Sei is the fastest layer 1 blockchain that has been uniquely optimized for decentralized finance. Sei currently has a live testnet that according to its data, the network reaches transaction finality in 500 milliseconds, receives 20,000 orders per second and has achieved a total of over 100 million testnet transactions while supporting more than 4 million users on the testnet.
Sei’s blockchain network has been termed as unique from the rest because most layer 1 blockchains are categorized as either general purpose blockchains or app-specific blockchains. The latter includes chains like dYdX and Osmosis while the former includes chains like Solana, Ethereum, Avalanche and Aptos. The 2 categories of blockchains fall on extreme sides but Sei is exploring the middle-ground of the 2 extremes therefore making it unique. Sei is therefore, neither a general purpose or app-specific chain enabling the layer 1 chain to explore a brand new design space.
Sei Labs has recently raised $30 million in 2 strategic funding rounds that garnered participation from several corporates and venture funds including Jump Crypto, Distributed Global, Multicoin Capital, Asymmetric Partners, Flow Traders, Hypersphere Ventures and Bixin Ventures. The funding rounds have raised Sei’s valuation to $800 million. The firm aims to utilize the proceeds from the funding to accelerate the growth of its network and expand deeper into the Asia-Pacific region. The firm has managed to get funding despite the current crypto bear market constraints that have reduced crypto investments. However, blockchain infrastructure projects have shown their resilience under these constraints.
The firm’s platform is open-source focuses on asset trading. The chain is also optimized to allow both decentralized exchanges and trading apps to offer users a fast and scalable user experience. The firm prides itself in enabling the mass adoption of digital assets and achieving trust from world-class crypto operators and investors among them Coinbase and LayerZero.
The last generation of public blockchains like Ethereum led to an explosion of new decentralized applications over the past 2 years. Within the same period, exchanges have achieved the best market-fit but are being held back by outdated layer 1 blockchains. Sei therefore, has a mission to build the best decentralized blockchain infrastructure for trading.
