Secret Token Migration LIVE
Navigate Secret Tokens to the new and improved SNIP25 standard in preparation for ShadeSwap & Secret DeFi!
Apr 11, 2023
The purpose of this blog post is to inform you of some recently discovered vulnerabilities that could impact the privacy of certain data on commonly used Secret Network contracts. In order to ensure user privacy, the Shade team is helping facilitate the migration of existing Secret Tokens to the hardened SNIP25 standard. These hardened SNIP25s were developed by Secret Labs - the core protocol developers of Secret Network.
Migration of the SNIP20 tokens to SNIP25s are available on the Shade Protocol app as of April 10th, 2023.
Before diving into the details of the migration, we want to make it clear that these SNIP vulnerabilities do not impact the security of tokens on Secret Network and Shade Protocol, only the privacy. It's also worth mentioning that these vulnerabilities are not related to the use of trusted execution environments for secure computation, but instead with how memory is accessed by a smart contract. Similar issues could occur with any type of secure computation technique, such as MPC or FHE.
The following are a list of tokens with available SNIP25s that have migration support:
The following are a list of advantages with migrating to the SNIP25 standard:
Improved encrypted balance security
Improved transaction privacy
Access to decoy addresses
Access to new liquidity opportunities
With the launch of ShadeSwap on April 12th, 2023 the majority of pools will be leveraging the new and improved SNIP25 standard. As such, we strongly encourage users to migrate so as to be prepared for all of the Shade Protocol DeFi products en route!
To migrate your SNIP tokens to the new and improved SNIP25 standard, users will need to perform the following:
(1) Navigate to https://app.shadeprotocol.io/migrate
(2) Connect Wallet
(3) Click on "Migrate"
(4) Accept the "Migrate" Keplr transaction
(5) Click on the "View Balance" pop-up
(6) Accept the viewing key transactions
Congratulations, you have officially migrated to the new standard and are now capable of viewing all of your encrypted balances!
Shade Protocol is an ambitious array of application-layer products focused on a simple end user experience that involves the incorporation of privacy by default. These interconnected privacy-preserving DeFi products built on Secret Network will change DeFi as we know it — empowering the next generation of value creation and exchange. Shade Protocol is launching Silk: a privacy-preserving over-collateralized stablecoin pegged to a basket of global currencies and commodities, built on Secret Network.
Without privacy, DeFi is incomplete. Traditional financial markets offer a degree of privacy for users, and as a result offer up greater protections in some capacity than existing DeFi markets. Shade Protocol will be the world’s first truly cohesive decentralized and privacy-preserving financial applications — ushering in a golden era for Web3. Shade Protocol will always push for privacy by default, privacy as an expectation, and privacy as the key to unlocking the full value of a decentralized future.
But we can’t do this without community. We need you to join our community and help make Silk and Shade Protocol a reality.