Sei

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Discover Sei's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Sei?

Sei (SEI) is a Layer 1 blockchain designed for high-speed, scalable, and secure transactions, particularly for trading and DeFi applications. It features a unique parallelized Ethereum Virtual Machine (EVM) and a twin-turbo consensus mechanism, making it one of the fastest blockchain platforms. Sei is built using the Cosmos SDK and is supported by prominent institutions like Circle Ventures and Coinbase Ventures.

How is Sei used?

Sei (SEI) is a blockchain network that operates as a decentralized "Proof of Stake" blockchain, powered by the SEI token. The SEI token plays a pivotal role within the SEI ecosystem, serving several functions:

  1. Network Fees: SEI is used to pay for transaction fees on the Sei blockchain.
  2. DPoS Validator Staking: SEI holders can delegate their holdings with validators or stake SEI to run their own validator to secure the network.
  3. Governance: SEI holders can engage in future governance of the protocol.
  4. Native Collateral: SEI can be used as native asset liquidity or collateral to applications built on the Sei blockchain.
  5. Fee Markets: Users can pay a tip to validators to get their transactions prioritized, which can be shared with users that are delegating to that validator.
  6. Trading Fees: SEI can be used as fees for exchanges built on the Sei blockchain.

How do I store Sei?

To store Sei (SEI) tokens, you can use several digital wallets that support the Sei blockchain. Here are a few options:

  1. Bitget Wallet: You can create a Sei Wallet within the Bitget Wallet, which allows you to store, manage, and transact with SEI tokens. The wallet also supports various features like multi-currency support, real-time market information, and decentralized exchange.

  2. Trust Wallet: You can download the latest version of Trust Wallet, set up a new wallet, and then deposit SEI tokens by selecting the "Receive" button and choosing SEI. This wallet allows you to send, receive, and hold SEI tokens.

  3. Compass Wallet: Another option is the Compass Wallet, which is compatible with the Sei network. You can download the wallet from the Play Store or App Store, set it up, and fund it by purchasing Sei tokens from cryptocurrency exchanges like Gate.io, C Coin, or Binance.

  1. Ledger: You can also use Ledger to store your SEI coins through third-party apps that support the Sei network.

These wallets provide a secure and convenient way to manage your SEI tokens.

How to buy Sei?

To buy Sei (SEI) tokens, follow these steps:

  1. Choose a Crypto Exchange:

    • Select a reputable cryptocurrency exchange that supports SEI, such as Kraken, Binance, KuCoin, CoinEx, Bybit, gate.io, or MEXC.
  2. Create an Account:

    • Register for a free account on the chosen exchange, providing necessary personal information and email address.
  3. Verify Your Account:

  • Complete the Know-Your-Customer (KYC) process to increase withdrawal limits and unlock additional features.
  1. Add a Payment Method:

    • Deposit funds using a credit or debit card, bank transfer, or other available payment options.
  2. Buy SEI:

    • Navigate to the trading page, select SEI, and choose your preferred payment method. Confirm the order and wait for the transaction to complete.
  3. Store Your SEI:

  • You can store your SEI tokens in your exchange account or transfer them to a non-custodial wallet for added security.

Remember to research each exchange's fees, security features, and supported currencies before making a decision.

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History of Sei

Sei (SEI) is a Layer 1 blockchain that specializes in trading infrastructure for decentralized exchanges and marketplaces. It was founded by Jeffrey Feng and Jayendra Jog, who co-founded Sei Labs in 2021. The Sei Network was launched in August 2023. The founders have a strong background in tech and traditional companies, including Goldman Sachs, Robinhood, and Databricks. They were featured in the Forbes 30 under 30 list in 2023 for their contributions to the Sei ecosystem.

Sei Labs secured significant funding from notable venture capital firms such as Multicoin Capital, Jump Crypto, Coinbase Ventures, and Delphi Digital, totaling over $120 million. This funding enabled the development of the Sei Network, which is built using the Cosmos SDK and Tendermint Core for consensus.

Sei is designed to optimize the trading of digital assets, boasting high-speed transactions with a block finality time of less than 400 milliseconds. This makes it suitable for building decentralized exchanges, gaming finance platforms, and NFT marketplaces. The network also features a built-in order book and matching engine, allowing developers to create scalable and efficient decentralized exchanges.

Sei has gained significant attention for its innovative architecture and high-performance capabilities. It has been supported by elite global institutions and has received praise from investors and industry experts for its pace of execution and potential to unlock new design spaces for consumer-facing applications.

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How Sei works

Sei (SEI) is a high-speed blockchain platform designed to optimize trading and support the development of decentralized finance (DeFi) applications. Here's an overview of how it works:

Key Features
  1. Speed: Sei boasts an impressive block finality of 390 milliseconds, making it one of the fastest blockchain platforms. This speed is ideal for high-frequency trading, real-time digital exchanges, and web2-like experiences.

