Blockchain Privacy-focused Blockchain Secret Network has announced a new $225 million ecosystem fund and a $175 million accelerator pool, building on a recently announced plan called Shockwave, which aims to make the web a key part of Web 3.
- ScrT Labs, the core development team behind the network, said in a blog post on Wednesday that the Secret Ecosystem Fund will provide long-term financial and strategic support to developers and founders building on the network.
- A long list of investment partners, including Alameda Research, Arrington Capital, CoinFund and DeFiance Capital, joined in.
- "The main goal of the Ecosystem Fund is to ensure that every individual, team, and organization built on Secret has a clear path to self-sustainability and supports bringing their products to market," the Secret Network team wrote.
- Accelerator pools are funded by the network's native token, SCRT, and are primarily managed by SCRT Labs. The pool will support decentralized finance (DeFi), irreplaceable tokens (NFTs), games, metaverse, and other types of applications on the web.
- According to CoinGecko, SCRT fell about 3 percent on the day, but began to recover around the time of the announcement.
- Secret Network also announced that some investment firms have recently acquired "substantial" POSITIONs in SCRT tokens, including Alameda and CoinFund. DeFiance and HashKey.
- Arthur Cheong, founding partner of DeFiance Capital, said in the post: "DeFiance is excited to support the Secret Network, the only smart contract blockchain with default privacy, which supports breakthrough technologies such as anti-front-end DEX, Secret NFT, etc. ”
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