Siennaswap Decentralized Exchange Review

Siennaswap is a cross-chain platform that focuses on privacy. You can use this decentralized exchange to trade, loan, and change tokens to their corresponding private value. The automated market maker uses the Secret Network, which is based on privacy-centric smart contracts. You get benefits like low fees and higher scalability when using such blockchain networks. We could not find info on the company like its founding year, location, phone number, etc.

Siennaswap overview

Important features of this platform as per the vendor are:

• Privacy-centric technology

As the core feature, the platform focuses on privacy. According to the vendor, privacy is set by default and the exchange protects your PII and the user interactions. 

• Scalable DeFi

The platform is a highly scalable service that is interoperable with other blockchain networks like Ethereum, Cosmos, Polkadot, Smart Chain, etc.

• Complete decentralization

Transactions on the platform are very quick and cost just a few cents. This results in an improved user experience. The low fees allow even smaller players to make use of the service.

• Token

The native token is Sienna. You can earn it by use of the platform over a specific time. By using the platform and earning the token, you can participate in the governance of the entire network.

• Supported tokens 

Besides the native token, other tokens that the DEX supports include SSCRT, SXMR, SUSDT, SWBTC, SUSDC, SETH, and many more.  Support pairs consist of private token pairs only. We could not find info on the supported countries.

How does Siennaswap work?

The DEX allows for all the following functions:

1. Swap tokens

With the fully private exchange, it is a breeze to trade your private SNIP-20 tokens. If you don’t have private tokens, use the bridge to turn them into their private equivalent. It is easy to change the private tokens to their original form again. For instance, the DAI stable coin can be bridged to sDAI to pair with the Sienna token on this DEX.

2. Creating liquidity pool

With liquidity given to a trading token pair, the exchange will work quicker and in an improved manner. It will also allow you to earn part of the trading fees and increase your earnings. Moreover, 0.28% of your daily traded volume can be earned when you provide liquidity.

What can you buy on Siennaswap?

This exchange is working with the Secret Network blockchain. The Secret Network is a first-of-its-kind technology with privacy-centric smart contracts with encrypted inputs and outputs. The tokens available for trading here include Sienna, SSCRT, SXMR, SUSDT, SWBTC, SET, and more.

Is Siennaswap safe?

The platform partners with CERTIK for the security of the blockchain ensuring correctness and resistance to hackers. It uses SYNAPS for managing user digital identity online.

Siennaswap fees, compatible wallets, and transactions

For a token trade, you need to give 0.3% to enable the transaction. Liquidity providers get 0.28% of the fees. This percentage is given proportionally to the overall liquidity pool share they hold. 

The remaining 0.02% is changed to Sienna. It is held in a smart contract for 10 years. As per the company info, it does not receive any commission or financial benefits for the transactions on the platform. The platform works with the Keplr wallet.

What are the ways to trade on Siennaswap?

Unlike the usual AMM systems, trading at this DEX is a balanced process. Trading on the platform is mainly via private tokens. You need to deposit the tokens of the pair you want to trade. This helps to avoid delays and there are no matching bids. 

By trading with private token pairs, you can earn Sienna. You can earn LP-Tokens (liquidity provider tokens) when you provide liquidity. 

You can reclaim the liquidity value with the tokens or deposit them and get more rewards. The rewards depend on the amount you have deposited in the rewards pool and the duration of the deposit.

Customer support

For support, the platform has links to social media channels including Twitter, Telegram, Medium, Reddit, GitHub, and discord.

Should you trade with Siennaswap?