Bitget Commits $50M Investment to Sei Network: Driving the Fastest Layer 1 Blockchain Forward
In this article, we will learn about Sei Network, how it works, and explore the exciting partnership between Sei Network and Bitget.
TL;DR
- Sei Network is a sector-specific Layer 1 blockchain specifically optimized for trading, with a transaction finality of 500ms and the capacity to handle 20,000 transactions per second.
- Sei Network's native order-matching engine, combined with its MEV-proof design, ensures that all network transactions are processed quickly, effectively, and securely.
- Sei Network introduces innovative approaches to block propagation, transaction ordering, block processing, and parallelization, all of which are beneficial to a wide range of trading applications.
- Recognizing the transformative potential of the Sei project, Bitget has made a strategic investment of $50 million, marking a significant milestone in the DeFi landscape.
In a world where technology is advancing at an unprecedented pace, the blockchain industry is no exception. The race to develop the fastest and most efficient Layer 1 blockchain is on, and Sei Network is leading the pack. Bitget, the world's leading crypto derivatives exchange, has recognized the potential of Sei Network and committed a whopping $50M to drive this revolutionary project forward. This investment signifies Bitget's confidence in Sei's capabilities and its dedication to fostering the growth of the DeFi ecosystem.
Sei Network: A New Star on the Blockchain Horizon
Sei Network is a sector-specific Layer 1 blockchain specifically optimized for trading. It has earned the title of the "Fastest Layer 1 Blockchain" due to its impressive transaction finality of 500ms and the capacity to handle a staggering 20,000 transactions per second. However, Sei Network is not just about speed; it's about providing a seamless, efficient, and enhanced trading experience with DeFi tools.
Sei Ecosystem with hundreds of apps and projects
Source: Sei Network
Sei Network is designed to be the go-to chain for new decentralized exchanges (DEXs) across DeFi, NFTs, gaming, and more, aiming to overcome the limitations of general-purpose chains like Ethereum. Its unique architecture and innovative features, such as its native order-matching engine and MEV-proof design, make it a new star on the blockchain horizon.
What sets Sei Network apart from other blockchain projects, you may ask?
Sei Network vs. Other Blockchains
Source: Sei Network
Sei Network is built on the Cosmos SDK, which allows it to leverage the Inter-Blockchain Communication (IBC) protocol for seamless interoperability with a wide range of blockchains.
One of the key features of Sei Network is its native order-matching engine, which is designed to provide a seamless trading experience. This engine, combined with Sei's MEV-proof design, ensures that all transactions on the network are processed quickly, efficiently, and securely.
Sei Network also employs a permissioned blockchain model. This means that proposals need to be approved through its governance before they can be deployed as a smart contract. This model ensures that only compatible and beneficial applications are launched on the network, thereby enhancing its performance and security.
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How Does Sei Network Work?
Sei Network is a new Layer 1 blockchain specifically designed to cater to the needs of trading applications. It introduces innovative approaches to block propagation, transaction ordering, block processing, and parallelization, all of which are beneficial to a wide range of trading applications:
Twin-Turbo Consensus: This is the core of Sei's operation. It includes:
- Intelligent Block Propagation: Block proposers disseminate unique transaction identifiers in the block proposal, reducing the time validators wait to receive a block.
- Optimistic Block Processing: Validators begin processing the first block proposal they receive for any height, writing the candidate state to a cache.
Parallelization: Sei uses the Cosmos SDK as the base for its application logic and introduces parallelization in the processing of transactions. Transactions are processed in parallel during the DeliverTx phase, and independent matching engine-related orders are processed in parallel at the end of the block.
Native Price Oracles: Sei incorporates native price oracles to support asset exchange rate pricing. Validators are required to participate as oracles.
Native Order Matching Engine: Sei has a native order matching engine that can be used by any exchanges building on top of Sei. The matching engine maintains their respective order books at a chain level and provides functionality to create markets and allow users to trade.
Frequent Batch Auctioning: Sei's matching engine aggregates all market orders and executes them at the same uniform clearing price to discourage forms of maximal extractable value (MEV).
Transaction Order Bundling: Sei offers multiple layers of order bundling to improve the user experience and performance. Transactions can be composed of orders going to multiple trading markets.
Bitget x Sei Network: A New Chapter in DeFi's Evolution
Bitget, a global leader in the cryptocurrency space, is taking a bold step forward in our commitment to fostering innovation in the blockchain industry. With a user base of over 8 million spread across more than 100 countries, we have always been at the forefront of providing a secure, user-friendly platform for a borderless trading experience. Recognizing the transformative potential of the Sei project, Bitget has made a strategic investment of $50 million, marking a significant milestone in the DeFi landscape.
Bitget's commitment to Sei is more than just a financial investment. It's a powerful alliance, a fusion of expertise and ambition aimed at driving DeFi innovation to new heights. Bitget, with our extensive experience and global reach, is uniquely positioned to provide valuable insights and guidance to Sei. This partnership is set to accelerate Sei's growth and development, propelling it to the forefront of the DeFi space.
But the implications of this partnership extend far beyond Sei. By supporting the development of the fastest Layer 1 blockchain, Bitget is addressing some of the key challenges facing the DeFi sector, such as scalability and transaction speed. This is a game-changing move that will lead to a more efficient and user-friendly DeFi ecosystem, benefiting investors across the globe.
Since August 15, 2023, Sei (SEI) will be listed in Bitget’s Innovation Zone and Layer 1 Zone.
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Closing Thoughts
Bitget's $50M commitment to Sei Network marks a significant milestone in the evolution of the DeFi sector. It's a powerful endorsement of Sei Network's vision and capabilities and a clear signal of Bitget's commitment to fostering the growth of the DeFi ecosystem. As Sei Network continues to push the boundaries of what's possible with Layer 1 blockchains, the future of DeFi looks brighter than ever. With Bitget's support, Sei Network is well-positioned to continue its trajectory of innovation and growth, paving the way for a more efficient, secure, and user-friendly DeFi ecosystem.
Disclaimer: All investment strategies and investments are subject to the risk of loss. Nothing contained in this article should be construed as investment advice. You are strongly advised to do due diligence and invest at your own risk.
