The cross-chain DeFi protocol Sienna Network has enabled Bitcoin (BTC) and Monero (XMR) trading pairs on decentralized exchanges, allowing users to trade privately in two of the world’s most famous cryptocurrencies.
Privacy-focused Sienna SwapDEX users will soon be enabled and will be able to exchange BTC and XMR for the protocol’s native Sienna tokens. Chief Evangelist Monty Munford confirmed on the Cointelegraph. He said the decision to incorporate Bitcoin and Monero trading would follow “a huge demand for additional yield options” from both communities.
Siena’s infrastructure is built on a secret network, a custom blockchain that supports private transactions, but perhaps just as importantly, we do not recommend anonymity-based trading techniques. Regulators have cast a dark shadow over cryptocurrencies that enhance anonymity, and several exchanges are working to exclude privacy-centric cryptocurrencies XMR, Zcash, and Dash earlier this year.
As part of its mission, the Sienna Network seeks to provide an environment in which crypto transactions are kept private without the additional stigma and regulatory impact of anonymity.
Since its launch on October 7, SiennaSwap has generated more than $ 254 million in cumulative trading volumes, further highlighting the growing popularity of decentralized exchanges.
Cryptocurrency entrepreneur and Bitcoin Cash (BCH) advocate Roger Ver is in favor of Sienna Swap’s recent addition. “Maintaining privacy while enabling DeFi for Monero and Bitcoin is very important, and the Sienna Network seems to be doing just that,” he said. Ver has long advocated crypto-oriented privacy tools and their role. Facilitate Freedom.
Those who are serious about protecting their privacy use long keys, and those who are serious about invading privacy try to pass laws that limit the length of those keys. pic.twitter.com/OKPcQ9YlnZ
— Roger Ver (@rogerkver) August 23, 2018
Related: DeFi Privacy Project Panther Raises $ 22 Million in 1.5 Hours Public Sale
The crypto industry as a whole has been criticized for not making privacy a top priority. While the role of the media in confusing privacy with anonymity (and thus fraudulent behavior) has been partially criticized, new economy builders also endorse other priorities such as security, decentralization, and extensibility. doing. While the privacy-focused project had a strong presence in the 2017-2018 crypto market, the market collapse in 2021 was primarily the concept of DeFi, non-fungible tokens, and more recently GameFi and Metaverse. Has been promoted by.
The Sienna Network reiterated that the privacy of financial transactions is not only an individual right, but also a legal obligation in Europe and the United States.