Sei Network is the future hub of DeFi. It is a layer-1 blockchain and a DeFi-specific order book protocol within the Cosmos ecosystem, which utilizes various features to enhance scalability and aims to be the foundation of the future financial system. By the end of September last year, Sei launched a $50 million package plan to attract DeFi projects to the blockchain.
As network performance improved, decentralized order book-based DEX protocols like Serum, dYdX, and Injective were released, each with its own advantages and disadvantages. Sei Network, on the other hand, is an intermediary between application chains and Layer 1 blockchains and leverages a new approach that is different from existing order book-based DEX protocols.
By providing its own order matching engine to provide deep liquidity, it aims to achieve extremely high throughput and low latency through optimistic block generation, intelligent block propagation, and transaction parallel processing.
Sei Network Team Background
Sei Network was founded by former Goldman Sachs technology investment banker Jeff Feng. Its co-founder Jay Jog was a former software engineer at Robinhood. Other team members have worked at companies like Google, Amazon, Airbnb, and Goldman Sachs.
While working at Robinhood, Jog realized that the biggest problem was the lack of communication within the company. After the GameStop stock incident, Jog believed that decentralization and transparency were crucial in cryptocurrency.
Thus, Sei was born, and Sei Network is able to gain more transactions through intelligent block propagation. As advertised on their main website, it aims to be the foundational layer that turns decentralized NASDAQ trading into a reality.
Sei Network Financing
In August 2022, Sei raised $5 million from investors such as Multicoin Capital, Coinbase Ventures, Delphi Digital, Hudson River Trading, GSR, Hypersphere, and Flow Traders. The new funds will be used to support the network as it approaches mainnet launch and further accelerate the growth of over 20 dApps already being built in the Sei ecosystem.
Since its inception, Sei has raised a total of $70 million in ecosystem funds.
MEXC Global announced the launch of a $20 million special fund to support key projects developed on Sei Network.
Sei Network, the public chain, has launched a $50 million ecosystem fund to support the development of DeFi applications built on it.