Secured significant financing and an airdrop is imminent. Here’s a look at the latest developments and ecological landscape of the public chain Sei Network

Author: flowie, ChainCatcher

Yesterday, the Layer1 public chain [Sei Network](https://www.rootdata.com/zh/Projects/detail/Sei Network?k=Mjc5MA==) announced that after completing a $30 million financing round with a valuation of $800 million, its ecological fund has completed a new round of financing of $50 million. Together with the $20 million special fund contributed by the cryptocurrency exchange MEXC to the Sei ecosystem in January this year, Sei Network has become the largest Layer1 public chain in terms of financing scale so far this year.

As a rising star public chain alongside Aptos and Sui, Sei Network, while not as "peak debut" as the former, has made rapid progress in its testnet and ecological development since the release of its white paper at the end of October last year.

Recently, Sei Network has been very active, and with the mainnet and airdrop imminent, this article summarizes the latest developments and ecological landscape of Sei Network.

What are the characteristics of Sei Network?

Sei Network was founded by Jay Jog and Jeff Feng in 2022. According to official information, the Sei team consists of three main types of members: senior engineers from traditional internet companies like Robinhood and Airbnb, crypto OGs from the Cosmos ecosystem, and traders with rich traditional technology experience from Goldman Sachs and investment institutions.

With a composite background in internet, crypto, and traditional fintech, what differentiations is the Sei team striving for in the highly competitive public chain space?

From Sei Network's blog articles, we can understand that firstly in positioning, Layer1 public chains can be roughly divided into two categories: one is general-purpose chains like Ethereum and Solana, and the other is application-specific chains like dYdX and Osmosis. Sei finds a middle ground between the two, being neither a general-purpose chain nor an application-specific chain, but rather a Layer1 specifically for DeFi.

Sei Network is built on the Cosmos ecosystem, aiming to become a high-speed chain specifically for trading, helping decentralized exchanges operate better, thereby enabling the emergence of new financial products (complex futures and options, live sports betting).

In addition to clear positioning differentiation, Sei has also optimized and innovated in aspects such as performance, efficiency, security, and composability.

In terms of performance and efficiency, Sei upgrades the ABCI of Cosmos, making every step of consensus programmable, thereby improving three key areas: optimizing block production, smart block broadcasting, and order parallel execution.

In optimizing block production, a standard Cosmos chain has a block confirmation time of about 6 seconds, Sei has shortened it to 500 milliseconds through consensus optimization, claiming this is the fastest final block confirmation time in Web3. Besides optimizing block production, Sei has also improved smart block broadcasting, allowing proposers to send only the hash values of each transaction in the block instead of all transaction data, enabling validators to quickly reconstruct the block using their own local mempool, thus improving block broadcasting efficiency. For the optimizations in block production and broadcasting (which Sei refers to as Twin Turbo consensus), Sei has increased throughput by over 80%.

Moreover, Sei allows transactions that originally needed to be executed sequentially to be processed in parallel, meaning that non-overlapping independent markets can be handled simultaneously. Through parallel execution, block time can be reduced by 75-90% compared to sequential processing, with parallel latency of 40-120ms and sequential latency of 200-1370ms.

Regarding security, Sei maintains a centralized validator set, allowing protocols built on Sei to leverage Sei's validators without needing to assemble their own validator set, thus reducing one of the major barriers to protocol migration to Cosmos. Additionally, Sei utilizes frequent batch auctions to resist MEV, ensuring that the ordering of transactions within a batch does not affect prices.

In terms of composability, Sei, as a Cosmos chain supporting IBC, inherently possesses asynchronous composability. At the same time, Sei has created a composable architecture on its on-chain order book, allowing for synchronous composability between CosmWasm applications on Sei and sharing liquidity through a native order matching engine.

Latest Developments of Sei Network

When Sei Network released its white paper at the end of October last year, it had already announced an airdrop, stating that 1% of the total supply of SEI would be used to reward testnet participants. In February this year, Sei indicated during its Series A financing that the mainnet and airdrop would launch a few months later.

In March and April, Sei Network was very active. Firstly, it announced the latest progress of the testnet. On March 14, Sei Network announced the launch of the final testnet version Atlantic-2 before the mainnet launch. Atlantic-2 employs Sei's Twin Turbo consensus, DeliverTx and Enblock parallelization, and permissionless deployment. 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, where DeliverTx parallelization allows for the parallelization of all types of transactions, while Endblock parallelization is only applicable to order transactions.

Sei Network also released some data regarding the final testnet version Atlantic-2. One week after the Atlantic-2 testnet went live, it had over 500,000 unique users, and within a month, it attracted over 3.6 million unique users, processing over 35 million transactions.

Secondly, the Sei Foundation was established. On March 29, Sei Network officially announced this on Twitter, stating that the Sei Foundation is a nonprofit organization to support the Sei ecosystem, funding protocol development and ecosystem growth. The Sei Foundation will handle token grants, airdrops, product requests, initiatives, and delegation programs, among others. Additionally, the Sei Labs team remains committed to developing open-source software.

