Sienna Network Is Leveraging Band Protocol Oracle
Sienna Network is leveraging Band Protocol oracle for its SiennaLend product. SiennaLend, the world’s first-ever private lending protocol, is now live on Sienna Network.
Sienna is a privacy-first DeFi protocol that enables trust-less financial instruments. SiennaLend is also the first protocol to enable private and permissionless Bitcoin and Monero (XMR) lending market.
With this latest addition, SiennaLend users can now enjoy new heights of privacy and data protection that is unparalleled in the current DeFi space.
Sienna is built on Secret Network, which is the first blockchain with privacy-preserving smart contracts. This means no one can see your wallet balance, all transactions are completely private and allows you to build privacy-first applications on top of it, which is exactly what we have done at Sienna.
Native privacy not only gives you the comfort of not being monitored, but it also prevents front-running.
Front-running is the phenomenon where future trades can be seen by everyone prior to execution. Execution priority on ie. Ethereum is driven by transaction fees. A transaction can be preempted by simply introducing a transaction and paying a higher transaction fee. This is known as front-running and is illegal in the regulated financial system for good reasons.
Sienna’s AMM (a privacy-first decentralized exchange) is inherently front-running-resistant due to its private nature. No one can follow or exploit your positions.
BRIEF INFORMATION ABOUT SIENNA LEND
SiennaLend will utilize a variable interest and over-collateralization model for borrowing. Users will immediately begin earning interest upon providing liquidity for a lending pool.
The liquidity provided by users will be represented by the privacy-preserving SL (SiennaLend) token. For example, if a user provides liquidity for the sLUNA (secret LUNA) lending pool, they will receive sl-sLUNA tokens as a representation of their market share. These SL-tokens can be transferred privately between wallets. For some lending markets you can use these SL-tokens to earn extra yield with SIENNA rewards.
To begin borrowing, users must first provide liquidity for a lending market (or multiple lending markets). Users can then select a desired percentage of their provided liquidity to deposit as collateral.
SiennaLend utilizes Band Protocol as its data oracle provider. SiennaLend will also have a liquidations UI, and there will be a guide provided to users for setting up liquidator bots.
Furthermore, SiennaLend anonymizes users’ addresses by substituting them with an ID hash that is used in all public queries to further improve the privacy.
ABOUT Band Protocol
Band Protocol is a cross-chain data oracle platform that aggregates and connects real-world data and APIs to smart contracts.
ABOUT Sienna Network
Sienna is a privacy-first and cross-chain decentralized finance platform where you can privately swap, lend and convert your tokens into their private equivalent.
RESOURCES
Band Protocol
