Crypto trading-focused blockchain Sei launches $50M ecosystem fund
Cryptocurrency was created based on decentralization. Decentralized finance (DeFi) emerged years later, gaining huge popularity. The concepts of staking, APY and so on appeared. People started trading and sending assets without interacting with CEX wallets. Today, DeFi has a significant place in the cryptospace.
While DeFi was just in its infancy a couple of years ago and teams were developing platforms and protocols, today a new milestone is beginning for DeFi — the Sei team is developing a blockchain focused on cryptocurrency trading, and they have also launched a $50 million ecosystem fund. This is the next stage of development for DeFi.
Most blockchains are designed for common tasks, but Sei went the other way. Their goal is to create a blockchain for DeFi at the ultra-high level. DeFi platforms based on Sei will have an incomparable advantage.
Sei, a layer-1 blockchain designed for trading, has launched a $50 million ecosystem and liquidity fund to support new decentralized finance (DeFi) applications on its platform, its co-founders Jeff Feng and Jay Jog exclusively told TechCrunch.
DeFi on Sei is DeFi on steroids, but without the side effects.
“Most exchanges have smart contracts on top of layer-1 [blockchains], so if you’re trying to improve the performance of the exchange you can’t really do anything about the layer-1. In our case, we added an order matching engine into the layer-1 itself which substantially improves performance and experience for exchanges.” (Jay Jog).
In addition, the team is preparing other unique features such as Frontrunning Protection, Optimistic block processing and Intelligent Block Propagation. These technologies offer significant benefits: reduced block latency, increased bandwidth, and scalability for orderbook DEXs on Sei.
There are already 60+ teams building on top from Solana, Polkadot, NEAR, and Terra. And all of the developers are very passionate about the idea!
“All of these teams came over without any incentives.” (Jeff Feng)
And in order to motivate more developers to program on Sei, the team launched the $50 million ecosystem and liquidity fund mentioned above.
“Even during this time, with so much uncertainty — this is the clearest time to start building interesting new applications.” (Jeff Feng)
Projects like Axelar, Satori, Vortex, UXD and Nitro have already started building platforms on Sei!
So what do we have?
1. Good funding
2. Strong developers with lots of experience
3. Really revolutionary ideas and technologies
4. The team of like-minded people
I think that with such a serious approach we should expect a really breakthrough blockchain and a lot of worthy DeFi platforms that will eclipse the current level of DeFi and raise the bar to the sky.
For teams interested in the Sei Eco Fund: Apply Here
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