Sienna Network, a cross-chain decentralized financial platform — finding the balance between DeFi and Web 3.0 privacy

As DeFi use cases have expanded to other public chains and layer 2 solutions, users have more opportunities to participate in financial activities, but along with the benefits of various liquidity mining, the topic of privacy has been overlooked by many.

As the market matures and the need for privacy in the cryptocurrency world continues to grow, Sienna Network has created a privacy-first decentralized financial protocol with the Secret Network, which does not store any login information, wallet data, transaction data or any other content, or even track its website or provide information to any third party, filling an integral part of the privacy experience in the crypto world.

The AMA will be separated into two parts:

1. Guests answer questions

2. Our guests will answer the questions asked by our community members

Please stay quiet during the first section and ask your questions during the second section.

Now, let’s start!

Question 1：Please tell us about Sienna Network and its vision, as well as the team behind it.

Answer：

Sienna Network is a privacy-first and cross-chain decentralized finance platform where you can privately swap, lend and convert your tokens into their private equivalent. Since the native Sienna isn’t based on ERC-20, the GAS-costs of using the platform are significantly lower and it’s much faster than ERC-20. Sienna makes private token-equivalents possible, so e.g. UDST can become privateUSDT — and gain the privacy preserving features. Sienna is a DAO — a decentralized autonomous organisation backed by a global group of very crypto passionate people.

Question 2：Sienna Network chooses to build DeFi product on top of secret network, considering most of the DeFi applications are on ethereum network which has billions of value locked in ethereum defi ecosystem, and other blockchains like solana, avalanche have high speed and infinity scalability. What ‘s the benefit of building on top of the secret network?

Answer：

There are three main benefits of building on Secret Network. The first is something called “programmable privacy” — which makes private transactions possible both for value and for information.

Everything is encrypted but it’s possible for a user to issue a viewing key to grant access if the user wishes. Second the gas costs — the transaction costs similar to ETH on Ethereum are much lower and Secret Network is also faster.

With current gas prices on ERC-20 based tokens this is a huge advantage and thirdly with the IBC chain-interconectivity for all Cosmos based chains — Secret Network is build on Cosmos — happening in October, the ecosystem will become very large.

Question 3：Let’s talk about Sienna’s products. Could you introduce the community sienna’s products, and why can these products help prevent front running?

Answer：

Sienna is building some well known from other chains crypto products, but with the benefits mentioned above, like programmable privacy — which prevents front-running as it’s not possible to ‘stuff a block with transactions paying a higher gas fee — simply because it’s not possible to monitor wallets the same way it is on ethereum.

So the first product will be a SWAP for privacy versions of the main tokens like USDT/C, Monero, ETH and more with attractive liquidity provider fees and staking rewards. This will be followed in a few months by an AAVE inspired lending offering where it’s possible to use tokens as collateral to borrow other tokens — this will be the first in the Secret Network.

Question4:

Sienna obtained comprehensive attention from the market with rapid growth, which we believe can’t be achieved without partner’s support. Could you share your current financial status and cooperational progress?

Answer：

The Sienna project raised a successful private and public funding round earlier this year which has been channeled to build the products mentioned above.

The organisation is a DAO — which will allow token holders governance rights — so they can propose developments and vote on suggestions for development. The project was backed by a very strong group of crypto focused funds and angel investors.

Question 5
Let’s talk about cross chain, as sienna aims to build a privacy first cross chain defi ecosystem, any plans about it? Besides BSC, do you have any plans on other blockchain networks, like solana?

Answer：

Yes definitely, it’s a core plan for Sienna to be available on as many chains as possible. The way it works is via “bridging” of tokens, which is already possible for ERC-20 and Binance Smart Chain tokens.

Here’s an example — let’s assume a user holds BUSD on Binance Smart Chain — via the bridge (https://bridge.scrt.network/) the BUSD can be converted to sBUSD (secret BUSD) in the 1:1 ratio. The user can the Swap etc the sBUSD and bridge it back later. Many more network bridges are planed — Monero is already live as well, and more will follow in the next months.

Question 6:
Back to privacy, Why did Sienna choose the privacy section? In your opinion, what is the meaning of privacy protection and privacy calculation for the blockchain industry?

Answer：

Sienna started with a view that privacy is a fundamental human right and this should also be reflected on blockchains and in crypto space. The most used chains today don’t respect this — and with a wallet address it’s possible to see all past transactions of that wallet and any new transaction — which makes front running possible. Building on a protocol where this is not possible was a core focus for Siennas launch.

Question 7：Talking about privacy, people can normally be reminded of Nucypher, tornado , etc. So what makes Sienna more competitive?

Answer：

They — tornado cash etc. as well as the “anonymity” coins like ZCash or Monero exist for a reason — privacy is needed and relevant. But the global view is that we should also fight mis-use of money, so there’s a difference between anonymity and privacy, which for example makes Sienna highly relevant for businesses that still need to document their transactions. And solutions like Tornado cash are workarounds on top of flawed old technology — expensive and slow — with Sienna this is solved much better with technology.

Question 8：Why did you diescribe seinna as the linux of crypto? What is the specific meaning of this metaphor？How can Sienna achieve this goal?

Answer：

Sienna isn’t aiming to be a commercial company, it’s a decentralized autonomous project where alle the code — similar to Linux — is open sourced. The core — programmable privacy — should be used to build many more applications on and Siennas Developer Fund will contribute to this.

Question 9：Sienna Network is an ecological project based on Secret. Could you briefly introduce Secret to us? What is the position of Sienna Network in Secret? What’s the relationship between the two protocols?

Answer：

Secret Network is the network protocol which itself is build on Cosmos. Via the use of so called Trusted Execution Environments the programmable privacy is achieved. Secret Network also has a Swap, but they’re different in how they handle the key generation used to interact with smart contracts — Siennas solution protects privacy better by shuffling keys. And the staking rewards are different (but highly attractive on both). Sienna will over time support other pairs than Secret.

Question 10：SIENNA is the native token of sienna network, besides goverence ulity, what other functions does it have?

Answer：

Correct. The SIENNA token is a utility token which currently serves two main purposes. It’s the governance mechanism — token holders gain voting rights holding SIENNA. Additionally it’s used to pay liquidity providers their share of the fees generated from the SWAP and to pay staking rewards — there’s a huge staking rewards pool which will be paid out over the next 4 years.

Question 11：We want to know more about sienna‘s token economic, can you tell us about it?

Answer：

They’re deliberately designed to make it attractive to keep SIENNA and not do pump-and-dump tactics as has been seen in the past in other projects. So the vesting schedule is quite slow releasing only limited numbers of tokens into circulation over time — meaning that even small increases in demand will make the valuation climb fast. Tokens are also removed from circulation in some events, helping reduce the circulating supply. Pools are reserved both for liquidity providers as well as for further development of the ecosystem.

Question 12：Can you tell us about the roadmap, what milestone Sienna going to achieve this year, and for users, is there any incentive programs to encourage adoptions?

Answer：

The roadmap is highly ambitious — this year already saw the token generation event only 3 months ago, followed by a rapid development phase which will result in the launch of the fully audited SWAP in a weeks time. Then in a few months will follow lending, and from then it’s full speed with more products, like synthetic assets, NFTs and many more bridges to other chains.