“Just Getting Started,” Hoskinson Reiterates As Cardano Trounces Ether In Transaction Volume And Chain Activity

Cardano Proves To Be The Crypto To Watch In 2022 As Transaction Volume Skyrockets

Key Takeaways Cardano ousts Ethereum in transaction volume and cheaper fees amidst growing network activity.  The launch of Sundaeswap, Cardano’s first DEX, has been a key driver. However, the price of ADA has not escaped the market crash. Cardano (ADA), the biggest proof-of-stake (PoS) blockchain network, is continually outperforming Ethereum (ETH) in transaction volume. Over […]

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SCRT Labs Launches $400 Million Fund to Bolster Privacy Network’s Ecosystem and Application Layer

SCRT Labs Launches $400 Million Fund to Bolster Privacy Network's Ecosystem and Application LayerOn 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 […]
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Secret Network offers $400M in funding to bring others in on the secret

“With this funding, Secret Network and its partners aim to scale privacy-first, decentralized applications to global adoption by millions of users,” said Tor Bair, the Founder of the Secret Foundation.

Secret Network is offering $400 million in funding to grow its privacy-oriented ecosystem and expand user adoption.

Secret Network is a decentralized ecosystem that utilizes trusted execution environments to enable private, secure computation over encrypted data. The ecosystem has four components: Secret Tokens, Secret Bridges, Secret Finance and Secret NFTs.

According to a Jan. 19 announcement, the privacy-oriented platform is offering a $225 million ecosystem fund and a $175 million accelerator fund with support from 25 existing investors and partners, including BlockTower Capital, Arrington Capital, Fenbushi Capital, Outlier, Spartan Group, and Figment.

The Founder of Secret Foundation Tor Bair told Cointelegraph the funding would further the network’s aim to “scale privacy-first, decentralized applications to global adoption by millions of users,” as he emphasized the importance of Web3 technology:

“Privacy technologies are essential to ensure that Web 3.0 will be empowering and open, rather than an extension of the failures of Web 2.0.”

The ecosystem fund will be used to expand the project’s application layer, network infrastructure, and tooling. The accelerator pool will provide non-dilutive capital, grants and incentives via its native token SCRT to quickly expand user adoption.

Secret Network also revealed that numerous top-tier investment firms recently acquired SCRT positions and joined the ecosystem as critical stakeholders, including Alameda Research, DeFiance Capital, CoinFund, and HashKey.

The ecosystem funding is a part of the Shockwave initiative, a vision for Secret Network’s global growth, which was announced on Jan. 12. Shockwave aims to cement the ecosystem’s standing as a privacy hub for Web 3.0.

Related: Miramax sues Tarantino over ‘money grab’ Pulp Fiction NFTs

Bair said that a global, privacy focused network was an essential part of building a better internet:

“Private-by-default networks and applications create choices for users and allow them to control and consent to how their data is used. The entire Secret community is dedicated to protecting users, providing security, and fighting against surveillance capitalism — a system that exploits instead of empowering.”

The funding news follows Secret Network’s freshly launched auctions for a collection of seven highly-anticipated NFTs issued by Quentin Tarantino on Jan. 17. The collection consists of seven chapters of Tarantino’s original, handwritten screenplay of Pulp Fiction, the first chapter of which has been sold and will be announced on Jan. 24.

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Binance Corroborates Solana Network’s Congestion Issues

Outpaced By Solana; Economist Tells Why Ethereum Is Bound To Fail

Solana’s congestion problem continues to devour the L1 network with the latest grumbles coming from Binance users, prompting the exchange to issue a notice on Tuesday. “The Solana (SOL) network is currently experiencing congestion due to an increase in high compute transactions, which is reducing its network capacity to several thousand of transactions per second […]

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