Hello YFI community,
Would you be interested in transactional privacy for your YFI token?
At Secret Network we are building a privacy preserving smart contracting platform and bringing privacy to Ethereum assets through the bridge we built between Ethereum and Secret Network. The bridge is expected to go on mainnet on December 14, 2020.
Adding YFI to the bridge, will enable holders to create wrapped YFI with privacy, which we would call secretYFI. This is similar to an ERC20 on our network, yet since contracts are encrypted tokens issued with contracts are privacy tokens. secretTokens are already live on Secret Network
Holders of secretYFI can:
- privately transact (like zCash) secretYFI on Secret Network
- redeem secretYFI to a new ETH address to achieve transactional privacy on ETH, which is similar to Tornado Cash (at ~30% of Tornado’s cost)
- participate in a front-running resistant AMM, which is expected to go live in early 2021
We are here to get feedback on whether this is interesting for the YFI community and contribute. We are big fans of what you are building.
If there’s any interest, we’d be happy to go ahead with this technical integration that will bring privacy to YFI. Would really appreciate thoughts and comments!