SiennaLend user guide – privacy crypto heaven

Lend

SiennaLend User Guide

SiennaLend provides liquidity, lending and borrowing on the first-ever private DeFi lending protocol.

SiennaLend—the first-ever private DeFi lending protocol—is live on mainnet!

Follow the steps outlined in this guide to provide liquidity for lending pools, and to privately lend and borrow assets.

Before you get started (pre-requisites)

If you are new to the Secret Network ecosystem, you will need to complete a few preliminary steps.

Note: The APY rates in the included screenshots may be inaccurate.

Step 1: Create a Keplr Wallet account.
To interact with Secret Network dApps, you will need to connect your Keplr wallet. Set the network to Secret Network. We have some SCRT tokens in our wallet for gas fees. Go here to install the app or watch this tutorial.

Note: Want to protect your identity? Use the Secret Wallet Guide to create a wallet that cannot be linked to a public wallet, centralized exchange (CEX), or doxxed address in any way.

Step 2: Gather some $SCRT for Gas Fees.
You can get SCRT via direct pay, CEXs and decentralized exchanges (DEXs) on Secret, or as a wrapped ERC-20 version from DEXs on Ethereum (note that you will need native SCRT for gas) — find all your options here.

How to Provide Liquidity and Lend Assets on SiennaLend

Here are the steps you need to take to provide liquidity for SiennaLend markets. Make sure you are connected to your Keplr wallet before starting (and ensure you have a sufficient SCRT balance for gas fees. 1–2 SCRT should be enough).

Step 1: Head over to the Sienna Network app.

Select “Lend” from the menu on the left-side of the app. Similarly, you can click on the “Use SiennaLend” button on the right-side of the app.

https://app.sienna.network

Step 2: Select “Deposit” on the Lend page.

https://app.sienna.network/lend

Step 3: Select the lending market you want to deposit liquidity for.

Select your desired lending pool and click on “Deposit”. For this example, we will make a deposit into the sSCRT lending pool.

After clicking on “Deposit”, you will be prompted to select your desired deposit amount. Input your desired deposit amount and click on “Deposit” (and approve the transaction in the Keplr pop-up) to broadcast the transaction.

You have now successfully made a deposit into a lending pool. Your deposited liquidity is now being used by borrowers for loans. You can either stake your SL (SiennaLend) tokens in their corresponding rewards contract to earn yield, or use them as collateral to take out a loan.

How to Stake SL Tokens to Earn Yield on SiennaLend

Step 1: To stake your SL tokens in their corresponding rewards contract, you will need to go to the “Rewards” page available at the top of the Lend interface.

Step 2: In the rewards page, you will see all the lending pools you have deposited liquidity into. Select the pool you want to earn rewards on and click on “Deposit”.

Step 3: You will be prompted to specify the amount of SL tokens you want to stake in the rewards contract. Select your desired amount and click on “Deposit” to broadcast the transaction.

You are now earning yield on your staked SL Tokens. Enjoy your lending APR!

How to Borrow and Repay Loans on SiennaLend

How to Borrow

To use your deposited liquidity as collateral for a loan, follow the steps outlined below.

Step 1: Go to the “Borrow” page available at the top of the Lend interface.

Step 2: Find the lending market you would like to to utilize for borrowing. For this example we will use sSCRT.

Step 3: Click on “Enable as collateral” to deposit your liquidity as collateral for a loan.

Step 4: After you have enabled your liquidity as collateral, click on “Borrow” to take out a loan against your provided collateral.

Step 5: You will then be prompted to specify the amount you would like to borrow (up to 80% of your provided collateral value is the maximum upper limit we recommend. You can actually take out a loan worth 95% of your provided collateral value, but this is significantly riskier and is not recommended). Specify an amount and click on “Borrow” to broadcast the transaction.

You have now successfully taken out a loan against your collateral!

After taking out a loan, you can monitor your risk ratio on the “Borrow” page. If the collateral value drops, your risk of liquidation increases. When your risk ratio hits 100%, your loan is liquidated and your provided collateral is used to cover the loan.

How to Repay a Loan

Step 1: Go to the “Borrow” page available at the top of the Lend interface.

Step 2: Find the lending market you would like to repay a loan for. For this example we will use sSCRT. Click on “Repay”.

