Axelar is committed to a vision of interconnected, specialized blockchains, building across Web3. In this specialized world, blockchain developers can focus on problems that are hard and support applications that solve them. With secure cross-chain communication, there is no need for developers to trade off between high-quality solutions and silos of users and liquidity.
Privacy is one of those hard problems, which is why we are excited to be collaborating with Secret Network, as they extend the privacy features they’ve built into their own native blockchain, making them available for dApp developers and users anywhere on the decentralized web. Axelar and Secret Network announced the collaboration on Wednesday, Jul 13 in a press release.
Expanding on the announcement, Secret Network has published a blog post, outlining their plan for delivering privacy capabilities to application builders on any blockchain, allowing dApps to support privacy for any user and any asset on Web3.
Simply put, with Secret + Axelar, applications can send private messages between blockchains. Secret Network has outlined use cases, including providing front-running resistant swaps, private NFT trading and private voting for DAOs.
Secret exposes contract code on-chain, so users and developers can see what is happening. Meanwhile, it encrypts data that is transmitted by the contract. In one of the example use cases, this allows a deFi user to gain protection against front-running. In deFi transactions, deep-pocketed market participants use bots to capture value in the latency between the time a transaction is submitted and the time it is executed on-chain.
With privatized transactions on Secret, nodes cannot see the information being submitted to the network and insert their own transactions in front of them. With Axelar + Secret, this front-running protection extends to transactions on any chain.
In their blog post, Secret envisions how in a cross-chain world a user could benefit from privacy guarantees and front-running resistance in a transaction such as swapping ETH on Ethereum for WBTC. A cross chain dApp will:
Send ETH from Ethereum wallet through Axelar to Secret.
Use a Secret AMM to privately swap ETH for WBTC.
Send back WBTC to Ethereum wallet through Axelar.
Axelar cross-chain communication means that Secret, built in the Cosmos Ecosystem, can now extend its privacy benefits to users and developers on EVM chains like Avalanche and Polygon, and other consensus ecosystems, such as Polkadot. Those chains and their users and assets will be connected to Secret Network via Axelar.
To learn more about this partnership from both teams, join us for a special joint Twitter Space with Secret and Axelar on Thursday, July 14th, at 5:30PM UTC / 1:30PM EDT.