Lead the booming DeFi industry via Sienna Network DevelopmentAuthor Sienna Network
It is a known fact that investors always want high returns from their assets. With the world economy affected by the onslaught of the Covid-19 pandemic, financial markets have not performed well. This has given more attention to the emergence of Decentralized Finance (DeFi).
DeFi is a viable alternative to the traditional financial system as it eliminates the role of intermediaries in the system by using the power of blockchain technology. Additionally, it promotes equality among all sections of society.
According to DeFi Pulse, the total value of assets locked in various DeFi projects has crossed a whopping $50.7 billion. Besides, it includes different kinds of platforms related to Asset Management, Decentralized Exchanges (DEX), Derivatives Trading, Insurance, Lending.
What is Sienna Network, and how is it acquiring a positive buzz in the market?
Sienna Network is one of the newest DeFi projects that has made a storm in the crypto industry. It was established on the Secret Network, which is in-built with privacy-preserving smart contracts. Besides that, the Sienna DeFi platform is cross-chain compatible ensuring hassle-free lending and trading of assets by investors.
The Sienna DeFi project is also making investors more aware of their rights. Investors get to know their powers by accessing the guidelines and rules of the California Consumer Privacy Act (CCPA) and the General Data Protection Regulation (GDPR).
The Sienna DeFi Network also safeguards the data of investors. Traders can use the Sienna DeFi platform only through a Virtual Private Network (VPN).
Why do investors give more importance to privacy?
- Leakage of valuable information like – bank account details and credit card numbers will eventually result in large-scale misappropriation of funds.
- Hacking and phishing attacks – on banks and payment processors destroy the credibility of the global financial system. Moreover, it severely affects investor sentiment.
- While investors aim to earn more returns – they always want their initial deposit amount to be secure. Security loopholes in the system of financial institutions can cause havoc as the hard-earned money will end up in the hands of the wrong person.
- The emergence of Web 3.0 has resulted in greater priority – given to the privacy of investors. Trained developers create Decentralized and permissionless applications. Robust smart contracts held on advanced blockchain networks safeguard the data of investors.
How the Sienna Network aims to impress investors by focussing more on privacy?
It recently raised a humongous $11.2 million from several institutional investors. Holders of various assets can easily switch over to privacy-oriented DeFi tokens on the Sienna DeFi platform.
All investors registered on the Sienna Network retain full privacy for their login details, transaction information, and wallet data. The Unique Selling Point (USP) of the Sienna DeFi project is the non-disclosure of data to any third party. Hence, users have full control over their personal information without facing any restrictions.
Entrepreneurs aiming to strongly dominate the promising Decentralized Finance (DeFi) industry can team up with AppDupe for customized Sienna Network development. Our experienced blockchain and cryptocurrency developers build a world-class DeFi platform like Sienna on the Secret Network. We will ensure the instant launch of the lucrative Sienna like DeFi network to ensure a competitive edge in the market.
What are the major highlights of the DEFi Protocol like Sienna?
Sienna Swap – It functions based on the modern concept of Automated Market Maker (AMM). Investors benefit by easily swapping private tokens for low transaction fees. Traders can swap their SNIP-20 fungible tokens on the DeFi platform like Sienna quickly.
SNIP-20 crypto tokens are tradeable with sDAI (secretDAI). In reality, the sDAI represents the DAI stablecoin built on the Ethereum blockchain network.
Sienna Swap eliminates the issue of front-running where some investors pay a higher gas fee or transaction fee and incentivize miners to process payments faster than others. At the same time, a DeFi project like Sienna ensures that no one can exploit the market conditions to his/her advantage.
The SIENNA AMM also provides more flexibility for investors as they can deposit crypto tokens for equal amounts on different token pairs. SIENNA tokens can also be swapped with the Monero cryptocurrency soon.
Seamless cross-chain compatibility – The Sienna like DeFi platform is fully compatible with the leading blockchain networks like Binance Smart Chain (BSC), Cosmos, Ethereum, and Polkadot.
