As privacy concerns loom larger in the decentralized finance space, Sienna is emerging as a groundbreaking solution that puts user confidentiality at its core. Powered by its governance token, SIENNA, and leveraging the capabilities of the Secret Network, Sienna offers privacy-first applications that aim to redefine DeFi. Unlike traditional DeFi platforms that expose transactions and user data, Sienna utilizes trusted execution environments (TEEs) to ensure secure, private computation. This approach not only protects user data from front-running and other security risks but also empowers Sienna token holders to govern the platform, fostering a truly decentralized and fair ecosystem. Read on to discover how Sienna is poised to change the future of DeFi.

What is Sienna (ERC20)?

Sienna is taking over DeFi with privacy-first applications that we will gradually introduce. The platform is controlled by SIENNA, the governance token, which is earned by using the Sienna platform over time, creating a fair distribution for a perfect decentralized future, where SIENNA token holders decide over the entire platform.

Token Market Data

Understanding the market data of Sienna (ERC20) is crucial for potential investors and users. Here are the key statistics:

• Current Price: $0.0388
• Market Cap: $0.00
• 24h Price Change: 0.22%
• 7d Price Change: 4.09%
• 30d Price Change: 18.63%
• 24h High: $0.0414
• 24h Low: $0.0366
• All-Time High: $57.3285 (2021-10-11T16:16:04.000Z)
• All-Time Low: $0.0299 (2024-01-31T22:33:00.000Z)
• Circulating Supply: 0.00
• Total Supply: 0.00

Purpose and Utility of Sienna (ERC20)

Solving Privacy and Security Issues in DeFi

The Sienna (ERC20) crypto token, also known as $wSIENNA, is a representation of an on-chain asset that enables users to participate in decentralized finance (DeFi) activities within the Sienna ecosystem. These activities include lending, borrowing, and trading. The token is built on the Ethereum blockchain, adhering to the ERC20 standard, and is designed to facilitate trustless financial instruments, such as trading and lending with privacy, on the Secret Network.

The Sienna Network aims to solve the problem of privacy and security in the DeFi space. Traditional DeFi platforms often lack privacy features, making transactions and user data susceptible to front-running and other security risks. Sienna Network addresses this issue by utilizing trusted execution environments (TEEs) to enable secure, private computation over encrypted data. This approach ensures that user data remains confidential and protected, even during complex financial transactions.

Functionality Within the Ecosystem

The Sienna (ERC20) crypto token, also known as wSIENNA, is a unique digital asset that operates on the Ethereum blockchain. It enables users to participate in decentralized finance (DeFi) activities, such as lending, borrowing, and trading, within the Sienna ecosystem. The token can also be used for staking, governance, and other community-driven initiatives.

The Sienna Network is a privacy-first, cross-chain, decentralized finance protocol built on Secret Network that enables trustless financial instruments, such as trading and lending with privacy. The wSIENNA token plays a crucial role in this ecosystem by facilitating transactions and interactions between users and various financial services.

Unique Features and Benefits

One unique feature of Sienna is its privacy-preserving smart contracts, which keep user transaction data hidden and prevent front-running. This is in contrast to public block explorers like Etherscan, where user transaction data is visible. Sienna also ensures user wallet balance and transaction details remain completely hidden and cannot be monitored, making it an ideal choice for small investors seeking privacy in their transactions.

Sienna Network has two main tokens: SIENNA and Wrapped SIENNA (wSIENNA). SIENNA is the native SNIP-20 governance token on the Secret Network, while wSIENNA is the governance token of the Sienna Network and the ERC-20 counterpart of the $SIENNA token. Users can convert wSIENNA for $SIENNA and vice versa using the Secret Ethereum Bridge.

The Sienna network supports a bridge that allows token holders from multiple chains to convert their tokens into secret tokens, such as converting ETH into sETH (secretETH) or DAI into sDAI. This feature enables users to use these tokens on the Sienna network for lending, borrowing, and other DeFi activities.

Tokenomics and Distribution Model

Total Supply and Circulating Supply

The Sienna (ERC20) crypto token, also known as wSIENNA, operates on the Ethereum blockchain and is part of the Sienna ecosystem. The tokenomics and distribution model of Sienna (ERC20) are as follows:

• Total Supply: The total supply of Sienna (ERC20) is 10 million tokens.
• Circulating Supply: The circulating supply of Sienna (ERC20) can be viewed on the Sienna Network website.

Token Distribution

The token distribution model of Sienna (ERC20) is as follows:

• 36% Minting Pool: 2,500 SIENNA be vested every 24 hours and awarded to the rewards pools for SiennaSwap and other future applications.
• 2% Public Sale: 200,000 tokens were allocated for the public sales.
• 13% Development fund: Vesting is locked for 12 months, then released daily over 24 months.
• 2% Advisors: Vesting is locked for 6 months, then released daily over 16 months.
• 20% Private sale: Vesting is locked for 3 months, then released daily over 16 months. Participation condition of approved KYC/KYB.
• 24% Founders: Vesting is locked for 6 months, then released daily over 20 months.

Mechanisms to Control Inflation

The Sienna (ERC20) crypto token, also known as wSIENNA, operates on the Ethereum blockchain and is used for decentralized finance (DeFi) activities within the Sienna ecosystem. The tokenomics and distribution model of Sienna (ERC20) are as follows:

• Token Supply: The total supply of Sienna (ERC20) is 10 million tokens, with a circulating supply of 350,000 tokens at the time of the whitepaper release in November 2021.
• Token Launch and Allocation: The SIENNA governance token was launched via an initial dex offering (IDO). The token allocation is as follows: 39% Minting Pool, 24% Founders Vesting, 20% Private Sale, 2% Public Sale, 13% Development Fund, and 2% Advisors.
• Minting Pool: The largest