Step 3: You will then be prompted to specify the amount you would like to repay. Specify an amount and click on “Repay” to broadcast the transaction.

You have now successfully repaid your loan!

Once you have repaid your loan, you can disable your collateral and deposit your SL tokens back into the SiennaLend rewards contracts to continue earning yield.

What’s Next?

Guide for setting up liquidator bots is in development. Will be shared with the community soon.

Switchere partners with Sienna Network for fiat on-ramp

Sienna Network has partnered with Switchere to allow the purchase of wSIENNA (ERC-20 version of the native SIENNA token) using credit and debit cards on their platform. This partnership greatly lowers the barrier of entry to Sienna Network.

Switchere is a licensed and fully compliant financial services provider. Switchere allows users to easily buy and sell cryptocurrencies in a few simply steps using credit and debit cards.

Users can easily purchase wSIENNA on Switchere and send it over the Secret Network Ethereum bridge to convert it into native SIENNA (in order to be able to interact with Sienna Network’s privacy-preserving DeFi applications).

To purchase wSIENNA on Switchere, users will first need to register for an account. Users will then need to complete a few KYC steps. Once the KYC information is reviewed and confirmed, users will be able to freely purchase and withdraw wSIENNA.

Exclusive Beta Access for Sienna Knights NFT Holders

Holders of Sienna Knights NFTs will be able to access the on-ramp before it is made available to the public. To check if you qualify for beta access, navigate to the options menu on the bottom left corner of the SiennaSwap app, and click on the “Get Access” button from the “Get early beta access” menu option.

SiennaSwap is a privacy-first, cross-chain decentralized exchange where users can swap tokens privately with zero front-running.

SiennaSwap runs on Secret Network, which is the first blockchain with privacy-preserving smart-contracts with high scalability and low fees. Transactions are executed almost instantly, and with privacy combined, front-running is effectively mitigated.

switcher

Please note that while Switchere allows US residents to purchase all major cryptocurrencies (BTC, ETH, LTC, BCH, XRP etc.), they are prohibited from purchasing other tokens including wSIENNA. EU/Asia/Africa residents are allowed to purchase wSIENNA on Switchere. Stay tuned for a US fiat on-ramp.

Stakester Q&A – Tom Fairey, CEO and Founder

stakester

Welcome to Mob76 Outlook, Tom, an audience of gamer-savvy people: tell us about Stakester

Hello Monty! Here’s the elevator pitch: we’re an app that enables you to win money and prizes playing skill based mobile and console games. We’re launching a VIP pass NFT project that will allow our users to play for more money, win better prizes and upgrade their entire app experience.

Holders of the top tier NFTs get a revenue share of qualifying competitions played on the app – so effectively, you can invest in the business by buying one.

“Gaming” meets “gaming” so not really a gambling company?

Not at all: gambling is when you risk money on chance outcomes that you can’t control. We don’t believe in that – we put you in control of your own destiny. We take games that are already exciting and fun to play, and we add an extra dimension.

On Stakester, players get rewarded win or lose – so we reward the process of improvement as well as the results.Plus, when they do win they get receipts so they can brag about how good they are.

Excuse my lack of knowledge, but would Fan Duel have been an inspiration?

The lack of knowledge is all mine! I honestly have no idea what that is. But, I’ll tell you why I founded the company: I’m a very competitive person, and I believe that if you’re good at something then you should be rewarded for your effort.

My mum always used to tell me, “You’re not a bad loser, but you’re a terrible winner.” I think I set Stakester up for the terrible winners out there: it’s all about the bragging rights.

The idea must have come about with mates at the pub?

It’s the ultimate way to settle a debate: who’s better at X? The only way to find out is to put something on the line. But, the thing is: once you’ve proved you’re the best, you don’t want to take your friend’s money again and again.

You want to branch out by testing your skills against better opposition. If it’s a good, fair fight then you can make new friends – and some very satisfying enemies – that way.

The company was set up during the pandemic, right?

Just before, but we exploded once everyone was stuck at home. Obviously, you’d rather that success came with a different backdrop, but we clearly offered something for people when all of society’s normal competitive outlets were closed or cancelled. Plus, people were playing games a lot more – so I think people were looking to add a new dimension to the games they love. And there we were.

