In Brief:
- Sienna Network launched privacy-focused DeFi exchange SiennaSwap
- It is aiming for the privacy-first and cross-chain Defi platform
- Transactions will be executed instantly and will reduce the front-running by miners.
Sienna Network launched Automated Market Maker SiennaSwap to enhance the privacy and security of Defi tools. Using SiennaSwap, users can trade “secret versions” of some prominent tokens such as Ethereum and Cosmos anonymously on the platform.
SiennaSwap is developed on the Sienna Network, which is aiming for the privacy-first and cross-chain Defi platform. The Sienna blockchain community can convert tokens into their private equivalent and swap them.
With the expansion of the cryptoverse, it becomes crucial for blockchains to let the user perform operations privately. Transactions will be executed instantly and will reduce the front-running by miners.
Sienna Network is an energy-efficient blockchain built on top of Secret Network. The network uses proof-of-stake (PoS) blockchain instead of proof-of-work. In proof-of-work, miners use a large amount of energy. So, Sienna network is a low-energy blockchain with high-level yields for liquidity provision.
Most importantly, the Sienna network is connected with Secret Network, which is privacy-preserving smart contracts on a Cosmos blockchain with high scalability and low fees.
“Sienna’s launch marks a massive turning point both for Secret’s DeFi ecosystem and for DeFi in general,” said Secret’s founder Tor Bair.
“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.”
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