Sienna Network has launched SiennaLend – the first-ever private crypto lending platform.
The move means Sienna users can earn interest on their crypto and also borrow from the SiennaLend platform.
Built on top of the fast-growing Secret Network, SiennaLend comes with inherent privacy-preserving features, which increase security and safety compared to open and non-private blockchains such as Ethereum, Solana and others.
Many blockchains experience high gas prices, which makes it impossible for small investors to benefit from being involved – an aspect of investing which Sienna is attempting to tackle.
Paying a transaction fee of $150 to make a loan of $200 makes little sense and this is another major benefit for SiennaLend, says the network’s Chief Evangelist, Monty Munford.
“We have spent 15 months in stealth finetuning this absolute game-changer for crypto and its ascendance to the next level of mainstream finance,” he said.
“Rather like a couple who have their first child and realise that they have thrown a hand grenade into their relationship, SiennaLend will create a complicated child, but like all good parents, it will be nurtured to perfection.”
Lending protocols have taken the DeFI space by storm over the past 12 months with the largest lending protocols locking in more than $20 billion in liquidity.
That momentum is expected to continue even as ongoing market volatility means many tokens have seen a temporary correction after recent tragic global events.
SiennaLend is also offering loans against collateral, which is a known concept from traditional lending. Users deposit into a pool and they can choose to earn interest or borrow based on the deposit they made. This means traders can leverage their current holding and ride on the wave of market volatility while users can enjoy the appreciation of both their deposited tokens and their borrowed tokens.
Sienna Network is built on Secret Network, the largest privacy and PII- protecting blockchain. It is a part of the Cosmos ecosystem and has recently upgraded to be a part of IBC.
Cosmos is known as the internet of blockchains and combines all these chains in one by simply sharing the protocol. In the real world, this is comparable with connecting an archipelago of separate islands with manifold bridges and tunnels.
About Sienna Network
Sienna Network is privacy-first and cross-chain decentralised platform where users can privately swap, lend and convert their tokens into their private equivalent. SiennaSwap runs on Secret Network, which is the first blockchain with privacy-preserving smart-contracts with high scalability and low fees. Transactions are executed almost instantly, and with privacy combined, front-running is effectively mitigated.