It was last year when we covered fundraising of $11.2 million for Sienna Network, a startup with “decentralized privacy”. The network is built on a secret network that allows asset owners to switch to privacy-focused tokens. Privacy-based financial blockchain projects are critical to the proper operation of DeFi, otherwise normal financial transactions, which are usually private in the traditional financial world, will struggle to develop.
Sienna is one of several other blockchain startups trying to prevent “runaways” where transactions on Ethereum can be crowded out by someone else simply by paying a higher transaction fee – just like outbidding a stock market transaction by paying a higher commission. broker.
Sienna Network has launched its private crypto lending platform called SiennaLend. The company claims that cryptocurrency users can use the platform to earn interest on their cryptocurrency, as well as take crypto from the platform – all privately. The platform will compete in this space with Uniswap and PancakeExchangebut claims to have more options than both.
SiennaLend is (obviously) built on top of a secret network, which the company claims provides more security and safety compared to public and non-private blockchains like Ethereum, Solana, and others.
SiennaLend is suggesting to the market that lower gas prices will make the company more attractive to small investors.
“Paying a $150 transaction fee to get a $200 loan doesn’t make much sense, and that’s another big benefit of SiennaLend. Gas fees are calculated in cents rather than dollars as the scalability of blockchains is much higher. We have spent 15 months debugging this absolute game changer for crypto and its ascent to the next level of mainstream finance,” Sienna Network Chief Evangelist Monty Munford said in a statement.
Sienna Network says “personally identifiable information (PII)” means users can “return” and view your wallet contents and trading history through your wallet address. It will also offer secured loans like traditional lending, allowing users to deposit into the pool and choose whether to earn interest or borrow based on that deposit. The idea is that it is easier for traders to hedge against current market volatility.
It is widely known that such DeFI lending protocols are gaining popularity despite market volatility because they provide more guarantees to cryptocurrency holders. Cryptocurrency loans have become widely used aspect of DeFi.
Being built on the Secret Network, Sienna Network/SiennaLand is also part of the Cosmos ecosystem, recently revamped. become part of the IBC. Cosmos competes – in a way with Polkadot, also the “internet of blockchains”.
Credit: techcrunch.com /