Secret Network raises $400m to establish pair of ecosystem initiatives

Privacy-focused blockchain Secret Network has today unveiled a $400m ecosystem fund to bolster support for developers and fuel growth initiatives for native DeFi, NFT and metaverse platforms.

Part of the network’s ‘Shockwave‘ initiative, the funding comprises a $225m ecosystem fund focused on expanding its “application layer, network infrastructure, and tooling” alongside a $175m accelerator pool designed to provide more rapid user adoption through “capital, grants and ecosystem incentives”.

A number of prominent crypto-focused investors contributed to the funding through private acquisitions of the network’s native token, SCRT, including DeFiance Capital, Alameda Research, CoinFund, DragonFly Capital and Terra.

The network said the selection of investors “share our vision for Secret’s global growth and will be working alongside us to drive adoption of privacy-first Web3 technologies” alongside helping it unlock the “true promise of the decentralized web”.

The $225m ecosystem fund will provide “long-term support” to developers and founders building on Secret Network and ensure all participants have a “clear path to self-sustainability and support in bringing their products to market”.

Secret Network is also keen on developing the thriving DeFi, metaverse and NFT spaces through its $175m accelerator pool, which will be used to support “critical growth initiatives” in these spaces whilst placing a focus on the increase of key metrics such as blockchain usage, the number of users and increasing TVL (total value locked).

In addition, the Accelerator Pool will provide early-stage funding in the form of grants to teams “building applications, ecosystem tooling, and network-level improvements” to support Secret’s “ambitious growth goals”.

The ecosystem funding provides Secret Network with essential capital to fulfil the deployment of its ‘Shockwave‘ initiative – described as the “next stage of growth” for the privacy-first blockchain.

Following the ‘Supernova‘ upgrade in November last year, the blockchain has seen rampant growth thanks to the introduction of cross-chain bridges and an IBC integration – which enables Secret Network to interact cross-chain across the Cosmos ecosystem.