What is Sei?
Sei Network is a blockchain platform that operates on the Cosmos SDK and is designed to offer superior performance for decentralized exchanges (DEXs) in the areas of DeFi, NFTs, and GameFi. It features a native order-matching engine that allows DEXs to compete with centralized exchanges (CEXs) in terms of executing trades quickly and with minimal fees. This enhances the trading experience for users of DEXs, allowing them to easily trade various assets such as tokens, NFTs, and in-game items.
What about comparing it to other blockchains?
Sei claims to offer unique features and advantages compared to other general-purpose blockchain networks such as Bitcoin, Ethereum, and Solana. Some of these claimed advantages include faster transaction times, lower fees, greater scalability, and improved security. Additionally, Sei may have unique functionalities and capabilities that differentiate it from other blockchain networks, such as the ability to support advanced smart contracts, decentralized applications, or specialized use cases.
What makes Sei unique?
Sei Network’s primary value proposition is centered around providing the best platform for trading applications, NFT marketplaces, and gaming DEXs, compared to any other Layer 1 blockchain.
By prioritizing trading, Sei can generate significant interest and attract a wide range of applications and products in the Web3 space. This is similar to how Uniswap, the most popular trading app on Ethereum, has created a strong network effect, which has led to the growth of many other applications within the Ethereum ecosystem. Similarly, partnering with the various trading apps deployed on Sei can be an effective way for new Web3 teams to gain their first users.
Sei Network Funding (already $35 million🔥)
Sei, a Layer 1 network focused on trading, has received financial support through multiple funding rounds.
In August 2022, the project announced its first funding round, raising $5 million with Multicoin Capital as the lead investor, along with participation from Coinbase Ventures, Delphi Digital, Hudson River Trading, GSR, Hypersphere, Flow Traders, Kronos Research, and other VCs.
On April 11, 2023, Sei announced that it raised $30 million from two funding rounds, with investors including Jump, Distributed Global, Multicoin, Asymmetric, Flow Traders, Hypersphere, and Bixin Ventures. The project’s primary goal for the capital raise was to bring the right strategic partners to the table. The funding rounds brought Sei’s valuation to $800 million.
In addition, Sei announced a significant commitment of $50 million from Foresight Ventures on April 12, 2023. This brought the Sei Ecosystem Fund’s total to $120 million, including contributions from Multicoin, GSR, Hudson River Trading, Flow Traders, Delphi Digital, MEXC, Hypersphere, and Kronos Research. Sei claims to have recorded over 3.6 million unique users on its testnets, with the latest version (Atlantic 2.0) which launched on March 13th, 2023🔥
