/secret-network-400m-ecosystem-funding-new-investors" target="_blank" rel="noreferrer noopener">blog post</a> from the startup. Early backers included KuCoin, Terra, DragonFly Capital, Blocktower and Huobi Capital.&nbsp;</p>



<p>Secret Network is best known for building a non-fungible token protocol, which advertises itself as the first “NFT with programmable privacy,” according to its <a href="https://scrt.network/" target="_blank" rel="noreferrer noopener">website.</a> Both the NFT holder and creator can lease, own, and sell the [digital] art privately.</p>



<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"><p><strong>“[Unlike] normal NFTs, we can provide [user] access control,” Guy Zyskind, the founder and CEO of Secret Network, <a href="https://cms.blockworks.co/director-quentin-tarantino-to-release-line-of-pulp-fiction-nfts/" target="_blank" rel="noreferrer noopener">previously</a> told Blockworks. “Essentially, if I’m an artist, and I’m publishing an art piece, I don’t have to reveal it to the entire world, I can publish it selectively.”</strong></p></blockquote>



<p>Secret Network previously made headlines for its partnership with award-winning director Quentin Tarantino last year, collaborating on a line of “Pulp Fiction” NFTs. Tarantino’s collection plans led to a <a href="https://cms.blockworks.co/why-the-studio-that-produced-pulp-fiction-is-suing-quentin-tarantino-over-nfts-based-on-his-screenplay/" target="_blank" rel="noreferrer noopener">lawsuit</a> from Miramax, the movie studio that produced the 1994 film.&nbsp;</p>



<p>Miramax accused Tarantino of committing copyright infringement, trademark infringement, breach of contract and unfair competition, according to court documents. Secret Network said in a statement to Blockworks that it has not been threatened with any legal action and still intends to work with Tarantino on his NFT efforts.</p>



<p>Zyskind said the $400 million will flow into the network’s ecosystem to help propel its growth. “With a strong network of supporters and a passionate global community, Secret Network is now entering its most aggressive growth phase to date,” he wrote in a <a href="https://www.businesswire.com/news/home/20220119005731/en/Secret-Network-Announces-400-Million-in-Ecosystem-Funding-Alongside-Substantial-New-Investment-from-Leading-Firms" target="_blank" rel="noreferrer noopener">statement.&nbsp;</a></p>



<p>The network’s native token, SCRT,&nbsp; is currently trading 4.2% lower at $9.22 after the news, according to data provider <a href="https://www.coingecko.com/en/coins/secret" target="_blank" rel="noreferrer noopener">CoinGecko</a>.</p>



<hr class="wp-block-separator has-alpha-channel-opacity"/>



<p><strong>Start your day with top crypto insights from David Canellis and Katherine Ross. <a href="https://blockworks.co/newsletter/empire">Subscribe to the Empire newsletter</a>.</strong></p>



<p><strong>Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. <a href="https://blockworks.co/newsletter/onthemargin">Subscribe to the Forward Guidance newsletter</a>.</strong></p>



<p><strong>Get alpha directly in your inbox with the <a href="https://blockworks.co/newsletter/research">0xResearch newsletter</a> — market highlights, charts, degen trade ideas, governance updates, and more.</strong></p>



<p><strong>The Lightspeed newsletter is all things Solana, in your inbox, every day. <a href="https://blockworks.co/newsletter/lightspeed">Subscribe to daily Solana news</a> from Jack Kubinec and Jeff Albus.</strong></p>


Secret Network Announces $400M Ecosystem Funding, Reveals Big-Name Investors

Sam Martin

<div id="highlights-block_617725d07bf3f" class="highlights">
        <ul>
                <li>The Cosmos ecosystem helps secure over $130 billion of assets</li>
                <li>SCRT, OSMO and ATOM all rally 15% or more </li>
            </ul>
    
</div>



<p>The Cosmos ecosystem continues to mature and now helps secure over $130 billion of assets. </p>



<p>Secret Network (SCRT) and Osmosis (OSMO) explode higher due to upgrades and increased usage.  </p>



<p>Non-fungible tokens (NFTs) stall amid Osmosis rally. </p>



<p>Other notable news includes Indian lawmakers are attempting to make digital assets more accessible to their citizens; Do Kwon explained why he is suing the US Securities and Exchange Commission (SEC), and <span style="font-size: revert; color: initial;">US regulators are exploring how they could allow banks to hold digital assets</span>. </p>



<h3 class="wp-block-heading"><strong>Latest in Macro:</strong></h3>



<ul class="wp-block-list"><li>S&amp;P 500: 4,574, +.06%</li><li>NASDAQ: 15,235, +.04%</li><li>Gold: $1,793, -.83%</li><li>WTI Crude Oil: $84.44, +.81%</li><li>10-Year Treasury: 1.61%, -.032%</li></ul>



<h3 class="wp-block-heading"><strong>Latest in Crypto:</strong></h3>



<ul class="wp-block-list"><li>BTC: $60,786, -3.27%</li><li>ETH: $4,175, -.22%</li><li>ETH/BTC: .0693, +3.67%</li><li>BTC.D: 44.16%, -2.13%</li></ul>



