By Sukanya Ganesh — Aug 29, 2022

Collection of DeFi Applications

Explaining the Shade Protocol and how it is introducing a new algorithmic stablecoin known as Silk

Today's Highlights

Shade Protocol - introducing Silk

Blockchain events - upcoming events in the blockchain world.

In Other News - a few interesting developments we're tracking.

Shade Protocol - introducing Silk

Secret Network is the data privacy platform for Web3. Secret Network is the first blockchain with data privacy by default, allowing the users to build and use applications that are both permissionless and privacy-preserving. This unique functionality protects users, secures applications, and unlocks hundreds of never-before-possible use cases for Web3. Shade Protocol is an array of connected privacy-preserving DeFi applications built on the Secret Network. When using the power of the Secret Network’s tech stack via secret contracts, all of the key Shade Protocol DeFi applications inherit the properties of programmable privacy.

Shade and Silk are the two primary tokens of Shade Protocol. Shade is the native governance token of the Shade Protocol. It serves as a treasury, utility, arbitrage, governance, and revenue share token of Shade Protocol. It is used for staking, governance proposals, transactions, bonds, and more. As more applications are launched and connected to Shade Protocol, Shade will play an increasingly important role in the end-user experience.

Silk is the privacy-preserving stablecoin of Shade Protocol. SILK is pegged to a basket of global currencies and commodities, including gold, Bitcoin, USD, Euro, Yen, and more. Silk inherits the SNIP20 token standard, meaning all transactions with Silk are private.

Fractured application-layer ecosystems, confusing user experience, overcollateralized model inefficiencies are some of the core problems that exist in Web3 DeFi. Shade protocol exists to solve the above problems.

Carter Woetzel is the founder of Shade Protocol. Shade Protocol has raised $5M in funding.