After securing a complete of $70 million in ecosystem funding in simply eight months since its inception, Cosmos primarily based DeFi Layer 1 blockchain — Sei — is seeking to develop into Asia within the yr forward.
When the community first launched, the tasks which joined Sei had been principally ones who had been bullish on the core know-how, co-founder Jayendra Jog informed Blockworks. However, because the Terra implosion and the collapse of FTX, Sei started seeing an inflow of groups coming from completely different ecosystems.
Now, with over 100 tasks growing on the blockchain, Jog needs to develop the presence of his community into Asian markets, citing the area’s technological developments and excessive fee of crypto utilization, in addition to the presence of outstanding builders.
“Crypto is already very large in Asian markets total — South Korea, for instance, has a ridiculously excessive fee of individuals utilizing crypto basically…there are additionally distinctive builders, plenty of them are constructing stuff in crypto extra broadly, we wish to assist get the phrase out about Sei, to allow them to construct the absolute best merchandise for his or her customers on prime of this infrastructure,” he mentioned.
The corporate has taken a number of steps in direction of this objective, together with partnering with Graviton, a Web3 accelerator primarily based in India, and launching a world tour for the crypto neighborhood to satisfy in individual.
So, What’s Sei?
Sei is the brainchild of ex-Goldman banker Jeff Feng and Jog, a former Robinhood software program engineer who has been concerned within the cryptocurrency business since 2017.
Jog mentioned that he was motivated to create Sei after observing poor communication and lack of transparency at Robinhood following the GameStop inventory buying and selling frenzy in 2021.
“That is what we wished to construct a decentralized Robinhood initially, however are not doing that,” Jog mentioned. “Via the method of constructing an change, we realized that the infrastructure to construct exchanges is missing, which is the issue Sei is fixing.”
As Sei will not be an change, and solely an L-1 chain, it doesn’t compete immediately with tasks akin to Osmosis, Crescent and different dexes on the Cosmos.
“Sei is just constructing the infrastructure, and no change on prime. The opposite ecosystems are constructing each,” Jog mentioned. “From a technical aspect, Sei has a local order matching engine constructed into the chain itself, which helps stop entrance working by frequent batch auctions, which doesn’t occur on any of these different chains.”
As Sei is taking an ecosystem constructing strategy, groups are inspired to construct on the blockchain layer. Jog mentioned the community is unlikely to run into CLOB-related points as its infrastructure has been customized constructed for change.
“We’ve an in constructed scalable native order matching engine, which makes it very low-cost for market makers to supply liquidity, permits them to batch orders (so solely submit 1 transaction to replace orders on a number of markets), and the quickest time to finality on the market (600 ms in devnet) which ends up in a greater buying and selling expertise,” he mentioned.
The Sei community is constructed utilizing the Cosmos software program improvement package (SDK) and Tendermint core. Its testnet which was launched in Could final yr helps inter-blockchain communication (IBC) and has already linked with a dozen chains in Cosmos.
However as with many Cosmos-based chains, Sei is a totally sovereign layer-1 community which makes use of its personal validator set, Jog mentioned. Though it doesn’t plan to utilize the primary iteration of interchain safety (ICS), Jog notes that it might make use of a subsequent model ICS and mesh safety.
Get the day’s prime crypto information and insights delivered to your inbox each night. Subscribe to Blockworks’ free e-newsletter now.
Serious about working at Blockworks? We’re hiring journalists, a VP of Gross sales, and engineers! Verify our open positions.
Can’t wait? Get our information the quickest approach attainable. Be a part of us on Telegram.