Secret Network, an open-source blockchain that provides data privacy by default, announced today its crypto auction platform is now live.
The Secret Auction web3 app launch marks the newest expansion to the Secret DeFi ecosystem.
Starting today, users can visit https://auctions.scrt.network and create or bid on auctions for any SNIP-20 token (Secret Token) trustlessly, with minimal fees, with privacy preserved throughout.
Bids are completely secret…
Bidders can’t see if there are any other bids, and sellers can only know if there have been any bids, but not how many. Additionally, until the auction is closed, no price info about any bids is known by anyone, and after the auction is closed the only information revealed is the winning bid. This is the first time this been possible on a blockchain application without a trusted third party.
Currently, the main use-case for the app is as an OTC (over the counter) trading market for larger transactions. Once SecretSwap (the first Secret Network AMM) is live, it will take time for liquidity pools to grow large enough such that substantial transactions don’t cause unacceptable slippage.
“In the very near future, we have a lot of features to add to the app including support of custom tokens, better filtering and sorting, and a closed auction page that serves as a price discovery tool. Farther out, we envision a much larger application built on the current foundation launching today. An app that caters to all types of auction applications; most notably, Non-Fungible Token (NFT) auctions. But we also see the potential for ICOs, partial split winner auctions, proportional participation pricing models in which prices drop as more people register to purchase, and many others. In fact, we have already heard suggestions from the community about future features we hadn’t considered ourselves which is really exciting. Please keep them coming!”
– The Secret Network Team
