Original author: flowie, ChainCatcher
Original author: flowie, ChainCatcherSei NetworkYesterday, Layer 1 public chain
Announced that its eco-fund has completed a new round of financing of US$50 million, following the completion of a US$30 million financing round valued at US$800 million. In addition to the $20 million special fund contributed by cryptocurrency exchange MEXC to Sei Ecology in January this year, Sei Network has become the Layer 1 public chain with the largest financing scale this year.
Sei Network has been active recently. With the release of the main network and airdrops coming soon, this article sorts out the latest progress and ecological layout of Sei Network.
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What are the characteristics of Sei Network?
Sei Network was founded in 2022 by Jay Jog and Jeff Feng. According to the official introduction, there are three main types of Sei team members, one is senior engineers from traditional Internet companies such as Robinhood and Airbnb, the other is the encrypted OG in the Cosmos ecology, and the third is from Goldman Sachs, investment institutions, and traders with extensive experience in traditional technology.With a compound background in Internet, encryption and traditional financial technology,
What kind of differentiation is the Sei team committed to in the fiercest public chain competition?From the Sei Network blog post, we can understand that, first of all, in terms of positioning, Layer 1 public chains can be roughly divided into two categories, one is general-purpose chains such as Ethereum and Solana, and the other is specific to blockchains such as dYdX and Osmosis. chain of applications.
And Sei finds a middle ground between the two, neither a general-purpose chain nor an application-specific chain, but a DeFi-specific Layer 1.
Sei Network establishes the Cosmos ecology, aiming to become a high-speed chain dedicated to transactions, helping decentralized exchanges to run better, and making it possible for new financial products (complex futures and options, live sports betting) to emerge .
In addition to clear positioning differentiation, Sei has also optimized and innovated around performance, efficiency, security, and composability.In terms of performance and efficiency, Sei upgrades Cosmos' ABCI to make each step of the consensus programmable, thereby improving three key areas:
Optimized block production, smart block broadcast and parallel execution of orders.In terms of optimizing block production, a standard Cosmos chain has a block confirmation time of about 6 seconds,Sei optimized the consensus to reduce it to 500 milliseconds, which Sei claims is the fastest final block confirmation time in Web3.In addition to optimizing block production, Sei also improved smart block broadcasting, so that proposers only need to send the hash value of each transaction in the block instead of all transaction data, and validators can use their own local mempool To quickly rebuild blocks and improve the efficiency of block broadcasting.
For the optimization of block production and block broadcasting (these two optimizations are called Twin Turbo consensus by Sei), Sei increased the throughput by more than 80%.In addition, Sei also allows transactions that originally need to be executed sequentially to be processed in parallel, that is, non-overlapping q independent markets can be processed at the same time.
Through parallel execution, the block time can be reduced by 75-90% compared with sequential processing, the parallel delay is 40-120 ms, and the sequential delay is 200-1370 ms.In terms of security, Sei maintains a centralized validator set, so that protocols built on Sei will be able to utilize Sei's validator without assembling the protocol's own validator set, thus reducing the biggest obstacle for protocol migration to Cosmos one.
In terms of composability, Sei, as a Cosmos chain supporting IBC, has asynchronous composability itself. At the same time, Sei has also created a composable architecture for the order book on the chain, allowing synchronous composability between CosmWasm applications on Sei, and sharing liquidity through the native order matching engine.
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The latest development of Sei NetworkWhen Sei Network released the white paper at the end of October last year, it had already announced the airdrop, saying that 1% of the total supply of SEI would be used to reward testnet participants.
In February of this year, when Sei was seeking Series A financing, he said that the main network and airdrop would be launched in a few months.In the following March and April, Sei Network took frequent actions.The first is to announce the latest progress of the test network.
On March 14, Sei Network announced the launch of Atlantic-2, the final testnet version before the mainnet goes live. Atlantic-2 employs Sei's Twin Turbo consensus, DeliverTx and Enblock parallelization, and permissionless deployment. The Twin Turbo consensus enables Sei to broadcast and process blocks faster; in terms of parallelization, Sei utilizes two different types of parallelization to further improve network throughput and latency, among which DeliverTx parallelization allows all types of transactions to be parallelized, And Endblock parallelization only applies to order transactions.Sei Network also released some data of the final testnet version Atlantic-2.
