SiennaSwap adds Bitcoin and Monero trading pairs to promote privacy-centric DeFi


The cross-chain DeFi protocol Sienna Network enabled Bitcoin (Bitcoin) And Monero (XMR) Trading pairs on its decentralized exchange, enabling users to conduct private transactions in two of the world’s most well-known cryptocurrencies.

Effective immediately, users of the privacy-conscious SiennaSwap DEX will be able to use BTC and XMR to trade with the agreed local Sienna tokens, the chief evangelist Monty Munford confirmed to Cointelegraph. He said that the decision to merge Bitcoin and Monero transactions was made after the two communities “required a lot of options for additional benefits.”

Sienna’s infrastructure is built on Secret Network, which is a customized blockchain that supports private transactions, but perhaps just as importantly, it does not support anonymity-based transaction technology.Regulators cast a shadow over cryptocurrencies that provide enhanced anonymity, and some exchanges turned to Delisting from privacy-centric cryptocurrencies XMR, Zcash and Dash Earlier this year.

As part of its responsibilities, Sienna Network is try Provide an environment where encrypted transactions remain private without increasing the stigma of anonymity and regulatory impact.

Since its launch on October 7, the cumulative trading volume of SiennaSwap has exceeded $254 million, further highlighting the growing popularity of decentralized exchanges.

Cryptocurrency entrepreneurs and Bitcoin Cash (Bitcoin cash) Supporter Roger Ver expressed his support for the content recently added by SiennaSwap. “While protecting privacy Enabling DeFi for Monero and Bitcoin is critical And Sienna Network seems to do exactly that,” he said. Ver has long advocated encryption-oriented privacy tools and their Promote free.

related: DeFi privacy project Panther raised $22 million in a 1.5-hour public sale

The entire encryption industry has been criticized for not making privacy a top priority.Although the media’s role in conflating privacy and anonymity (and therefore, malicious behavior) is part of the reason, the builders of the new economy also favor other priorities, such as Security, decentralization and scalabilityAlthough privacy-focused projects have an important position during the 2017-2018 cryptocurrency bull market, the market crash in 2021 is mainly caused by DeFi, non-fungible tokens, and more recently, Game Fi and Metaverse concepts.

Sienna Network reiterated Financial transaction privacy In Europe and the United States, this is not only a personal right, but also a legal obligation.