Sei Network has made significant progress in the year 2023. The layer one blockchain has been actively developing blockchain-based solutions and working towards becoming a leader in the cryptocurrency industry. The progress that the company has made in the first quarter of the year is impressive, and it is worth discussing in detail.
Sei Network started the year off with the Sei World Tour, and Tokyo, Japan, was the first destination. This was part of the Asian expansion targeted to grow Sei Network’s user base and community in Asia, and it was very successful, with a significant turnout. The following country on the Sei World Tour is yet to be announced, but we look forward to it.
One of the significant developments that Sei Network has made in 2023 is the joint acquisition with Sushiswap of Vortex, a decentralized exchange. This not-yet-launched decentralized derivatives exchange will offer users 10x margin trading on various assets. The exchange will launch mainnet in Q2 of 2023, and while it is still in the testnet phase, it has been gaining traction, and the number of users has been growing steadily. The Vortex is designed to be user-friendly and will offer a variety of cryptocurrencies that users can trade. The exchange has also been integrated with the Sei Network-supported wallets like Leap and Keplr wallets, making storing and managing their digital assets easy.
Sei Network has also been hard at work developing its blockchain ecosystem. The layer one blockchain has been collaborating with numerous other blockchain-based projects to build a network that can support a variety of decentralized applications (DApps). The network is designed to be scalable and uses a consensus algorithm that can support a high number of transactions per second. Sei Network has also been developing a developer-friendly environment enabling developers to build DApps on the network conveniently. Sei has a long list of projects integrating into the Layer One network. The list now is becoming too long to mention, with the likes of Zerocap, Coded Estate, Stride, Inter Protocol, Linked Finance World, Stakeme, Black Panther, Sola-X, Wonderstruck, Uno Farm, Fable League, Skynet trading, Kairon Labs, Glitter Finance, SparrowSwap, Rapid Innovation, Hana, Simba, SEE, UTORG, and GSR. Check out Sei’s Official Twitter for the list of projects building on Sei.
Another area that Sei Network has been focusing on is scaling its infrastructure for DeFi (Decentralized Finance). DeFi is an emerging trend in the cryptocurrency industry. Sei Network has been developing its solutions to enable users to access DeFi products and services easily, especially with the release of its final testnet version, Atlantic-2. This release marks the culmination of many months of focused effort from the Sei engineering team as well as Sei’s final milestone before the Mainnet launch. Atlantic -2 has many benefits for Sei users, like Sei’s Twin Turbo consensus, DeliverTx and Enblock parallelization, and permissionless deployment adoption. This will help aid in scaling up the network in anticipation of the Sei Mainnet launch making Sei the fastest Layer 1 for trading, optimizing every layer of the stack to offer the best infrastructure for trading apps.
Initially, Sei Labs, a Sei layer one blockchain contributor, is backed by investors such as Multicoin, Coinbase, Delphi, and the largest market makers in the Crypto Industry. Still, the layer one blockchain has also been working overtime on expanding its partnerships with giant companies in Finance and the Cryptocurrency industry. Sei Labs has managed to raise a total funding of up to $120 Million from its partners. Now massive companies backing Sei include Distributed Global, Asymmetric Capital Partners, Jump Crypto, Flow Traders, Hypersphere Ventures, and Bixin Ventures, raising strategic funding totaling $30 million. In addition to this, OKX Ventures, the investment arm of leading crypto exchange and Web3 technology company OKX, has announced a strategic investment in Sei Network. Sei also announced additional funding of $50 Million from Bitget, a Seychelles-based crypto exchange focused on derivatives, and the venture firm Foresight. Sei Network’s valuation is now at $800 Million.
Sei has also launched the Sei Liquidity Alliance, which provides credible developers and builders on the Sei Layer One blockchain with the liquidity they need to fuel their growth and concentrate on building protocols. This eliminates the need to invest time and resources in establishing their own market-making capabilities.
Sei Network has also been working on expanding its user base through various community campaigns, incentivized testnets on Atlamtic-2, and the launch of 20 different country-national Sei Twitter accounts to increase awareness of its solutions and products, attract new users and reward early adopters. These community campaigns include the Atlantis International Growth Program and incentivized testnet tasks on https://blocked.cc/sei. Sei has seen tremendous community growth, support, and activity in the first quarter of the year, recording over 300k followers on Twitter, over 300k real Discord members, more than 67 million Atlantic-2 transactions, and more than 7 million Unique Wallets.
CONCLUSION
In conclusion, Sei Network has made tremendous progress in 2023, with a focus on building blockchain-based solutions and becoming a cryptocurrency industry leader. The company achieved significant milestones in the year’s first quarter, including the successful Sei World Tour and the joint acquisition of Vortex, a decentralized exchange, with Sushiswap. Sei Network has been extending its ecosystem, integrating with other blockchain-based initiatives, and developing its DeFi infrastructure. The company has also increased its collaborations with significant financial and cryptocurrency companies, raising $120 million in capital. Sei Network has introduced the Sei Liquidity Alliance, which provides liquidity to respectable developers and builders on the Sei Layer One blockchain. Additionally, the firm has aimed to grow its user base through numerous community efforts, incentivized testnets, and developing 20 separate country-national Sei Twitter accounts. Sei Network’s growth, support, and activity have been excellent in the first quarter of the year, and the company is ready to continue making advancements in the cryptocurrency sector.
Relative Links: https://linktr.ee/seinetwork
