Earn Secret Network Staking Rewards with Figment

Secret Network is a blockchain protocol that enables decentralized applications to perform encrypted computations. Secret contracts can take encrypted inputs and produce encrypted outputs, without exposing any data while it is in-use.

Secret Network was built with the Cosmos SDK using Tendermint for consensus, and is governed by SCRT token holders.

Market Cap

$53.9M

Staking Rewards Rate

24.90%

Price $0.26
Percentage of Total Supply Staked 59.00%
Auto-Compounding No
Reward Frequency Per Block
Unbonding Period 21 Days
Slashing Penalties Enabled Yes
Stake Now

Table of contents

Highlighted Protocol Characteristics

  • Secret Network is a privacy-first blockchain within the Cosmos ecosystem
  • The Secret token, SCRT, is used for staking, governance, and to pay network fees
  • Apps built on Secret can use encrypted data without revealing it to anyone-not even the nodes in the network
  • Secret Contracts and other privacy tools currently being built have the potential to bring in a new wave of blockchain users and use cases such as healthcare, traditional finance, and banking

Staking Guide & Instructions

The easiest way to stake SCRT is via Keplr.

  • Head to https://wallet.keplr.app/#/secret/stake
  • Find Figment in the Secret validator set and click the “manage” button
  • Click “delegate”
  • Enter the amount you want to delegate. Remember to keep some SCRT available to pay for transaction fees
  • Click “delegate” and then click “approve” to approve the transaction
See Full Staking Guide

Figment Validator Addresses

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Market Cap

$53.9M

Staking Rewards Rate

24.90%

Price $0.26
Percentage of Total Supply Staked 59.00%
Auto-Compounding No
Reward Frequency Per Block
Unbonding Period 21 Days
Slashing Penalties Enabled Yes
Stake Now

Estimated staking information, Market Cap and SRR (Staking Rewards Rate). Data is approximate and subject to change.

AWS Ind. Protocol Page (Two Name)

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The Latest Insights from Figment Experts

Features

Rewards Performance

Figment clients benefit from our engineering and protocol expertise to earn consistent staking rewards via our safety over liveness approach.

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Staking & Data

Manage your staking positions, view detailed and comprehensive rewards statements, analyze data on protocol wide and validator specific performance, and interact with blockchains with our Staking and Rewards APIs.​

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Robust Risk Coverage

Off-the-shelf coverage for Figment customers to help offset the risk of slashing, downtime, and missed rewards backed by insurance and Figment’s balance sheet.

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Frequently Asked Questions

Secret Network’s native token, SCRT, is used to stake and participate in on-chain governance.

From the moment you initiate the unbonding process, it takes 21 days to unstake. During this time you will not earn rewards. Once the process is complete, you can transfer/trade your SCRT tokens.

Staking rewards and transfers are both currently enabled.

Yes. If the validator you delegate to is offline for over 4 consecutive hours, the validator will be jailed, and will not earn rewards during this period. After ten minutes, the validator operator must submit a transaction to resume operations in order for delegators to resume earning rewards.

Secret Network reports 15% inflation, but the average blocktime can change the effective new issuance rate. As of March, 2022, Secret Network is effectively issuing new tokens at an annual rate of 15% of the total supply. 88% of the new issuance is distributed to stakers, 2% is held in the community pool which may be distributed arbitrarily via on-chain governance proposal, and there’s additional 10% distribution to a foundation tax. Under 67% of the token supply is staked, so the reported inflation (aka new issuance rate) has increased to reach the maximum of 15%. If over 67% of the supply is staked, the inflation will begin to decrease before bottoming out at 7%.

Delegators will continue to earn inflationary rewards for ten years after launch. After this date, the rewards will be created from transaction fees on the network. Depending on the adoption rate of this network, rewards will vary.

Figment has partnerships with a number of top-in-class custodians. Please contact support@figment.io for more inquiries.

The Secret Network uses on-chain governance that is nearly identical to that of the Cosmos Hub. Proposals are created to either coordinate with a signalling proposal, spend funds from the community pool, or to change various network parameters (economic or otherwise). <br><br> 100 SCRT must be deposited as a bond for a Secret Network governance proposal to be voted on. Voting lasts for 7 days. 33.4% of staked SCRT must participate in order for the proposal to be valid. A simple majority is then required for the proposal to pass, but 33.4% of the voting power can veto the proposal. Governance discussions take place on the Secret Network forum: https://forum.scrt.network

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