“SiennaSwap’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 SiennaSwap is primed to create a new explosion of growth,” — Tor Bair, Founder, Secret Foundation.
Those words of Tor Bair reflect perfectly what Sienna Network believes SiennaSwap can do for Decentralized Finance (DeFi) and how it will impact the community and those who have been waiting to join the Sienna Network project.
Sienna Network has long been exponents of privacy and not anonymity and, as the community has long known, the DAO organisation is a true believer in DeFi privacy.
Sienna Network is also on a mission to lower gas fees for the community by building on Secret Network (Cøsmos Ecosystem) and provide cross-chain accessibility as well as deep liquidity pools.
The project believes in quality and for the community to have the best possible experience when using the Sienna Network. That’s why, since the successful public and private sales in May this year, the contributors has been working 24/7 to release SiennaSwap based on audited code.
That time is now here, but why is the SiennaSwap Automated Market Maker so important? That’s because SiennaSwap runs on Secret Network, hence the words from Tor Bair at the start of this post.
With Secret Networks bridges tokens for the Ethereum and Binance Smart Chain ecosystems are bridges to their privacy preserving equivalents so e.g. USDC becomes secretUSDC.
Then SiennaSwap allows users to swap between tokens stake liquidity in the pools to gain their share of the trading fees (0.30%) and earn rewards in SIENNA.
Moreover, the organisation believes in being energy-efficient. Sienna Network is built on Secret Network, a Proof-of-Stake (PoS) blockchain, not Proof-Of-Work (PoW), which uses large amounts of energy. We like to think of it as a low-energy blockchain.
Transactions are executed almost instantly, and with privacy combined, the industry scourge of front-running by miners is eliminated.
It is not just about providing privacy in an energy-efficient way. SiennaSwap provides access to the privacy-preserving blockchain in a user-friendly way.
Sienna Network does not collect data and thus can’t share any data with any third parties. All Sienna code is Open-sourced under the Creative Commons licensing and Sienna Network itself operates as a DAO.
This is vital to the DNA of the organisation and is part of the community manifesto to be here for the long-term, to provide high value, quality, save energy and provide privacy at every stage of our existence.