Sienna Network has launched the first-ever private crypto lending platform SiennaLend. It means that crypto users can earn interest on their crypto and also borrow crypto from the platform – all privately.
Built on top of the fast-growing Secret Network, SiennaLend comes with inherent privacy-preserving features, which dramatically increase security and safety compared to open and non-private blockchains such as Ethereum, Solana and others.
Traditional banking international banking legislation requires bank transactions to be private and the crypto community has long called for the differences in personal privacy and the scourge of anonymity, which is a very different entity to the human right of privacy in financial transactions.
Sienna Network – SiennaLend
Many other blockchains with less scalability than SiennaLend are experiencing high gas prices, which makes it impossible for small investors to benefit from being involved.
Paying a transaction fee of $150 to make a loan of $200 makes little sense and this is another major benefit for SiennaLend. Gas fees are counted in cents rather than dollars as the scalability of the blockchains is much higher.
“We have spent 15 months in stealth fine-tuning this absolute game-changer for crypto and its ascendance to the next level of mainstream finance.
“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,” said Monty Munford, Chief Evangelist, Sienna Network.
Lending protocols have taken the DeFI space by storm during 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 continuing market volatility means many tokens have seen a temporary correction after recent tragic global events, which are likely to be shrugged off as crypto continues to enter the mainstream, accelerated by the launch of products such as SiennaLend.
Moreover, while the majority of crypto is based on open ledgers, Sienna Network is solving the issue of protecting its users’ Personal Identifiable Information (PII). This is another game-changer as users can backtrack users and see their wallet possessions and trading history just by knowing the wallet address.
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 (hence SiennaLend) 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 like connecting an archipelago of separate islands with manifold bridges and tunnels. Its importance cannot be underestimated.
Sienna Network is mainly known for its SiennaSwap DEX which solves another big issue in DeFi and that of front-running.
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