SiennaSwap Review 2026: Private Swaps on Secret Network

SiennaSwap is the decentralized exchange within Sienna Network, a DeFi suite built on Secret Network. Sienna describes it as a privacy-first, cross-chain protocol that lets users swap tokens without making trade details publicly visible. It launched on October 7, 2021, and it sits alongside SiennaLend in the same ecosystem.

The exchange uses a Uniswap-style automated market maker, so trades are priced against pools that users fund. Sienna's own updates describe liquidity rewards and publish APRs for the highest-yielding pairs, and they also announce upgrades that cause short periods of downtime. Those updates are the main public source of information about how the product changes over time.

The project's public material does not publish a full team list, a fee schedule, or a detailed risk disclosure in the sources reviewed. A directory listing records two audits, but the auditors and reports were not identified in the material reviewed. Readers should treat SiennaSwap as a specialist product for privacy-focused trading on one chain, not as a general-purpose exchange.

SiennaSwap is a decentralized exchange, which means it does not rely on a company to match buyers and sellers. Instead, it uses pools of tokens that users supply. A pool holds two assets, and its price is set by the ratio between them. When someone swaps one token for another, they take some of one asset out of the pool and add the other, which shifts the price. This style of exchange is known as an automated market maker, and Sienna describes SiennaSwap as following the Uniswap model.

What sets SiennaSwap apart, according to the project, is that it runs on Secret Network. That chain is designed to encrypt transaction data, so the details of a trade, such as the amount and the assets, are not shown in plain view on a public ledger. Sienna says tokens traded on the exchange are used in their secret forms, which are privacy-preserving versions of popular assets such as Ethereum and Cosmos tokens.

Liquidity providers deposit pairs of tokens into a pool and earn a share of trading fees and any additional rewards the project offers. The project's updates publish the pairs with the highest APRs to encourage liquidity, which means rewards change as pools and incentives change. Providers also face impermanent loss, which means the value of their share can fall below simply holding the two tokens if their prices move far apart.

Fees on SiennaSwap are not published in the material reviewed. Trading and liquidity-provider fee rates, and any protocol cut, would normally be shown in the app or in the project's documentation, so check there before trading.

Secret Network transaction fees apply to each action, such as swaps, deposits, and withdrawals. These are paid in the network's token and vary with network conditions. Because the project's reward figures are shown as variable APRs, the net return after fees depends on pool activity.

Public material says a directory listing records two audits for the protocol. The material reviewed does not name the audit firms or link to full reports, so the scope and results of those audits are not verified here. Readers should look for the reports on the project's site before depositing funds.

SiennaSwap is a non-custodial exchange, so users hold their own tokens in their wallets and approve transactions themselves. The main risks are smart-contract bugs, the security of the Secret Network chain and its bridges, and the wallet practices of each user. Cross-chain bridges have been a frequent target for attackers across the industry, and that risk applies here as well.

The project does not publish a regulatory status, and no licence or regulator is named in the material reviewed. Users should check whether crypto trading is legal where they live. Trading is for adults 18+, and anyone who finds themselves trading more than they can afford should stop and seek support.

SiennaSwap is best suited to experienced DeFi users who already hold assets on, or are willing to move assets to, Secret Network and who value transaction privacy. It is less suited to beginners, to people who want a single-click on-ramp, or to anyone who needs clear published fees and regulatory status before they trade..