Thirdly, it explored NFTs. On April 4, Sei Network tweeted that the Sei Sunken Treasure event is Sei's largest NFT series, with over 600,000 NFTs minted since March 15, and the second phase of the Sei Sunken Treasure NFT event has been launched.

Recently, Sei Network and the Sei Labs ecological fund announced two large financings within two days, which can also accelerate its ecological development to some extent.

Ecological Landscape of Sei Network

In addition to the $50 million new round of financing announced by the Sei ecological fund recently, in January this year, the cryptocurrency exchange MEXC also contributed a $20 million special fund to the Sei ecosystem. Together with the $50 million ecological fund launched by Sei Network in September 2022, its ecological funding scale has exceeded $120 million.

In terms of ecological projects, according to the latest financing press release, there are already 120 cooperative projects in the Sei Network ecosystem. Currently, about 70 cooperative projects are disclosed on the official website, with key areas covering decentralized exchanges, infrastructure, wallets, and cross-chain bridges.

Source: Crypto data platform RootData

Decentralized Exchanges

Sushiswap：Sushiswap is an automated market-making DEX. In January this year, Sushiswap announced the launch of a decentralized perpetual futures exchange on Sei Network.

Satori：Satori is an on-chain derivatives protocol built on Polkadot, allowing users to increase income through complex leveraged transactions while flexibly defining yield and risk profiles that suit their needs.

[Vortex Protocol](https://www.rootdata.com/zh/Projects/detail/Vortex Protocol?k=Mjk5Ng==)：Vortex is a decentralized derivatives exchange on the IBC chain. As a permissionless and decentralized protocol, Vortex offers many of the same functionalities as centralized exchanges (lending, cross-margining, and cross-collateralization).

Cypher Protocol：Cypher is a decentralized futures infrastructure standard built on the Solana blockchain. The protocol will allow the creation of derivatives through Serum's DEX and enable trading.

Pharaon：The Pharaoh protocol is an extended synthetic protocol for Cosmos, allowing price exposure to commodities, foreign exchange, and any crypto tokens with price oracle feeds.

Synthr：Synthr is a synthetic asset protocol that enables users to create and trade on-chain derivatives of various financial assets using trustless financial contracts.

Kryptonite：Kryptonite is a decentralized AMM and staking protocol that can be used with any bAssets on the Cosmos blockchain and other blockchains.

Infrastructure

Agoric：Agoric is a layer1 PoS public blockchain designed to enable developers to quickly build secure smart contracts using the most popular programming language on Earth, JavaScript.

[White Whale](https://www.rootdata.com/zh/Projects/detail/White Whale?k=NzI5)：White Whale is a cross-chain liquidity protocol that provides tools for efficient markets through arbitrage, flash loans, and cross-chain liquidity pools.

Kado：Kado is a payment infrastructure built for Web3. The company's entry/exit services integrate with the U.S. Automated Clearing House (ACH), wire transfers, Visa, and Mastercard in over 150 countries, allowing users to convert fiat and digital assets using their non-custodial wallets.

Andromeda：Andromeda is an application platform layer that uses IBC to connect all public blockchains in the Cosmos ecosystem.

Convergence：Convergence is a decentralized interchangeable asset protocol that segments privacy tokens and combines them with other DeFi protocols through a single easy-to-use interface, making privacy tokens interchangeable in the DeFi space.

KYVE Network：KYVE is a Web3 data validation solution that provides fast and easy tools for decentralized data validation, immutability, and retrieval, fundamentally changing the customization and secure access to on-chain and off-chain data.

Noox：Noox is a Web3 reputation platform for Web3 users to mint badges based on on-chain activity.

Paddle：Paddle is a Cosmos-based Move Virtual Machine (MVM) Rollup that provides a sandbox environment for deploying smart contracts written in Move.

Wallets

Keplr：Keplr is a wallet for cross-blockchain ecosystems. This wallet is designed to be compatible with Cosmos's IBC, allowing users to move digital assets back and forth across numerous chains.

[Coin98](https://www.rootdata.com/zh/Projects/detail/Coin98 Finance?k=MjM5)：Coin98 is a multi-chain crypto wallet and DeFi gateway that allows TraFi users to access DeFi services across multiple blockchains.

Cosmostation：Cosmostation is a validator node operator and wallet provider trusted by over 35 networks. It also contributes to the network by providing end-user applications for the community, such as Mintscan and wallet applications.

Leap Wallet：Leap Wallet is a non-custodial wallet based on Cosmos that supports users connecting Ledger to Leap Wallet for enhanced security.

Cross-Chain Bridges

Axelar Network：Axelar is a decentralized cross-chain communication network that connects heterogeneous blockchains and enables asset mobility and programmability for builders and end-users in an optimized manner.

[Celer Network](https://www.rootdata.com/zh/Projects/detail/Celer Network?k=MzEw)：Celer is a blockchain interoperability protocol that provides a one-click user experience for cross-chain access to tokens, DeFi, GameFi, NFTs, governance, and more.

Multichain：Multichain is a cross-chain router protocol designed to meet the explicit needs for different blockchains to communicate with each other. Multichain aims to be the ultimate router for web3.