How quick was customer acquisition?

Very. There’s a clear demand for this – lots of people find us on their own. We also create a lot of content across YouTube and our blog, and it’s crazy how many people discover us that way.

Since we launched the mobile games side of the product, that has helped us reach a whole new audience too – literally everyone plays mobile games. We’re at 100k MAU now and our pace of growth is increasing every week, it’s such an exciting time.

And the funding history and valuation?

We’ve raised $6 million so far – and given the market we’re in and growth we’re getting a lot of attention. The business is currently valued at $100 million and we’re heading into another round this summer. And yeah, that number’s going to get a lot bigger.

Which markets do you operate in?

There are only a few places where we can’t operate because skill-based competition isn’t allowed. We’re in 47 states in the US, Canada, everywhere in Europe bar France and Italy.

We’re up and running in Singapore and we’re on the way to being operational in the Middle East. It’s a huge advantage that we have over our competitors: we can expand quickly and easily because we aren’t a gambling company.

Your plans for 2022? More expansion and world domination?

Absolutely. First, the VIP Cheat Codes NFT launch: we want to make a name for Stakester in the NFT space and we’re excited to roll out the in-app benefits that come with it. Then we’re releasing some pretty major updates for the app on the console side of the business.

And we’ve got some major European football clubs (one of which may be the Champions of England) bringing their mobile games onto Stakester.

Any plans for backgammon, I’ve been waiting years for a decent online platform?

I wish I had another answer for you, but unfortunately not. The issue with games like online backgammon or chess is the prevalence of cheating. We operate a zero-tolerance cheating policy and we vet every game before it appears on the platform to ensure that we can police the rules effectively. When you play board games online, there is a staggering amount of cheating – so we’re leaving those alone for now.

Thanks for your time, Tom, best of luck with it all

Thank you! I’ll let you know when we create our own backgammon game.

 

Gamepay Wins $250K Grant From Everscale DeFi Alliance

gamepay

Metaverse company Gamepay has won a $250,000 grant from Everscale Grants, a campaign from the Everscale DeFi Alliance designed to bring in exceptional projects that can grow the Everscale ecosystem.

The company will receive financial support for ongoing expansion, technical mentorship from a team of industry experts as well as project structuring and market support.

Gamepay provides all the necessary tools for global game developers to launch their P2E games on its platform, focused on creating multiverses as well as an active community, the first product being Chickey Chik, which will launch in a NFT marketplace later this month

“We are certain the outstanding GamePay team will successfully implement their project, and we are delighted that such a technologically sophisticated service will appear in the Everscale ecosystem. 

“I hope that the example of GamePay will be followed by other startups, for whom the speed, reliability, and infinite scalability of Everscale are critical”, said Stan Prikhodko, Head of Everscale Defi Alliance grants program.

Gamepay will provide Everscale with rapid community growth and engagement as well as Tier 1 media exposure and ensure that the company will be an active player in growing the Everscale ecosystem as well as distributing the Chickey Chik game to Everscale wallet holders.

“To say we are honoured and excited at receiving this grant is the biggest understatement of 2022. We know Everscale is as agile and as passionate as us when it comes to scalability, speed, advanced smart-contract environment and the ability to support growth at full scale without limits.

“The onboarding process for receiving the grant was super-professional and seamless and we look forward to growing our ongoing partnership and collaboration,” said Daniel Santos, Gamepay CEO.

The $250,000 grant will be used to expand the footprint of the growing Gamepay and Chickey Chik community as the company pursues its roadmap of NFT and game delivery.

Recently profiled and lauded in Forbes magazine, Gamepay recently received $1.2 million pre-seed funding, led by Seier Capital with further investment from 8VI Group.

