What is Secret (SCRT) crypto and why is it drawing attention?

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What is Secret (SCRT) crypto and why is it drawing attention?

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 What is Secret (SCRT) crypto and why is it drawing attention?
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Highlights:

  • The Secret is a privacy-focused blockchain built on Cosmos.
  • The SCRT token is available for trading on exchanges like Binance, Bybit, etc.
  • It returned gains of over 35% in the last 12 months.

The Secret (SCRT) crypto gained traction in the market on April 27, as evidenced by the surge in its price. Its price was up over 1%, while its volume for the last 24 hours skyrocketed over 205% on Wednesday morning.

What is Secret (SCRT) crypto and why it is gaining attention?

The Secret crypto is a privacy-focused blockchain built on Cosmos. Its smart contracts, or Secret Contracts, allow decentralized applications (DApps) to use private data, the same way the smart contracts operate on other blockchains.

Meanwhile, its smart contracts claim to transfer encrypted inputs into encrypted outputs without revealing data with the help of encrypted contract states during the execution.

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It claims to guarantee data privacy by combining encryption protocols with crucial management tools to create a Trusted Execution Environment (TEE). TEE allows its smart contracts to compete for privacy-related utilizations that traditional blockchains find challenging to accommodate. For example, private voting mechanisms or credit scoring applications become possible with the Secret blockchain as the sensitive user data are not exposed.

The SCRT token is available for trading on Binance, Bybit, Huobi Global crypto exchanges, etc.

The Secret Foundation, the company behind the Secret project, was founded by Tor Bair in 2017.

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Although there is no apparent reason for its price surge, the Secret crypto could be gaining attention due to its recent announcements. For instance, in February this year, it announced a US$400 million ecosystem fund from big crypto funds like Alameda Research, DeFiance Capital, CoinFund, etc.

In addition, in mid-April, the Secret Network announced its partnership with dYmension, which would run layer 2 rollups as part of the Cosmos ecosystem. It expects its collaboration with dYmension would improve the blockchain's scalability.

Also, the project announced a massive mainnet upgrade for SCRT on May 11 to enhance its performance across several critical network utilities to make the network faster.

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Secret (SCRT) crypto price and performanceData Source: CoinMarketCap.com

Bottom line:

The SCRT token was priced at US$4.45 at 8:45 am ET on April 27, up 1.91%, while its volume for the last 24 hours rocketed 205.82% to US$41.90 million. It has a market cap of US$726.67 million, and its fully-diluted market cap is US$853.26 million.

The token has a total supply of over 190.16 million, and its current circulating supply is more than 163.29 million. It saw the highest price of US$6.73 and the lowest price of US$4.04 in the last 30 days.

The SCRT token returned 35.11% gains in the last 12 months. It reached its all-time high of US$10.64 on October 28, 2021.

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