<h2>Sienna Network Privacy DeFi Crypto Exchange</h2>
<h3>SiennaSwap lets users trade “secret versions” of popular tokens like Ethereum and Cosmos</h3>
<p style="text-align: center;"><b>SiennaSwap is bringing private trades to DeFi, offering users anonymous trading and preventing detrimental front-running</b></p>
<img src="https://cryptogrizz.com/wp-content/uploads/2021/10/SIENNA-3.jpeg" alt="Sienna Network Privacy DeFi Crypto Exchange" width="300" height="168" />
<img src="https://cryptogrizz.com/wp-content/uploads/2021/10/SIENNA-2.jpeg" alt="Sienna Network Privacy DeFi Crypto Exchange" width="299" height="168" />
<h2 style="text-align: center;"><a href="https://decrypt.co/82825/sienna-network-launches-privacy-centric-defi-crypto-exchange"><strong>Sienna Network Launches Privacy-Centric DeFi Crypto Exchange</strong></a></h2>
<h3><strong>SiennaSwap is bringing private trades to DeFi, offering users anonymous trading and preventing detrimental front-running. </strong></h3>
By <a href="https://decrypt.co/author/liam-j-kelly">Liam J. Kelly</a>

3 min read

<time datetime="2021-10-07T12:01:11Z">Oct 7, 2021</time>

Launched in April, the <a href="https://sienna.network/" target="_blank" rel="nofollow external noopener">Sienna Network</a> is looking to usher in an ecosystem of privacy-focused decentralized finance (<a href="https://decrypt.co/resources/defi-ultimate-beginners-guide-decentralized-finance" target="_blank" rel="noopener">DeFi</a>) products. First up, a <a href="https://decrypt.co/resources/what-is-uniswap" target="_blank" rel="noopener">Uniswap</a>-esque decentralized exchange (<a href="https://decrypt.co/resources/what-is-decentralized-exchange-dex" target="_blank" rel="noopener">DEX</a>) called SiennaSwap.

SiennaSwap lets users trade “secret versions” of popular tokens like <a href="https://decrypt.co/resources/what-is-ethereum-quickly-explained-four-minute-guide" target="_blank" rel="noopener">Ethereum</a> and <a href="https://decrypt.co/resources/cosmos" target="_blank" rel="noopener">Cosmos</a>, and flip them anonymously on the platform. For now, the number of assets is limited to the bridges the project has created, hence the absence of a secret version of <a href="https://decrypt.co/resources/what-is-bitcoin-four-minute-instant-guide-explainer" target="_blank" rel="noopener">Bitcoin</a>.

The only bridges available are to Ethereum, <a href="https://decrypt.co/resources/what-are-privacy-coins-monero-zcash-and-dash-explained" target="_blank" rel="noopener">Monero</a>, <a href="https://decrypt.co/resources/what-is-polkadot-how-to-buy-it" target="_blank" rel="noopener">Polkadot</a>, Cosmos, and <a href="https://decrypt.co/resources/what-is-binance-smart-chain" target="_blank" rel="noopener">Binance Smart Chain</a>. Users are still able to create as many swap pairs as they like among each of the assets, however.

And as the exchange is built atop the Sienna Network, which itself is powered by the Cosmos-based Secret Network, many of the interoperability questions will be answered once Cosmos finalizes its Inter Blockchain Communication (IBC) upgrade. This upgrade lets blockchains with different consensus mechanisms, like Bitcoin’s Proof-of-Work (PoW), integrate with the broader Cosmos ecosystem.

ATOM-12.09%$34.9624H7D1M1YMAX  ATOM price

Leveraging Cosmos also means gas fees are low, according to Monty Munford, a core contributor to Sienna Network. “Sienna Network is built on a scalable protocol, which means the gas is low and transactions are almost immediate,” he told <i>Decrypt</i>. “A typical transaction costs about $0.02, which is very low compared to what we see at other blockchains and protocols.”

But perhaps the most important cost that SiennaSwap seeks to omit is that of front-running, or traders cutting to the front of the queue and scooping up lucrative trades before others. This is possible due to the platform’s privacy-first approach.

“The real cost is even lower as users are not exposed to front-running, which is an increasing issue on the public DEXes as bots can easily monitor pending transactions and bypass them,” said Munford. “This phenomenon is costly to users and by using Sienna Network users are protected against this.”
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<h2><strong>SiennaSwap can’t sidestep regulators</strong></h2>
<a href="https://decrypt.co/resources/what-are-privacy-coins-monero-zcash-and-dash-explained" target="_blank" rel="noopener">Privacy-centric cryptocurrencies</a> and projects aren’t without their downside, however. This is primarily due to their rising popularity among cybercriminals and, subsequently, regulators.

<a href="https://decrypt.co/46690/coinbase-review-a-great-jumping-on-point-for-bitcoin-beginners" target="_blank" rel="noopener">Coinbase</a>, one of the largest cryptocurrency exchanges, still <a href="https://decrypt.co/36731/heres-why-coinbase-still-hasnt-listed-monero" target="_blank" rel="noopener">hasn’t listed Monero</a>, a popular private cryptocurrency, because of various “behind-the-scenes conversations” with regulators. Similarly, the Internal Revenue Service (IRS) awarded more than $2 million to Chainalysis and Integra FEC for developing tracing tools for Monero.

Though they’ve drawn ire from rule-makers, Munford is confident that SiennaSwap won’t attract the same kind of attention.
<h2><strong>CipherTrace Files Patents For Tech That Can Trace Monero Transactions</strong></h2>
The cat-and-mouse game between blockchain forensics firm CipherTrace and privacy coin Monero (XMR) continued this week when CipherTrace on Friday announced that it had filed two patent applica...

NewsBusiness

Ekin Genç

<time datetime="2020-11-22T17:14:38Z">Nov 22, 2020</time>

“Sienna Network has partnered with KYC players and a model that allows the users to identify themselves through a decentralized ID platform is on the drawing board,” he said. It's unclear, however, how this data would be collected and stored, and whether it would comprise the platform’s privacy promises.

If users can stomach this uncertainty, high yields for staking and trading on SiennaSwap await.

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<h3 style="text-align: center;"><strong>Sienna Network Privacy DeFi Crypto Exchange</strong></h3>
<img src="https://cryptogrizz.com/wp-content/uploads/2021/01/cropped-resized-image-Promo-300x300.jpeg" alt="Sienna Network Privacy DeFi Crypto Exchange" width="300" height="300" />
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