What are the unique applications that can uniquely be built on Sei?
Sei Network is an L1 blockchain designed specifically for trading operations. With fast speed (600 milliseconds per transaction), high throughput (22,000 transactions per second), and active protection against hacker attacks, the blockchain has become the most promising crypto project in 2023. But what decentralized applications are most effective to build on Sei Network?
Sei Network was primarily created for any decentralized applications in the DeFi space. The French development team focused on this direction, believing that the crypto industry cannot develop without a reliable asset transfer system between users.
That’s why the new blockchain is best suited for creating centralized (CEX) and decentralized (DEX) crypto exchanges. The developers have provided a number of technical details that allow exchange creators to gain a competitive advantage:
- Twin-Turbo Consensus allows optimizing the process of recording information into the block, increasing the speed of transactions. Currently, Sei Network can perform 22,000 transactions per second, more than the American payment system Visa.
- The Native Order Matching Engine allows scaling the order book of any decentralized exchange. This is very convenient for those who want to quickly create a successful trading platform. Note that this mechanism can be used not only for creating DEX but also for any platform that requires frequent transactions, such as exchanges, lotteries, credit platforms, and more.
- Breaking Tendermint is a technical solution that has enabled developers to achieve faster transaction speeds, taking just 600 milliseconds. For comparison, one of the fastest blockchains, Solana, takes 2.5 seconds per transaction, and Ethereum takes around six minutes.
As of today, there are 17 exchanges operating on the Sei network, including Satori, Leonicorn, Kryptonite, SushiSwap, Vortex, and others.
Another type of application that can be created on the Sei Network is crypto wallets. Since all trading operations interact with crypto wallets in one way or another, developers have decided to pay special attention to this type. In particular, they have provided increased protection against known hacking attacks. In addition, they have implemented protection against preemption (FBA). This is the most well-known vulnerability for many crypto ecosystems, which involves attackers replacing the created information block with their own, managing to insert it into the chain before the real block is written there.
Currently, there are 7 crypto wallets operating on the Sei network, including Falcon Wallet, Keplr, Frontier, Coin98, Leap Wallet, and others.
The new blockchain also allows for the deployment of “Bridges,” which can provide transfers of crypto assets from one blockchain to another. As with wallets, protection against malicious actors plays an important role here, as crypto bridges are vulnerable to multiple blockchains simultaneously.
Currently, there are 5 crypto bridges operating on the Sei network, including Axelar Network, Celer, Gravity Bridge, Multichain, and Router Protocol.
Interestingly, Sei Network allows for the creation of stablecoins on its blockchain — cryptocurrencies with a pegged exchange rate to fiat currencies. For creators of their own cryptocurrencies, the same advantages apply as for exchange creators — high transaction speed, increased throughput, and a proprietary order processing mechanism that allows for project scalability. So far, only one such project — UXD — has been deployed on the Sei blockchain.
In addition to the above, the Sei Network allows for the creation of other types of applications, such as Infrastructure, NFT, Launchpad, Staking, Incubator, and others.
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Website: https://www.seinetwork.io/
Medium: https://medium.com/@seinetwork
