Axelar’s interoperability network will aid in the expansion of Secret Network’s performance capabilities and privacy focused offerings
13th July – Axelar, the universal overlay network delivering secure cross-chain communication for Web3, has announced a strategic integration with Secret Network, the first blockchain with customizable privacy for smart contracts. By integrating with the Axelar network, Secret Network will afford Axelar users the ability to send private messages between siloed blockchains and privately trade NFTs cross-chain. This advancement is achieved through Axelar’s interoperability network combined with Secret Network’s privatization functionality.
Axelar co-founder Sergey Gorbunov said, “As the industry develops and scales, the shortcomings associated with the lack of privatization in blockchain need to be addressed. The expanding capabilities of Secret Network illustrate eye-opening potential use cases of this privatization. Private trading of NFTs and front-run-resistant DeFi are just two examples. Secret Network’s integration with Axelar opens up new possibilities for users of any asset or blockchain to take advantage of these innovations.”
The integration will combine Secret Network’s privatization offering with Axelar’s secure cross-chain communication, which enables dApp users to interact with any asset or application, on any chain, with one click. As well as the enablement of private NFT trading and cross chain composability, the integration will facilitate front-running resistance, private voting for DAOs and the decentralization of oracles. All of this is achieved through Axelar’s secure, proof-of-stake overlay network and its developer-friendly APIs, and Secret Network’s market-leading efforts to accelerate the adoption of privacy-first technologies.
“Axelar’s ability to enable any-to-any communication across blockchains means Secret Network’s users will be presented with increased opportunity to interact with more networks than ever before,” said Guy Zyskind, founder of Secret Network and CEO of SCRT Labs. “By connecting blockchains previously separate from one another, developers are shown the most advantageous aspect of blockchain interoperability, something Axelar is at the forefront of.”
Secret Network, launched in 2020 and researched since 2015, is the first mainnet blockchain that features privacy-by-default for decentralized applications. The technology behind Secret Network is rooted in Guy Zyskind’s original privacy research at MIT, now some of the most highly-cited papers in the blockchain space. Secret Network recently unveiled a $200M+ ecosystem fund to bolster support for developers and fuel growth initiatives for native DeFi, NFT and metaverse platforms. A number of prominent crypto-focused investors contributed to the fund, including DeFiance Capital, Alameda Research, CoinFund, Hashkey and Shima Capital. Secret Network’s unique technology is already enabling powerful new Web3 applications. One notable recent example includes the drop of filmmaker Kevin Smith’s Legendao Secret NFT collection, upending the traditional media distribution model and distributing a full-length film as a non-fungible token for the first time in history.
Axelar has integrated with a variety of leading blockchain ecosystems like Cosmos, Polygon and Avalanche, while achieving a valuation of $1 billion USD. Investors in Axelar include Binance, Coinbase Ventures, Polychain Capital and Dragonfly Capital. Axelar has an extensive network of ecosystem partners including Avalanche, Cosmos, Ethereum, Fantom, Keplr, Metrika, Pangolin, Moonbeam, Polkadot, Polygon and Solarbeam. More recently, Axelar integrated with Osmosis, a Cosmos-based interchain AMM to enable cross-chain token swaps.