Turning For Greater Privacy In DeFi, Sienna Network Launches SiennaSwap
The rise of privacy-focused financial blockchain projects is going to be crucial if “DeFi” (decentralized finance) is to have any future. We have come to expect privacy in our “normal” financial life, so we will expect it in the blockchain and crypto world, no matter what some may claim.
We saw whispers about it start to happen in May, when the Secret network blockchain, a privacy-focused smart contract platform, has attracted investment from Arrington Capital and Blocktower Capital. In addition, it was evident that the decentralized financial company Sienna Network raised $ 11.2 million institutional investors and public support.
It’s no coincidence that Sienna is built on the aforementioned secret network. This is how Sienna is launching today its “Automated Market Maker” SiennaSwap, which runs on its platform. Sienna token holders can now convert tokens to their private equivalent, then trade them or place them in cash pools for a return.
This means that users can avoid the lack of confidentiality on exchanges that allow others to see what users are doing and to arbitrate on those transactions with “avant-garde”- a key weakness in crypto trading today.
Uniswap, PancakseSwap, and other DEXs in the crypto ecosystem also play in this privacy space. However, where SiennaSwap differentiates itself, he says, are its privacy-preserving features that he says solve the leading problem. Sienna is also part of the Cøsmos ecosystem, where many new projects are launched, practically every day, further improving its wider offering.
SiennaSwap’s launch follows the organization’s $ 11.2 million private and public sale of its tokens in May, when the organization raised $ 10 million in the private sale from investors such as Magnus NGC, Inclusion Capital, Lotus Capital, FBG, Skyvision Capital and others.
It might also be worth noting that Sienna Network is a ‘carbon-friendly’ Proof-of-Stake (PoS) blockchain, requiring much less power.
Tor Bair, Founder of The Secret Foundation, said: “The launch of Sienna marks a major turning point for both Secret’s DeFi ecosystem and for DeFi in general. Providing users with privacy by design is essential to secure and scale these new financial platforms, which means Sienna is poised to create a new explosion of growth. “