Outperforming Bitcoin, Ethereum and Solana in speed and transactional throughput, known as the fastest Cosmos chain and backed by elite global institutions, this Layer 1 has positioned itself at the forefront of the blockchain revolution.
Can you guess the L1?
What is the Sei Network?
Welcome to the Sei Network, the innovative EVM-compatible Layer 1 blockchain built using the Cosmos SDK. Sei was first launched in 2023 with backing from major VCs and institutions including Coinbase Ventures, Multicoin Capital, Circle and many others supporting the vision of this superior network.
How Does Sei Work?
Optimized for superspeed and ultracheap transactions, the Sei Network stands as the fastest parallel blockchain utilizing a Twin-Turbo consensus mechanism made up of the Delegated Proof-of-Stake (DPoS) alongside the Parallelized EVM.
Built with the purpose of offering the fastest and most efficient trading and DeFi applications, this unique consensus mechanism reduces latency and enables Sei Network to process a high volume of transactions, addressing issues such as front-running and transaction delays.
Thanks to the Sei Network’s compatibility with both the Cosmos ecosystem and the EVM, this makes the Sei Network one of the most interoperable networks of Web3, enabling developers to build and integrate the finest dApps fine-tuned for DeFi and decentralized trading.
Boasting incredible speed, Sei can process up to 12,500 transactions per second and achieve a 380ms block finality, branding it as the fastest blockchain in the entirety of Web3. As you can imagine, this attracted developers from across the chains and has resulted in a surge of apps in the Sei ecosystem.
Sei Ecosystem & Stats
Safe to say, Sei hosts one of the largest and most impressive ecosystems of over 281 applications dedicated to your every decentralized need. Ranging from DeFi protocols, such as Elixir and Uniswap, to Gaming, Data and AI, the Sei Network is home to some of the most powerful dApps in the world.
Across the entire network of dApps, Sei has facilitated over 4.74B transactions and according to data sourced from Dune, the Sei network has over 18.45M unique wallets with an average of 375K+ active weekly users.
Is it SEIfe to SEI that Sei is one of the most popular networks out there?
Sei Token ($SEI)
As for the native token powering the entire ecosystem, let us briefly explore the multiple utilities behind $SEI.
Primarily, the $SEI token is used to pay for any and every transaction fee that occurs on the network. Also, $SEI plays a pivotal role in securing the network through staking whether that is a Validator or Delegator and finally, $SEI tokens can be used to participate and vote in governance proposals!
Conclusion
According to CoinMarketCap, at the time of writing, $SEI is trading at a price of $0.1731 with a large market cap of $845.53M. In March 2024, the $SEI token peaked at an ATH of $1.14, marking a fall of around 85%. However, Sei is a network that has yet to experience a bull run and the $SEI token could very well break new highs if we see mass adoption in the coming bull market.
Official Sei Network Links
Disclaimer
The content provided in this article is purely informational and nothing said is financial advice. Proceed with caution and always invest what you are prepared to lose. Remember that you are entirely responsible for your assets and investments and the author and the publication do not endorse any of the cryptocurrencies, protocols and/or strategies in this article.