  2. Architecture: Sei's V2 introduces a unique architecture that enhances scalability and developer flexibility. This architecture is designed to support vast scalability, allowing projects to grow exponentially without performance constraints.

  3. Security: Sei prioritizes security by building on battle-tested architecture such as Tendermint consensus and WebAssembly (WASM). This ensures a reliable and secure environment for projects.

  1. Scalability: Sei's blockchain supports massive scalability, enabling projects to expand without performance constraints.

  2. Adaptability: Sei is engineered to evolve and adapt to future needs, ensuring projects remain at the cutting edge of blockchain technology.

  3. Carbon Neutrality: Sei is committed to carbon neutrality, making it an eco-friendly choice for blockchain development.

Functionality

Sei's native oracle checks and displays asset prices seamlessly, allowing users to access real-time market data. This integration enables efficient and accurate trading decisions. Additionally, Sei's high-performance, parallelized EVM (Ethereum Virtual Machine) positions it as a strong competitor in the Layer 1 blockchain space, ideal for DeFi builders and institutions.

Support and Partnerships

Sei has received support from elite global institutions, including Coinbase Ventures and Multicoin. These partnerships demonstrate confidence in Sei's ability to advance the crypto/Web3 ecosystem and support the mission of creating more economic freedom.

Applications

Sei is designed to foster innovation and support emerging applications in blockchain. Its speed, scalability, and security make it an attractive platform for developers looking to build groundbreaking applications.

In summary, Sei (SEI) is a high-speed blockchain platform optimized for trading and DeFi applications. Its unique architecture, robust security, and commitment to carbon neutrality make it an attractive choice for developers and institutions looking to advance the crypto/Web3 ecosystem.

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Sei's strengths

Sei (SEI) has several strengths that make it a unique and powerful platform:

  1. Parallelized EVM Blockchain: Sei is the first parallelized EVM blockchain, combining the strengths of Ethereum and Solana to provide high performance and reliability.

  2. High Throughput and Low Latency: Sei is designed to process transactions concurrently, making it extremely fast with block finalization times of 390ms, making it the fastest layer 1 blockchain.

  3. Native Price Oracle: Sei integrates a native price oracle for accurate asset pricing, enhancing the trading experience.

  1. Built-in Orderbook Infrastructure: Sei offers built-in orderbook infrastructure, ensuring fast execution and deep liquidity for trading applications.

  2. Interoperability: Sei v2 enhances interoperability with existing chains, allowing seamless composability between EVM and other execution environments.

  3. Specialized Infrastructure for Trading Applications: Sei is structured to cater specifically to the needs of trading applications, resolving speed, scalability, and reliability issues faced by current Layer 1 blockchains.

These features collectively make Sei a highly efficient and reliable platform for a wide range of trading-related applications, from decentralized finance (DeFi) to non-fungible tokens (NFTs) and gaming.

Sei's risks

Smart Contract Risks: Like other decentralized finance (DeFi) protocols, SEI utilizes smart contracts on its blockchain. There are inherent risks of vulnerabilities or exploits in smart contracts that could lead to significant losses for users.
Scam Risks: As with any new cryptocurrency project, there are risks of bad actors launching tokens with no real intention of developing the project, potentially exploiting investors and leading to a complete loss of funds.
Data Risks: Some DeFi protocols, including potentially SEI, rely on external data sources which may be vulnerable to attacks or manipulation, causing disruptions and devaluation of the token.
Protocol Complexity: Understanding the intricate nature and complexities of DeFi protocols like SEI can be challenging, posing risks for users who do not fully comprehend the technology and its implications.
General Cryptocurrency Risks: SEI, being a cryptocurrency, is subject to the inherent risks associated with the volatile and speculative nature of the crypto market, including price fluctuations, regulatory uncertainties, and potential security breaches.

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Did Sei raise funds?

Yes, Sei (SEI) has raised funds through several funding rounds. Here are the details:

  • Seed Round (August 31, 2022): Sei raised $5 million in its seed round.
  • Strategic Funding Rounds (April 11, 2023): Sei raised $30 million across two strategic funding rounds, valuing the company at $800 million. Investors included Jump Crypto, Distributed Global, Multicoin Capital, Asymmetric Capital Partners, Flow Traders, Hypersphere Ventures, and Bixin Ventures.
  • Strategic Funding Round (April 12, 2023): Sei raised an additional $50 million for its ecosystem fund, bringing the total size of the fund to $120 million. Investors included Bitget and Foresight Ventures.

These funding rounds demonstrate Sei's ability to attract significant investment for its layer-1 blockchain focused on trading and decentralized exchanges.

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Sei’s team

  • Jayendra Jog: Co-founder at Sei Labs, a general-purpose layer one blockchain specialized for trading.

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