<h2 class="wp-block-heading">Cosmos Ecosystem Takes Center Stage</h2>



<p><a href="https://v1.cosmos.network/intro" target="_blank" rel="noreferrer noopener">Cosmos</a> (ATOM) is an ecosystem of blockchains that can scale and interoperate with each other. Historically, blockchains have been unable to interact with one another and had minimal transaction throughput with different programming languages making it hard to attract developers to new chains. </p>



<p>&#8220;The end goal is to create an Internet of Blockchains, a network of blockchains able to communicate with each other in a decentralized way. With Cosmos, blockchains can maintain sovereignty, process transactions quickly and communicate with other blockchains in the ecosystem, making it optimal for a variety of use cases,&#8221; <a href="https://v1.cosmos.network/intro" target="_blank" rel="noreferrer noopener">according</a> to the Cosmos website.</p>



<p>This vision is achieved through a set of open source tools like Tendermint, the Cosmos SDK and IBC designed to let people build custom, secure, scalable and interoperable blockchain applications quickly.</p>



<p>Cosmos secures more than $137 billion of assets and is arguably the most developed ecosystem outside of Ethereum. Despite the success of the project, Cosmos&#8217; native token, <a href="https://coinmarketcap.com/currencies/cosmos/" target="_blank" rel="noreferrer noopener">ATOM</a>, is just the 24th largest cryptocurrency by market capitalization ($9.137 billion). As of reporting, ATOM was trading near $41, up 16.5% over the last 24 hours. </p>



<h3 class="wp-block-heading">The market awakens</h3>



<p>&#8220;The market is finally beginning to wake up to Cosmos, which is arguably the most developed ecosystem outside of Ethereum. Almost like the Cosmos ecosystem being home to $100BN+ of assets and many of the industry&#8217;s leading blockchains matters,&#8221; wrote Ryan Watkins of Messari. </p>



<p>The top 10 coins that Cosmos helps secure are:</p>



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="976" height="652" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-26-at-4.40.24-PM.png" alt="" class="wp-image-9921" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-26-at-4.40.24-PM.png?w=976 976w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-26-at-4.40.24-PM.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-26-at-4.40.24-PM.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-26-at-4.40.24-PM.png?w=385 385w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-26-at-4.40.24-PM.png?w=391 391w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-26-at-4.40.24-PM.png?w=328 328w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-26-at-4.40.24-PM.png?w=80 80w" sizes="auto, (max-width: 976px) 100vw, 976px" /><figcaption>Source: cosmos.network</figcaption></figure>



<h2 class="wp-block-heading">Secret Network Explodes</h2>



<p>Secret Network (SCRT) is a protocol that has privacy for smart contracts by default, solving a problem that has long plagued the digital asset industry. This allows developers and users to build and use applications that are both permissionless and privacy-preserving, and ultimately protects users personal information and unlocks hundreds of use cases that previously were not possible.</p>



<p>Arguably the largest upgrade in protocol history, Supernova, is set to go live on Mainnet on November 9, which could be driving the bullish price action seen over the last month (+320.19%).</p>



<h3 class="wp-block-heading">Supernova highlights</h3>



<ul class="wp-block-list"><li>Inter-blockchain communication (IBC) integration, which will connect Secret Network with all blockchains in the Cosmos ecosystem.</li><li>Additional modules that should greatly simplify network upgrades and workflows for companies that want to integrate Secret Network seamlessly in consumer-oriented applications.</li><li>New Secret applications launching on mainnet, new partners and collaborators, and millions of new possibilities for users and developers.</li></ul>



<p>Guy Zyskind, the founder and CEO of Enigma — one of the core development teams behind Secret Network <a href="https://scrt.network/blog/supernova-explosive-vision-future-secret-network" target="_blank" rel="noreferrer noopener">wrote</a>, &#8220;Supernova introduces our IBC integration,&nbsp;finally connecting Secret Network with blockchains across the Cosmos ecosystem (in addition to our bridges to Ethereum, BSC, Monero, Terra, Polkadot, and more!). IBC allows SCRT to be used in cross-chain Cosmos applications (such as Osmosis &amp; Gravity DEX) and provides our privacy features to the entire Cosmos ecosystem.<strong>&nbsp;</strong>This further cements our position as the data privacy hub for the decentralized web<strong>&nbsp;</strong>and unlocks our next phases of growth and adoption.&#8221;</p>



<h3 class="wp-block-heading">Osmosis Rallies</h3>



<p>Osmosis (<a href="https://coinmarketcap.com/currencies/osmosis/" target="_blank" rel="noreferrer noopener">OSMO</a>), the leading automated market maker (AMM) in the cosmos ecosystem, has rallied over 23% in the last 24 hours. Liquidity and trading volume have raced higher today, as seen in the image below. Having launched on June 19, 2021, the growth has been very impressive.</p>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="369" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-26-at-5.38.41-PM-1024x369.png" alt="" class="wp-image-9924" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-26-at-5.38.41-PM-1024x369.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-26-at-5.38.41-PM-1024x369.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-26-at-5.38.41-PM-1024x369.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-26-at-5.38.41-PM-1024x369.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-26-at-5.38.41-PM-1024x369.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-26-at-5.38.41-PM-1024x369.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-26-at-5.38.41-PM-1024x369.png?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-26-at-5.38.41-PM-1024x369.png?w=1199 1199w" sizes="auto, (max-width: 1024px) 100vw, 1024px" /><figcaption>Source: info.osmosis.zone</figcaption></figure>



