SiennaLend is the world's first private lending protocol. SiennaLend is also the first-ever protocol to enable private and permissionless Bitcoin and Monero lending.
SiennaLend utilizes a variable interest and over-collateralization model for borrowing. Users immediately begin earning interest upon providing liquidity for a lending pool.
The liquidity provided by users is represented by the privacy-preserving sl (SiennaLend) token. For example, if a user provides liquidity for the sLUNA (secret LUNA) lending pool, they will receive sl-sLUNA tokens as a representation of their market share. These sl-tokens can be transferred privately between wallets. For some lending markets you can use these sl-tokens to earn extra yield with SIENNA rewards.
To begin borrowing, users must first provide liquidity for a lending market (or multiple lending markets). Users can then select a desired percentage of their provided liquidity to deposit as collateral.
The USD value of their total provided collateral (combined from all the markets they have provided liquidity for and deposited as collateral) will be used as collateral for their borrowing. Users will continue earning yield on their liquidity even when it is being used as collateral for borrowing. Users can borrow up to a maximum of 95% of their collateral (above 80% is NOT advised).
SiennaLend utilizes Band Protocol as its data oracle provider. SiennaLend will also have a liquidations UI, and there will be a guide provided to users for setting up liquidator bots.
Furthermore, SiennaLend anonymizes users’ addresses by substituting them with an ID hash that is used in all public queries to further improve the privacy.