DeFi
After securing a complete of $70 million in ecosystem funding in simply eight months since its inception, Cosmos based mostly DeFi Layer 1 blockchain — Sei — is trying to develop into Asia within the 12 months forward.
When the community first launched, the initiatives which joined Sei had been principally ones who had been bullish on the core know-how, co-founder Jayendra Jog informed Blockworks. However, for the reason that Terra implosion and the collapse of FTX, Sei started seeing an inflow of groups coming from totally different ecosystems.
Now, with over 100 initiatives growing on the blockchain, Jog desires 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 general — South Korea, for instance, has a ridiculously excessive fee of individuals utilizing crypto normally…there are additionally distinctive builders, quite a lot 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 very best merchandise for his or her customers on high of this infrastructure,” he stated.
The corporate has taken a number of steps in direction of this objective, together with partnering with Graviton, a Web3 accelerator based mostly in India, and launching a world tour for the crypto neighborhood to fulfill 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 trade since 2017.
Jog stated 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 needed to construct a decentralized Robinhood initially, however are not doing that,” Jog stated. “By the method of constructing an trade, we realized that the infrastructure to construct exchanges is missing, which is the issue Sei is fixing.”
As Sei isn’t an trade, and solely an L-1 chain, it doesn’t compete immediately with initiatives comparable to Osmosis, Crescent and different dexes on the Cosmos.
“Sei is simply constructing the infrastructure, and no trade on high. The opposite ecosystems are constructing each,” Jog stated. “From a technical aspect, Sei has a local order matching engine constructed into the chain itself, which helps forestall entrance operating 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 stated the community is unlikely to run into CLOB-related points as its infrastructure has been customized constructed for trade.
“We’ve got 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 stated.
The Sei community is constructed utilizing the Cosmos software program improvement equipment (SDK) and Tendermint core. Its testnet which was launched in Could final 12 months helps inter-blockchain communication (IBC) and has already related with a dozen chains in Cosmos.
However as with many Cosmos-based chains, Sei is a completely sovereign layer-1 community which makes use of its personal validator set, Jog stated. 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.