One week after the Atlantic-2 testnet went live, it had more than 500,000 unique users. Within a month, it attracted more than 3.6 million unique users and processed more than 35 million transactions.The second is the establishment of the Sei Foundation.
On March 29, Sei Network officially announced the news on Twitter, and stated that the Sei Foundation is a non-profit organization that supports the Sei ecosystem to fund protocol development and develop the ecosystem. The Sei Foundation will handle token grants, airdrops, product requests, initiatives and delegation programs, and more. Additionally, the Sei Labs team remains committed to developing open source software.The third is to explore NFT.
Recently, Sei Network and Sei Labs Ecological Fund announced two large-scale financing within two days, which can also accelerate its ecological development to a certain extent.
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Ecological map of Sei NetworkIn addition to the new round of financing of US$50 million recently announced by the Sei Ecological Fund, in January this year, the cryptocurrency exchange MEXC also contributed a special fund of US$20 million to the Sei Ecosystem. In addition to the USD 50 million ecological fund launched by Sei Network in September 2022,
Its ecological funding scale exceeds 120 million US dollars.In terms of ecological projects, according to the disclosure in the latest financing announcement, there are already 120 cooperative projects in the Sei Network ecology.The key areas covered are decentralized exchanges, infrastructure, wallets and cross-chain bridges.
secondary titleRootData
decentralized exchange
Sushiswapdecentralized exchange
Satori: Sushiswap is a DEX based on automatic market making. In January this year, Sushiswap announced the launch of a decentralized perpetual futures exchange on Sei Network.
Vortex Protocol: Satori is an on-chain derivatives protocol built on Polkadot that allows users to grow their income by executing complex trades involving leverage, while having the flexibility to craft a return and risk profile that suits their needs.
Cypher Protocol: Vortex is a decentralized derivatives exchange for the IBC chain. As a permissionless and decentralized protocol, Vortex offers many of the same features as centralized exchanges (borrowing, cross-collateralization, and cross-margining).
Pharaon: Cypher is a decentralized futures infrastructure standard built on top of the Solana blockchain. The protocol will allow the creation of derivatives and enable trading through Serum's DEX.
Synthr: The Pharaoh Protocol is an extended synthetic protocol for Cosmos that allows price exposure to Commodities, Forex, and any crypto token with a price oracle feed.
Kryptonitesecondary title
infrastructure
Agoricinfrastructure
White Whale: Agoric is a layer 1 PoS public blockchain designed to enable developers to quickly build secure smart contracts using JavaScript, the most popular programming language on the planet.
Kado: White Whale is a cross-chain liquidity protocol that provides tools for efficient markets through arbitrage, flash loans, and cross-chain liquidity pools.
Andromeda: Kado is a payments infrastructure built for Web3. The company's import/export service integrates with U.S. Automated Clearing House (ACH), wire transfer, Visa and Mastercard in more than 150 countries, allowing users to convert fiat and digital assets using its non-custodial wallet.
Convergence: Andromeda is an application platform layer that uses IBC to connect all public blockchains in the Cosmos ecosystem.
KYVE Network: Convergence is the only decentralized fungible asset protocol that makes privacy tokens fungible in the DeFi space by segmenting them and combining them with other DeFi protocols using a single easy-to-use interface.
Noox: KYVE is a Web3 data verification solution that provides fast and easy tools for decentralized data verification, immutability and retrieval, thus revolutionizing custom and secure access to on-chain and off-chain data.
Paddle: Paddle is a Cosmos-based Move Virtual Machine (MVM) Rollup that provides a sandbox environment for deploying smart contracts written in Move.
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Keplrwallet
Coin 98 : Keplr is a cross-blockchain ecosystem wallet. The wallet is designed to be compatible with Cosmos' IBC. It allows users to move digital assets back and forth between numerous chains.
Cosmostation: Coin 98 is a multi-chain encrypted wallet and DeFi gateway that allows TraFi users to access any DeFi service on multiple blockchains.
Leap Wallet : Leap Wallet is a Cosmos-based non-custodial wallet that supports users to connect Ledger with Leap Wallet to improve its security.
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Axelar NetworkCross-chain bridge
Celer Network: Axelar is a decentralized cross-chain communication network that can connect heterogeneous blockchains and enable asset mobility and program composability for builders and end users in an optimized way.
Multichain: Celer is a blockchain interoperability protocol that provides a one-click user experience that enables cross-chain access to tokens, DeFi, GameFi, NFTs, governance, and more.
