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Sei Mainnet is Live After Testnet Sees More Than 7.5M Wallets Created
The trading focused layer 1 blockchain is backed by Jump Crypto and Flow Traders.
Updated Aug 16, 2023, 3:19 p.m. Published Aug 15, 2023, 12:00 p.m.
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Sei Labs, the company behind layer 1 blockchain Sei, has announced that its mainnet is now live after a successful testnet phase. The blockchain's native token SEI also went live today on exchanges such as Binance, Kraken and Huobi, among others.
The focus for Sei is to create a chain that offers users the ability to exchange assets easily, said the team behind the blockchain. Whether this means assets for social platforms, games or NFT’s, Sei is hoping to offer the smoothest experience.
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Read more: SEI Token Could Reach Nearly Half a Billion Market Cap on Binance Debut
“Most layer 1s look to solve a technical problem whereas our mission is to solve the problem with exchanging assets easily,” said Jeff Feng, co-founder of Sei Labs, in an interview with CoinDesk.
“There is a misconception that Sei is a decentralized finance (DeFi) focused chain, but we have more of a focus on social platforms, gaming, and carbon credits,” added Feng. “There are plenty of other places to trade DeFi assets,” he said.
Sei prides itself on its speed compared to other chains. According to co-founder Jay Jog, Sei is 10x faster than Solana and can achieve transaction finality in as little as 250 milliseconds with a 100 millisecond buffer to ensure protocol stability. Transaction finality refers to the guarantee that crypto transactions cannot be altered or reversed once completed.
Sei has over 200 teams building on it and more than 7.5 million unique wallets, according to the press release, which added that Sushiswap’s decentralized perpetual futures exchange will launch on the network as well.
In May Sei labs raised $30 million across two funding rounds including investors such as Jump Crypto, Multicoin Capital and Flow Traders.
Sei’s co-founders previously worked at Goldman Sachs, Robinhood and Binance.
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