Secret, a layer 1 blockchain focused on decentralized confidential computing, saw its native token, SCRT, increase 100% in the last 24 hours, reaching a high of $0.5331, according to CoinMarketCap. More than $300 million worth of SCRT changed hands during the period, signaling increased investor interest.
This price surge highlights the growing global demand for privacy-centric blockchain solutions, a trend that the Secret Foundation attributes to its groundbreaking advancements, particularly the NewDeCC (Decentralized Confidential Computing) initiative.
Built on Cosmos, Secret (SCRT) is a blockchain network that focuses on privacy-preserving smart contracts. Unlike many other blockchain networks where all on-chain data is transparent and publicly available, Secret uses advanced cryptographic techniques to ensure that sensitive information remains confidential while remaining usable in calculations.
This innovation positions Secret as a critical player in addressing blockchain’s long-standing privacy challenges, particularly in secure DeFi, Web3, and cross-industry transactions.
The main factors behind this increase are:
- Developer adoption: A 30% increase in new privacy-preserving projects on the network in the last quarter.
- Privacy Concerns: Growing awareness of data privacy issues, with mentions of “blockchain privacy” on social media increasing 45% in three months.
- Strategic Partnerships: Recent collaborations with major industry players have expanded Secret’s ecosystem and generated new use cases for SCRT.
As privacy and scalability continue to become key priorities in blockchain technology, Secret’s innovative approach appears to be gaining traction. At the time of writing, SCRT was trading at $0.3459.
Also read: What is programmable cryptography? Concepts, applications and future perspectives
