Sienna Network Raises $11.2M to Build Out DeFi Functionality on Secret Platform

Sienna is a privacy-first and cross-chain DeFi platform.

The Sienna Network, a privacy-focused, cross-chain decentralized finance (DeFi) platform, has raised $11.2 million in a private and public token sale. Of the total amount, $10 million came from long-term investors including NGC, Inclusion Capital, Lotus Capital, FBG, SkyVision Capital and others.

Sienna is built on the Secret Network, a Tendermint-based chain within the Cosmos ecosystem that uses privacy-preserving smart contracts. It allows the Sienna community to privately swap, lend and convert its tokens into their private equivalent.

The network functions like any DeFi system, but using Sienna Swap the transactions are private rather than public for anyone to see.

“It has been an extraordinary month and we have hit a super sweet spot between institutional investment and our community,” said Monty Munford, chief evangelist and core contributor to Sienna Network.

The tech

Users can swap any private SNIP-20 token on Sienna. SNIP-20 is a specification for private fungible tokens based on CosmWasm (a smart contract platform) on the Secret Network. If users don’t have private tokens, they can use the Secret Network’s bridge to exchange their tokens for the private equivalent and then convert them back again at any time.

https://www.coindesk.com/sienna-network-build-out-defi-functionality-secret-network