Sei Network: a new branch in the development of DeFi?

Sei Network is a L1 blockchain that was created for DeFi. The project has taken a strong start, and does not give up its ambitions to become one of the leading blockchains.

Sei Labs unites goals

The Sei Network team was founded by a guy named Jeff F. He is a former technology, media and telecommunications investment banker at Goldman Sachs. He was backed by a software engineer at Goldman Sachs, Jayendra Jog.

According to Crunchbase, Sei Labs completed a $5 million funding round in August 2022. Frankly, this is not the best time on the market, the bearish trend continues, but investors were able to see the real value in the project. The investment was attended by Coinbase Ventures, Delphi Digital and Multicoin.

Sei Ecosystem

Despite the fact that the project is quite young, its ecosystem is developing unimaginably. I will list just a few, but I think they will be enough to understand that the project is really developing and striving to take high places in the DeFi blockchain rankings.

  • Vortex (Derivatives DEX for IBC Chains)
  • Pharaoh (Synthetic assets DEX with real world assets)
  • Axelar Network (Secure cross-chain communication for Web3)
  • Synthr (Synthetic assets protocol for collateral management & risk mitigation)
  • DeFund (Decentralized Exchange Traded Fund Protocol (DETF)
  • Keplr (Non-custodial, open-source, IBC-enabled wallet)
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Interesting numbers

According to Sei Network Ecosystem Development Leader at the end of September 2022, Sei Network has over 25,000 users after just 2 months of testnet operation. More than 50 teams that create projects on this blockchain.

At the moment, according to the official update on the project website, the number of testnet users is more than 40,000 users.

Not so long ago, Sei Network announced a giveaway of 1% of the total supply of tokens to users and testnet participants who support the project at an early stage. For details, please visit the Sei Network Team website.

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