Throughout a series of guides I have outlined different interactions with the Secret Network, with a focus on minting Secret NFTs. Now the time has come for a guide on how to use SecretSwap.
In short, SecretSwap is a cross-chain DEX (Decentralized Exchange), and AMM (Automated Market Maker) with privacy features. Through SecretSwap, users can swap one type of secretToken for another type of secretToken. For example, secretETH ($sETH), for secretSCRT ($sSCRT). As you may know, $sSCRT is needed to mint Secret NFTs.
Besides just swapping secret tokens, the dApp also allows you to provide liquidity in LPs and earn rewards. I won't go over the steps of providing liquidity and earning in this guide. Focus is quickly swapping, and then go mint NFTs. As with everything Secret Network, naturally as a privacy blockchain, SecretSwap has privacy features.
Besides being able to swap for secretSCRT which is needed for minting Secret NFTs, the best thing about SecretSwap is that it's front-running resistant. Front-running is a big issue in blockchains. It allows some actors to trade assets based on information that is not publicly available about a future transaction. To explain the problem in easier terms, it is equivalent to insider trading in legacy financial markets, where traders use non-public information that is not available to everyone, and effectively get an advantage. There is always some delay in transactions on the blockchain, some are able to exploit that to gain an unfair advantage.
Since SecretSwap is front-running assistant, this issue does not exist. This is one of the few dApps where this is available, thanks to the blockchain privacy technology utilized provided by Secret Network.
Plus, there's high security and the low gas fees are quite nice too!
If you have some secretTokens, maybe you just used the Secret Ethereum Bridge, then you can go to the SecretSwap page and get started. If don't have any secretTokens, you can get it through the Secret Bridge. After you have them available in your Keplr Wallet, you can get started with SecretSwap.
*When authorizing TX, use "Average" fee to increase the chance that your transaction goes through.
That's it, no more, no less! Good luck minting Secret NFTs!