<p>The total number of transfers via IBC relayers far outpaces any other project in the Cosmos ecosystem. The seven-day volume of transfers can be seen below:</p>



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="896" height="373" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-26-at-5.46.21-PM.png" alt="" class="wp-image-9925" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-26-at-5.46.21-PM.png?w=896 896w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-26-at-5.46.21-PM.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-26-at-5.46.21-PM.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-26-at-5.46.21-PM.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-26-at-5.46.21-PM.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-26-at-5.46.21-PM.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-26-at-5.46.21-PM.png?w=80 80w" sizes="auto, (max-width: 896px) 100vw, 896px" /><figcaption>Source: mapofzones.com</figcaption></figure>



<h3 class="wp-block-heading">Non-Fungible Tokens (NFTs)</h3>



<p>Trading data from <a href="https://opensea.io/rankings" target="_blank" rel="noreferrer noopener">OpenSea</a> and <a href="https://solanalysis.com" target="_blank" rel="noreferrer noopener">Solanalysis</a> of some of the top Solana and Ethereum projects can be found in the photos below:</p>



<div class="wp-block-image"><figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="337" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-26-at-5.49.58-PM-1024x337.png" alt="" class="wp-image-9926" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-26-at-5.49.58-PM-1024x337.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-26-at-5.49.58-PM-1024x337.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-26-at-5.49.58-PM-1024x337.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-26-at-5.49.58-PM-1024x337.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-26-at-5.49.58-PM-1024x337.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-26-at-5.49.58-PM-1024x337.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-26-at-5.49.58-PM-1024x337.png?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-26-at-5.49.58-PM-1024x337.png?w=1225 1225w" sizes="auto, (max-width: 1024px) 100vw, 1024px" /><figcaption>Top Ethereum Projects</figcaption></figure></div>



<div class="wp-block-image"><figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="288" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-26-at-5.50.15-PM-1024x288.png" alt="" class="wp-image-9927" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-26-at-5.50.15-PM-1024x288.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-26-at-5.50.15-PM-1024x288.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-26-at-5.50.15-PM-1024x288.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-26-at-5.50.15-PM-1024x288.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-26-at-5.50.15-PM-1024x288.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-26-at-5.50.15-PM-1024x288.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-26-at-5.50.15-PM-1024x288.png?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2021/10/Screen-Shot-2021-10-26-at-5.50.15-PM-1024x288.png?w=1230 1230w" sizes="auto, (max-width: 1024px) 100vw, 1024px" /><figcaption>Top Solana Projects </figcaption></figure></div>



<h3 class="wp-block-heading">Notable News</h3>



<ul class="wp-block-list"><li>Metamask will be improving support for ledger wallet owners, <a href="https://twitter.com/MetaMask/status/1453089090908262404?s=20" target="_blank" rel="noreferrer noopener">according</a> to their Twitter. </li><li>Lawmakers in India are pushing to reform cryptocurrency laws to make them more accessible to their citizens, <a href="https://twitter.com/IndiaToday/status/1453046045995409413?s=20" target="_blank" rel="noreferrer noopener">according</a> to India Today. </li><li>Do Kwon, founder of Terra Form Labs, expained why he is suing the SEC, <a href="https://news.yahoo.com/crypto-founder-do-kwon-explains-why-hes-suing-the-sec-195945610.html" target="_blank" rel="noreferrer noopener">per</a> Yahoo. </li><li>US regulators are exploring how they could allow banks to hold digital assets, <a href="https://www.reuters.com/business/finance/us-regulators-exploring-how-banks-could-hold-crypto-assets-fdic-chairman-2021-10-26/" target="_blank" rel="noreferrer noopener">according</a> to Reuters.</li><li>Valkyrie filed for a leveraged BTC ETF, <a href="https://twitter.com/EricBalchunas/status/1453026808073531394?s=20" target="_blank" rel="noreferrer noopener">according</a> to Eric Balchunas</li></ul>



<p>If you made it this far, thanks for reading! Looking forward to catching up tomorrow.</p>



<hr class="wp-block-separator"/>



<p><strong>Are you a UK or EU reader that can&#8217;t get enough investor-focused content on digital assets? <a target="_blank" href="https://cms.blockworks.co/events/das-london/" rel="noreferrer noopener">Join us</a>&nbsp;in London on November 15th and 16th for the Digital Asset Summit (DAS) London. Use code ARTICLE for £75 off your ticket.&nbsp;<a target="_blank" href="https://cms.blockworks.co/events/das-london/" rel="noreferrer noopener">Buy it now</a>.</strong></p>



<hr class="wp-block-separator"/>