About Gamepay
Blog: https://chickeychik.medium.com/
Twitter: https://twitter.com/chickeychik
Facebook: https://www.facebook.com/Chickey-Chik-10344798557091
Instagram: https://www.instagram.com/chickeychikofficial/
OpenSea: https://opensea.io/chickeychik
Discord: https://discord.gg/chickeychik
Whitepaper: https://docsend.com/view/3b3ve76mhtq5sf5k
Website: https://chickeychik.com/
Telegram: https://twitter.com/OfficialChickey
Reddit: https://www.reddit.com/user/OfficialChickeyChik
Youtube: https://www.youtube.com/channel/UCN_LNU5EaXrrbzKKtDIKwiQ

Pradeep Nalluri Q&A – President Mutual Mobile

Pradeep

Pradeep, welcome to Mob 76, please tell our readers about Mutual Mobile

We are a leading digital agency that brings digital experiences to life. We’ve been at the forefront of digital transformation ever since the advent of the smartphone era a little over a decade ago. We’ve worked on building digital experiences for companies like Walmart, Nike, AccuWeather, The Economist, and more.

I believe you’re based in Austin, Texas?

Mutual Mobile’s cross-functional team predominantly works out of Austin, Texas, (where we’re headquartered) and Hyderabad, India. Our commitment to borderless teams reflects in the fact that we have employees across North America, Europe, and India—allowing us to stay nimble on our feet when it comes to taking up and delivering work globally.

You’ve had an incredible journey from your birthplace in India. How did all this happen, Pradeep?

When India opened its markets in 1991, the inflow of ideas (and foreign exchange) into the country significantly altered my outlook on life. Almost overnight, India came alive with a million opportunities for success. In such a time, my love for computers and gaming sparked when I got my hands on an Intel 386 in the 6th grade. I spent countless hours on it— always coding, building websites, and gaming.

This early interest translated into a bachelor’s degree in Computer Applications. I used to finish my university classes in the mornings and rush to my job as a Systems Administrator for a local firm during the afternoons and evenings. By the time I graduated, I had close to 4 years of professional work experience—putting me higher up the ladder than most of my peers.

Even so, I was fortunate to have mentors who recognized my drive and gave me early opportunities to build and run studios. So when the chance to lead Mutual Mobile came in 2014, I was all set and raring to go!

I understand you’re looking to expand to Europe this year. Where are you looking at basing yourselves?

London is where we’re setting up base. We have marquee clients in the UK and Europe. I was over there in the last quarter catching up with customers and partners after a COVID-brought 20-month hiatus.

What is behind the strategy of having a European office, Pradeep?

Professionally, we go back some way in the UK, having delivered work here before. But, currently, there is a war for talent unfolding here. Businesses are looking not just across the pond but all over the world for collaboration—especially in the teeth of realities served by things like the Great Resignation.

In such a scenario, I see a gap that agile and borderless digital teams can fill very well. After all, we bring quality as well as the experience of working with Fortune 100s to the table. Setting an office up in London gives us a chance to get more boots on the ground and be there when our customers look to become increasingly digital-driven.

What challenges does Mutual Mobile face in 2022?

Our biggest challenges this year would be helping our customers leverage the rapidly evolving techscape of today—especially with the mainstream entrances of the metaverse, web3, and on-chain solutions.

As I say this, our team is working to ensure our customers successfully transition into this new age, open unprecedented channels of revenue, and become more efficient in their workflows and user solutions than ever before.

Do you have any advice for the entrepreneurs in our audience, Pradeep?

A huge personal hero of mine is actually a fellow Londoner: Felix Dennis! In fact, his book ‘How to Get Rich’ has been one of the biggest shapers of who I am today. I must concede the title is a bit corny but don’t let that throw you off. Every entrepreneur must read it. It’s a timeless tome on wealth and value creation.

Apart from that, I’d just ask you to remember this: “The best time to start something cool was a decade ago, and the second-best time is now. If it’s perfect, you waited too long.” Bias towards action, take calculated risks, cut your losses fast.

Is the continuing problem of Covid going to affect your business?

COVID disrupted almost every major industry in the world. A lot of people suffered and the pandemic, in general, has been a huge global ordeal. However, it proved to be a tailwind for our line of work. In just a matter of months, the knowledge industry underwent a paradigm shift and frankly, I just don’t see us ever going back. Most employees today find commuting to work every day passé! So I can confidently say that we will continue to remain remote and borderless while continuing to deliver the best work to all our clients.

Any predictions for 2022?

The metaverse is here to stay. The sooner we optimise for it, the better prepared we will be to harness its full potential when it rolls out.

Thanks for everything, Pradeep, I hope it goes well

The pleasure was all mine. Thank you for inviting me.