Built upon the privacy-preserving Secret Network, and perhaps best known for taking on the nefarious practice of front-running with its decentralised exchange SiennaSwap, Sienna is now doing the same for crypto lending.
With public-by-default DeFi protocols, the details of any users' lending practices are out in the open and traceable, a practice that flies directly in the face of traditional international banking legislation. A simple chain analysis can reveal a specific address which can then be tracked, meaning, privacy is all but out the window.
With this right to privacy waved, bad actors can compile and use this information to manipulate market conditions in their favour, all at the expense of unsuspecting users. In leveraging Secret Networks' private smart contracts in combination with anonymised wallets, SiennaLend effectively puts an end to this practice.
Speaking on the matter, Sienna Network chief evangelist Monty Munford candidly commented, “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.”
While recent global events have caused volatility in the market, Sienna says that this instability is a glitch in the matrix, pointing to the $20+ billion in liquidity that lending protocols have locked in during the past 12 months, and that as more privacy ensuring services are made readily available, crypto will continue to have a widening mainstream impact.
Sienna Network's Monty Munford will be leading the 'The future for NFTs - beyond the hype' panel at the Tech.eu Summit where he'll speak with Sorare's head of growth Brian O'Hagan, VC turned NFT artist Marguerite de Tavernost and Metav.rs CEO Simon Foucher. Tickets are on sale now.