Decentralised Finance (DeFi) Sienna Network has launched its Automated Market Maker SiennaSwap to ensure that users enjoy DeFi tools in complete privacy.
Most of current cryptocurrency protocols, coins and assets as well as institutions such as exchanges suffer from the lack of privacy that allows others to see what users are doing and arbitrage on those transactions with front-running.
SiennaSwap works on the Sienna Network’s privacy-first and cross-chain DeFi platform where the Sienna community can convert tokens into their private equivalent, and then swap or place in liquidity pools to gain yield.
Moreover, Sienna Network is energy-efficient and built on top of Secret Network, which is solely a Proof-of-Stake (PoS) blockchain, not Proof-Of-Work when miners use large amounts of energy. This is a low-energy blockchain with high-level yields for liquidity provision.
The notion of privacy should be disconnected from anonymity, a completely different entity that implies nefarious transactions. Just as in traditional finance, privacy means community users can transact without being observed by other actors.
SiennaSwap runs on Secret Network, which is the first blockchain with privacy-preserving smart-contracts, high scalability and low fees.
“Sienna’s launch marks a massive turning point both for Secret’s DeFi ecosystem and for DeFi in general. Providing privacy by design to users is critical to securing and scaling these new financial platforms, meaning Sienna is primed to create a new explosion of growth,” said Tor Bair, Founder, Secret Foundation.
Transactions are executed almost instantly, and with privacy combined, the industry scourge of front-running by miners is eliminated. Sienna becomes part of the Cøsmos Ecosystem benefiting from the many new projects that are launching every day.
“We are delighted to offer this product to the community and a lot of work has gone into it to finesse it. We look forward to cross-chain contentment and deep liquidity pool immersement,” said Monty Munford, Chief Evangelist and Core Contributor to Sienna Network.
The launch follows the organisation’s 200% oversubscribed $11.2 million private and public sale of its tokens in May when the organisation raised $10 million in the private sale from prestigious investors such as Magnus NGC, Inclusion Capital, Lotus Capital, FBG, Skyvision Capital and more.
Sienna was named after the Italian city Siena (Sienna in English), which played a historical role in banking and cryptography as early as 1135 AD when Sienna was an important trading post and the home of the world’s oldest currently operating bank, a legacy Sienna Network intends to follow.