Sei is an up-and-coming platform that calls itself the fastest Layer 1 chain. It’s a financial and trading app. We're making a deep dive into the Sei Network.
Sei Network is such a chain. It’s a financial app chain. So, it caters to financial apps that need a fast, scalable, and reliable environment. Sei calls itself the fastest parallel blockchain. It even has plans to increase its speed. So, let’s take a closer look at Sei.
As a financial appchain, Sei caters to DeFi and trading. Its focus is on exchanges and trading apps. Part of its appeal is its claim to be the fastest Layer 1 chain currently around. Speed and efficiency are at its forefront. The Sei team used the Cosmos SDK to build its chain. However, it’s also EVM compatible.
To achieve this speed, it offers parallel execution. This means that it can process various transactions at the same time. So, this is instead of processing transactions one at a time. This boosts throughput and network efficiency. This is how Sei explains parallelization.
On a hot day, you need to share a queue to get your fave drink from a vending machine. However, you can also have various machines, all offering only one drink. This shortens the queue.
Source: X
Sei claims finality within 380 ms (milliseconds). That’s when a transaction is confirmed, and you can’t reverse it anymore. So, yes, that’s fast, it’s almost instant. Especially in finance, every millisecond is important.
It also boasts 12,500 TPS (transactions per second). That’s good, but it barely puts them in the top 10 of all other chains. So, we need to take their claim of being the fastest L1 with a grain of salt. But let’s take a look at some improvements that Sei brings to the table.
Sei has four optimizations in place. These are EVM compatible. So, in other words, it makes the Ethereum ecosystem more scalable for its devs.
This is what offers the fast finality.
This is where devs can add parallel processing in Ethereum apps.
This handles data storage and how to read and write it.
Existing Ethereum apps can deploy in Sei without having to change them. This offers their apps a 100x improvement factor.
Sei Network is active in AI and the RWA sectors. These are two of the hottest crypto sectors around. It also seems that these are here for the long term. RWA is all about tokenizing real world assets. This is big business, for example, see BlackRock’s multi-million Buidl fund on Ethereum.
Sei launched its mainnet in August 2023. It added EVM compatibility in May 2024. EVM is a part of Ethereum smart contracts. However, it’s also inefficient, it’s not scalable enough. Blockchains can’t offer scalability at Web2 levels. Like, Google needs to process 100,000 complex TPS.
So, instead of TPS, Sei is developing Gigagas. This measures speed in ‘gas per second’. Gigagas is ‘billions of gas units/second’. This offers a 50x greater throughput than anything currently available on their mainnet. With this, Sei will be able to offer Web2 speed. Sei wants to achieve 5 Gigagas. It does this with the adequately named Autobahn consensus. As you may know, on most of the German Autobahn, there’s no speed limit.
The $SEI token launched in August 2023. There was also an airdrop of 300 million $SEI. However, the airdrop left many testnet users rather disappointed. There’s a max of 10 billion $SEI tokens. Out of these, 4.6 billion currently circulate.
The current $SEI price is 20 cents. It’s up on the day by 8.3%. However, $SEI recently suffered, the same as almost all tokens. It’s currently 82.8% away from its $1.14 ATH, which was around a year ago. The current price offers a great entry.
Source: Messari
However, Trump’s DeFi platform World Liberty Financial bought for $100k $SEI tokens today. That’s the second time WLFI bought $SEI. It’s also a ‘Made in USA’ coin.
So, what do you think of Sei Network? Let me know in the comments and join our discussions on Discord and X.
Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers, and their risk tolerance may be different from yours.
We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments, so please do your due diligence.
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DONALD TRUMP’S PROJECT JUST BOUGHT $100K OF $SEI World Liberty Fi addresses sent $25M USDC to a separate address last week. This address just purchased $100K of SEI on Ethereum, and sent it back to the main WLF address.
