Privacy-Focused Token SCRT Pumps 64% in a Week Amid ‘Shockwave’ Announcement

The Secret Network (SCRT) has seen considerable price movement since the launch of its new bundle of upgrades, Shockwave, aiming to improve the network and get more builders on the chain.

Shockwave Ripples Through the Down-Market

After launching its new upgrade on January 12, SCRT has seen a near 65 per cent rally in the past seven days from a low of US$5.6 to $9.34 at the time of writing, fighting against the current down-market.

The announcement has sparked interest in those who want to both invest and build on the privacy-centric chain, with its US$65 million total value locked (TVL) and total market value of US$1.3 billion at the time of writing.

SCRT 7-day price movement: CoinMarketCap

Adoption and growth are SCRT’s major focus for 2022 and could have a further positive impact on the price. There is also more potential upside after the SCRT token’s listing on FTX, giving it exposure to the major US exchange’s large client base:

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Previously, the SCRT token spiked after the project launched its privacy based non-fungible tokens (NFTs) on the OpenSea marketplace.

What Does Shockwave Entail?

SCRT is the only blockchain network to have run private smart contracts on its mainnet for over a year, and in Q4 2021 integrated the Cosmos Inter-Blockchain Communication protocol (IBC) to help optimise the network and add liquidity.

The endgame of Shockwave is to turn Secret Network into cryptocurrency’s privacy-preserving hub, something that’s made possible thanks to Secret’s use of Cosmos’s IBC.

CoinBureau

With Web 3 security and privacy at its heart, SCRT has its eyes on expanding the ecosystem, with the project showcasing some major actions planned in 2022. The chain wants to create funding and incubation opportunities while empowering developers with better tools and support. In so doing, the community can grow and empower itself with a vast array of functionality at its fingertips.

According to Secret’s blog, the network has set the following goals for the first half of 2022:

  • get 100 new projects building in the Secret ecosystem;
  • have hundreds of thousands of new users onboarding onto Secret Apps; and
  • launch multiple Secret Apps achieving 10,000+ active users.

Robert Drage
Author

Robert Drage

Robert is a freelance researcher, with a background in information science currently interested in blockchain technology and technical developments in the field.

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