In the realm of cutting-edge technology, Sei Labs, the organization driving layer 1 blockchain Sei, took center stage recently by declaring that its mainnet has conclusively gone live post a triumphant testnet phase. Concomitantly, SEI, Sei’s native token, made its entry on prominent exchanges such as Binance, Kraken and Huobi.
The core intent behind Sei is the development of a chain that offers its users asset exchange with utmost simplicity, a vision shared by the team propelling the blockchain. This inclusivity extends not just to assets aligned with social platforms or games but also to Non-Fungible Tokens (NFTs), indicating the endeavor of Sei to provide seamless experiences. Jeff Feng, co-founder of Sei Labs, has emphasized on this differential approach, stating their mission isn’t about grappling with a technological impediment but rather about simplifying asset exchange.
While some may perceive Sei as a decentralized finance (DeFi) centric chain, Feng elaborates that their focus is nuanced towards social platforms, gaming and carbon credits rather than solely DeFi assets. Speed is another dimension where Sei sets itself apart from its peers. Jay Jog, the co-founder, showcases Sei’s prowess by claiming it to be 10 times speedier than Solana, capable of achieving transaction finality in a mere 250 milliseconds with a buffer of 100 milliseconds to sustain protocol balance.
Hosting over 200 teams and boasting more than 7.5 million unique wallets, Sei has set its stage magnificently. Also, the networking pipeline is quite impressive with an expected launch of Sushiswap’s decentralized perpetual futures exchange on Sei’s network.
Sei Labs isn’t just a product of ambition and innovation but is also backed by robust funding. In May, the company managed to raise about $30 million across two funding bouts, featuring investors like Jump Crypto, Multicoin Capital, and Flow Traders.
Nonetheless, it warrants recalling that every leap in the digital world walks hand in hand with a shadow of apprehension. Technological advancements must tread the balance between achieving their ambition of simplifying processes and securing these transactions from potential digital threats. The coin, therefore, always possesses two sides.
Source: Coindesk
