What is SiennaLend?
SiennaLend, powered by Sienna Network, is the world’s first private lending protocol and also the first protocol to enable private and permissionless Bitcoin and Monero lending. Allowing users access to private lending means that users will be able to gain higher privacy and data security than within the current DeFi space. Band protocol will support this game-changing privacy-preserving DeFi protocol.
How does Band Protocol help SiennaLend?
For this partnership, Band Protocol provides a reliable, time-tested data feed solution for SiennaLend. Reliable data is crucial for crypto lending platforms like SiennaLend as accurate, real-time data will significantly impact the yield and outcome of lend and borrow positions.
As a consequence, Band Protocol takes a crucial role as Oracle provider, enabling SiennaLend to operate seamlessly.
Band Protocol operates with its own ‘BandChain’, with over 90 node operators. As BandChain is designed to be scaled easily, this means that Sienna can rely on fast data request, fast addition of new asset markets, and ability to scale beyond Secret Network easily with the same data solution structure.
Band Protocol is beyond delighted to be a part of this success with SiennaLend’s launch and look forward to working on more partnership development with Sienna Network.
About Sienna Network
Sienna is a cross-chain, privacy-first decentralized finance protocol built on Secret Network that enables trustless financial instruments such as trading and lending with complete privacy for multiple blockchain ecosystems. Privacy, both for individuals and organizations, is required by law and should at all times be treated as a fundamental human right. Sienna is on a mission to protect your PII.
About Band Protocol
Band Protocol is a cross-chain data oracle platform with the aspiration to build high-quality suites of web3 development products. The flagship oracle solution aggregates and connects real-world data and APIs to smart contracts, enabling smart contract applications such as DeFi, prediction markets, and games to be built on-chain without relying on the single point of failure of a centralized oracle. Band Protocol is backed by a strong network of stakeholders including Sequoia Capital, one of the top venture capital firms in the world, and the leading cryptocurrency exchange, Binance.