Sienna Governance Token – Regular investors in the DeFi protocol like Sienna can purchase the precious Sienna Governance Token. Above all, they will receive advantages like decision-making powers and voting rights. Traders can vote on proposals for finalizing the development and growth of the DeFi platform in the future
Each Sienna Governance Token carries one vote and investors possessing more than 100,000 SIENNA tokens can submit their proposals. Other investors on the DeFi network will approve or reject the proposal within 7 days. Votes can be done by swapping the wSIENNA ERC-20 tokens into SIENNA crypto tokens.
Sienna Rewards Program – Investors receive a certain number of Liquidity Provider (LP) tokens when they deposit their funds into the DeFi platform like Sienna. Nevertheless, the staked LP tokens help traders to earn additional rewards and reclaim their liquidity anytime.
The three different types of trading pairs for SIENNA tokens are sSCRT native currency, sETH (Ethereum), and the sUSDT (Tether stablecoin). sETH can also be exchanged by investors with the sWBTC (Wrapped Bitcoin ERC-20 token).
Investors get 500 tokens daily for each trading pair deposited in the Liquidity Pool on the DeFi protocol like Sienna. Notably, all traders will earn a whopping 3.6 million SIENNA governance tokens over 4 years.
Rule the DeFi world through Sienna Network Development
Analyzing the Tokenomics of the Sienna like DeFi Project
There are 10 million SIENNA tokens. 350,000 tokens are in circulation in the crypto market. The Minting Pool gets 39% of the total supply of Sienna Governance Tokens. 2500 SIENNA tokens are minted every 24 hours and 2000 tokens are distributed as rewards).
20% of the tokens are sold in a private sale with a 3 months lock-in period. Each SIENNA token costs $5 and is released every day for 16 months.
13% of SIENNA tokens are allocated for the development fund. However, the digital assets are locked in for 12 months and released daily for 24 months.
2% is set aside for the public sale. Moreover, investors can purchase up to 200,000 SIENNA tokens for $6 each from platforms like DAO Maker and Polkastarter.
Where can investors purchase the SIENNA tokens?
Investors can buy valuable SIENNA tokens through the Uniswap Decentralized Exchange (DEX). It is available as wSIENNA (Wrapped Token ERC-20). Traders exchange it for WETH (Wrapped Ether)
Besides that, traders can purchase SIENNA tokens from the Gate.io, cryptocurrency exchange. Investors can earn SIENNA crypto tokens as rewards for contributing liquidity to Sienna Swap. Additionally, they will also receive a refund of trading fees. Gate.io allows investors to buy wSIENNA tokens in exchange for USDT (Tether Stablecoin).
Likewise, the SIENNA tokens can be exchanged with various privacy-focused coins like secretSCRT, secretETH, and a combination of secretCOMP + secretSCRT.
What is the cost of Sienna Network Development?
Numerous stages are part of the budget for creating a DeFi protocol like Sienna. It includes business analysis, market research, UI/UX designing, front-end and back-end development, testing, launching and implementing digital marketing campaigns.
Additionally, the expenditure may increase due to factors like complex features, a greater hourly rate charged by the developers, maintenance services, more time taken for development, third-party API integration, and the usage of a modern tech stack.
The Sienna Network will go for an Initial Decentralized Exchange Offering (IDO) in the future. This will help the DeFi platform to raise more funds from investors on DAO Maker, Polkastarter, and the Sienna Launchpad.
For instance, the Sienna ERC-20 token launched just a few days ago. However, it has quickly acquired an impressive daily trading volume of $481,756 as per CoinMarketCap.
Hence, ambitious entrepreneurs can grab this golden opportunity of privacy-focused DeFi. They can collaborate with AppDupe for superb Sienna clone app development and break new records in the crypto industry.
Boost your business performance by establishing a DeFi protocol like Sienna
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