SiennaSwap adds Bitcoin, Monero trading pairs in push for privacy-focused DeFi

SiennaSwap adds Bitcoin, Monero trading pairs in push for privacy-focused DeFi

Cross-chain DeFi protocol Sienna Network has enabled Bitcoin (BTC) and Monero (XMR) trading pairs on its decentralized exchange, giving users the ability to transact privately in two of the world’s most recognizable cryptocurrencies. 

Effective immediately, users of the privacy-focused SiennaSwap DEX will have the ability to trade BTC and XMR against the protocol’s native Sienna token, chief evangelist Monty Munford confirmed with Cointelegraph. The decision to incorporate Bitcoin and Monero transactions follows a “huge amount of requests for additional yield options” from both communities, he said.

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Sienna’s infrastructure is built on the Secret Network, a custom blockchain that supports private transactions but, perhaps just as critically, doesn’t endorse trading techniques based on anonymity. Regulators have cast a dark shadow over cryptocurrencies that provide enhanced anonymity, with several exchanges moving to delist privacy-centric cryptocurrencies XMR, Zcash and Dash earlier this year.

As part of its mandate, Sienna Network is attempting to provide an environment where crypto transactions are kept private without the added stigma and regulatory implications of anonymity.

Since launching on Oct. 7, SiennaSwap has generated over $254 million in cumulative trade volumes, further highlighting the growing popularity of decentralized exchanges.

Cryptocurrency entrepreneur and Bitcoin Cash (BCH) proponent Roger Ver has come out in favor of SiennaSwap’s recent additions. “Maintaining privacy while enabling DeFi for Monero and Bitcoin is crucial and Sienna Network seems to be doing exactly that,” he said. Ver has long been an advocate for crypto-oriented privacy tools and their role in promoting freedom.

Related: DeFi privacy project Panther raises $22M in 1.5-hour public sale

The crypto industry as a whole has been criticized for not making privacy a tier-one priority. Although the media’s role in conflating privacy and anonymity (and thus, nefarious behavior) is partly to blame, builders of the new economy have also favored other priorities, such as security, decentralization and scalability. Whereas privacy-focused projects had a strong presence during the 2017–2018 crypto bull market, the 2021 market melt-up has been driven largely by DeFi, nonfungible tokens and more recently, GameFi and Metaverse concepts.

Sienna Network reiterated that privacy of financial transactions is not only a personal right but also a legal obligation in Europe and the United States.

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