Sienna Network

About Sienna Network

{"time":1704989153000,"blocks":[{"data":{"level":6,"text":"Highlights"},"type":"header"},{"data":{"items":["Sienna is a privacy-preserving cross-chain DeFi platform with high LP rewards and low gas and transaction fees.","Sienna Swap offers a unique solution to viewing keys on Secret Network, which increase the privacy reserving features.","Sienna will launch the first full-fledged lending and borrowing on Secret Network."],"style":"unordered"},"type":"list"},{"data":{"level":6,"text":"Product"},"type":"header"},{"data":{"level":1,"text":"Sienna Network Swap allows users to come in from multiple blockchains."},"type":"header"},{"type":"paragraph","data":{"text":"Through the bridges such as Ethereum or Binance Smart Chain, privacy-preserving equivalents of tokens, such as USDT, becomes secretUSDT which can be swapped and staked on Sienna Swap while earning attractive LP fees and staking rewards."}},{"type":"image","data":{"caption":null,"stretched":false,"url":"https://assets.polkastarter.com/ztumptw853ah4fw0h6pdhjgsx780","withBackground":false,"withBorder":false,"file":{"url":"https://assets.polkastarter.com/ztumptw853ah4fw0h6pdhjgsx780"}}},{"data":{"level":6,"text":"Problem"},"type":"header"},{"data":{"level":1,"text":"Allowing anyone to have full transparency of all transactions of a wallet was established in the dominant blockchains as a way through which they can build trust."},"type":"header"},{"type":"paragraph","data":{"text":"This is a problem for several reasons.\r\nNo one should accept that anyone that gets a person’s wallet address can easily see the entire history of that wallet and monitor its movements."}},{"data":{"level":6,"text":"Solution"},"type":"header"},{"data":{"level":1,"text":"Sienna uses Secret Network, which builds a privacy-preserving protocol with Trusted Execution Environments."},"type":"header"},{"type":"paragraph","data":{"text":"The benefit of this is that a viewing key is required to see the contents of transactions, where without a key, they are private.\r\nThe benefit here is that a viewing key is required to see the contents of transactions, and without a key, they are private."}},{"data":{"level":6,"text":"Business Model"},"type":"header"},{"data":{"level":1,"text":"Sienna adopted a modified auction model for its initial token sales process, which increased the valuation of the 20% token allocation for Private and Public sales, which gave Sienna a 3-year runway."},"type":"header"},{"type":"paragraph","data":{"text":"The raise was placed in a DAO entrusted with token holder governance to prioritize the future product roadmap. The product generates funds sustainability through 0.02% of swapping fees that go to the project, while 0.28% go to the liquidity providers. From this, the gas fees are paid."}},{"data":{"level":6,"text":"Market"},"type":"header"},{"data":{"level":1,"text":"The main competitors are ZCash and the Panther Project on Polygon; however, not directly as they target anonymity while Sienna targets privacy."},"type":"header"},{"type":"paragraph","data":{"text":"Sienna Network has an advantage due to the fact that it uses the Trusted Execution Environments to keep data private but shareable through viewing keys that the user can decide to create and share. Sienna uses a more sophisticated viewing key holding than others."}},{"data":{"level":6,"text":"Investors"},"type":"header"},{"data":{"level":1,"text":"Sienna Network raised $11.2 million."},"type":"header"},{"type":"paragraph","data":{"text":"The most notable investors include NGC, FBG, LD, Inclusion, AU21, Magnus, SVC capital, Axia8, DFG, YBB, Lotus, Genblock, Blockark, GD10, and several others."}},{"data":{"level":6,"text":"Team"},"type":"header"},{"data":{"items":["Daniel Delouya (Co-Founder and CEO)","Kristoffer Ewald (Co-founder and COO)","Monty Munford (Co-Founder)","Milen Radkov (Head of Blockchain Development)"],"style":"unordered"},"type":"list"},{"data":{"level":6,"text":"Token Utility"},"type":"header"},{"data":{"level":1,"text":"$SIENNA is the utility token that is used to govern the product roadmap of the Sienna Network."},"type":"header"},{"type":"paragraph","data":{"text":"It is used for paying LP providers and plays a key role in the governance of the platform."}}],"version":"2.27.2"}