Secret Network Staking Guide
The Secret Network mainnet launched in February 2020. Originally branded Enigma, Secret Network upgraded today, September 15, 2020, and is now the first blockchain to allow privacy-preserving smart contracts. That means apps built on Secret can use encrypted data without revealing it to anyone–not even the nodes in the network. Secret Network will enable developers to build new types of powerful, permissionless, privacy-preserving applications called Secret Apps. You can read more about Secret Network here.
The Secret token, SCRT, is used for staking, governance, and to pay network fees. Community members stake SCRT in order to run Secret Nodes and to receive a share of fees and network rewards.
If you have ENG tokens (Enigma’s ERC-20 token on Ethereum), you can use https://secretswap.io to swap to SCRT. The Secret team has published developer and node operator documentation here. This is Figment’s guide to staking your SCRT.
Staking SCRT now is the best way to maximize your staking rewards, since the network is currently issuing over 25% in yearly rewards to stakers (with only about 12% network inflation). This is because less than half of all SCRT tokens are participating in staking today.
There are few ways to stake. Using Secret’s CLI (command line interface), you’ll have the most control, but it’s the least user-friendly option. In this guide we’ll be using the Keplr wallet to delegate SCRT to Figment’s validator.
Keplr is a Chrome browser extension that enables users to connect to different Cosmos-based chains like Secret Network.
You can use your Ledger device, wallet file, or you can use Keplr to create a new account. We recommend using a Ledger hardware wallet to secure your funds, and Keplr has provided instructions for using your Ledger here.
Once you have connected your wallet to Keplr, click ‘Secret Network’ in the left menu, search for “Figment,” and then click ‘manage’ to indicate the number of SCRT tokens you intend to delegate. Here’s a direct link to Figment’s Secret Network validator in Keplr.
That’s it! You will now begin earning SCRT rewards for staking. You can redelegate anytime, but only once every 21 days. You can also begin unbonding anytime, but the process also takes 21 days before your SCRT will be unstaked.