The SecretSwap governance token SEFI is about to be airdropped, here is an operation guide

This article is an original piece by Chain Catcher, authored by Gu Yu.

On March 4th, the privacy public chain Secret Network announced in a blog that the decentralized exchange SecretSwap it launched is about to issue the governance token SEFI, of which 10% will be airdropped to eligible community users. The snapshot period is from that day until the end of March, with the specific date to be determined based on circumstances.

Although there is a high degree of uncertainty regarding the snapshot date, which could even happen before today, considering that this news has not yet attracted much attention in both domestic and overseas DeFi communities, the probability of participating and receiving the airdrop remains relatively high.

According to information from the SecretSwap official website, SEFI will eventually become the governance token for the entire DeFi ecosystem of Secret Network. Currently, the total value of locked mining assets for this project is $81.89 million (nearly half of which is ETH), which ranks around 30th in the Ethereum ecosystem. Therefore, the value of the airdropped tokens for this project should not be too low.

Next, Chain Catcher will explain in detail the airdrop mechanism of SecretSwap and the corresponding operational methods, allowing everyone to decide whether to participate based on their own judgment.

According to official information, the airdrop targets mainly include four categories: first, users who stake Secret Network token SCRT, who will receive 35% of the tokens based on their staking ratio; second, SecretSwap LPs, which account for 25%; third, DeFi communities supported by the Secret Network - Ethereum bridge, where communities with locked token amounts exceeding $10 million can receive 25% of the airdrop share; fourth, users bridging assets to Secret Network - Ethereum, where users with bridged asset values exceeding $1,000 can receive 15% of the airdrop share.

In other words, users can obtain airdrop opportunities through three methods: staking SCRT tokens, providing liquidity for SecretSwap trading pairs, and bridging assets across chains. To implement these three mechanisms, users first need to transfer their Ethereum assets to Secret Network. The specific operations are as follows:

Step 1: Install the Keplr wallet. First, open https://bridge.scrt.network/, connect your Metamask wallet and Keplr wallet. The latter can be installed via system prompts by clicking "Connect with Keplr," then clicking the blue text "Keplr" in the pop-up window. The system will redirect to https://wallet.keplr.app/, and a pop-up will appear with the download link for the Keplr wallet extension. After that, users can click "install for Chrome" and proceed to the extension download page to install it.

Step 2: Register your Keplr wallet address. Click the Keplr wallet extension icon in the upper right corner of the Chrome browser, which will take you to the automatic registration page. Users can choose to register using a Google account or create a new account directly. It is recommended to use the second registration method and be sure to save the mnemonic phrase.

Additionally, since the Keplr wallet defaults to displaying Cosmos network addresses, users need to click and select Secret Network from the dropdown list to perform more on-chain operations.

Step 3: Return to the previous website and transfer assets from Ethereum to SecretSwap via the Secret Network Bridge. Supported assets include ETH, WSCRT, USDT, DAI, UNI, YFI, and more than 20 others. Choose the amount to transfer and select "Use my address" in the address bar, then click confirm and authorize the transfer in Metamask.

If you only want to meet the fourth airdrop condition, then transfer assets worth over $1,000 to SecretSwap during the aforementioned suggested process and wait for specific airdrop announcements.

It is worth noting that Secret Network has also launched a staking mining activity on this website. Click on the "Earn" page to enter. Currently, most assets have an annualized staking rate of over 20%, and interested users can also participate.

If you wish to receive more airdrop rewards, you need to use SCRT to participate in staking and provide liquidity for specific trading pairs, but this requires a longer commitment and carries the risk of price fluctuations.

The operation method for staking SCRT is also relatively simple. If users purchase SCRT on Binance, they can directly withdraw it to their Keplr wallet address. If they purchase it through Uniswap, they can follow the previous process to bridge it to SecretSwap to obtain sSCRT. However, sSCRT cannot be directly staked; users need to convert it to SCRT using the prompt at the bottom of the Swap page, then click the Keplr wallet extension and select "Stake" on the pop-up page. In the automatically opened new page, choose a node validator and click "Delegate."

To provide liquidity for SecretSwap, users need to transfer at least two assets of equal value across chains, then click "Swap" at the top of the page. After entering the token amounts and approving both tokens, click "Provide" to successfully become a SecretSwap LP.

According to official information, the trading pools with the highest weight are sSCRT / ETH, sSCRT / WBTC, sSCRT / USDT, sSCRT / SEFI, and WBTC / ETH. Users can choose which trading pool to participate in. It is also important to note that if users transfer SCRT from Binance, they also need to convert SCRT to sSCRT using the prompt at the bottom of the Swap page to participate in providing liquidity.

As for the third airdrop condition, the project will distribute airdrops to DeFi communities on Ethereum that support bridging to Secret Network and have locked token amounts exceeding $10 million. Since the specific distribution rules are not clear, this article will not elaborate further.

If users wish to withdraw funds from SecretSwap after participating, there are direct withdrawal options on the pages where they previously participated in staking and providing liquidity. After that, click on "Secret------ETH" on the SecretSwap homepage and enter the Ethereum address to confirm the transaction.

Finally, it should be reiterated that while SecretSwap has confirmed that it will distribute airdrops to the aforementioned targets, the specific snapshot time is uncertain, and there remains the possibility of not meeting the airdrop time requirements. Additionally, users need to keep their funds deposited until the specific announcement at the end of March. During this period, if there are significant market fluctuations, users may incur high capital and time costs. Becoming a liquidity provider also entails the risk of impermanent loss, so users should consider their actual situation and judgment before deciding whether to participate in this airdrop.

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