Layer 1 Blockchain Optimized for Digital Asset Trading.
Sei is Layer 1 optimized for digital asset trading, is a general purpose blockchain, completely open source.
SEI is the native utility token. Current use cases for SEI include:
Network fees: Payment of transaction fees on the Sei blockchain.
Staking for DPoS validators: SEI holders can choose to delegate their holdings to validators, or stake SEI to run their own validators to secure the network.
Governance: SEI holders can participate in the future governance of the protocol.
Collateral: SEI can be used as liquid assets or collateral for applications built on the Sei blockchain.
Fee Market: Users can tip validators to have their transactions prioritized, which can be shared with users delegating to that validator.
Transaction fees: SEI can be used as fees for transactions built on the Sei blockchain.
The protocol includes the following important mechanisms that work together:
Twin-Turbo Consensus: Sei achieves a completion time of 400 milliseconds (10x faster than Solana and other high-performance blockchains).
Intelligent block propagation: Block proposals are sent along with a summary of transactions, allowing validators to build blocks locally. This makes for faster user response times.
Optimistic block processing: Blocks start being processed as soon as they are received by the validator, shortening response time for users.
Single slot finality: Validators need consensus on a block before that block can be added to the network. Therefore, Sei is resistant to reorganization, making the user experience seamless.
Parallelization: Sei achieves 20,000 instructions per second through parallel data processing. This allows Sei to process independent transactions at the same time to reduce transaction costs for users.
Prevent Front Running: Projects building on Sei can use order matching to prevent negative MEV conditions, such as frontrunning.
Native price oracles: Validators provide a decentralized and reliable source of price data for popular assets, providing a more reliable trading experience for users.
Permissionless smart contracts - Sei is a permissionless blockchain that allows developers to deploy Rust-based smart contracts.
The project has raised $35 million from three rounds of calling for equity investment. A total of SEI 2 billion will be distributed to equity investors.
As of August 1, 2023, the total supply of SEI is 10,000,000,000 and the circulating supply upon listing will be 1,800,000,000 (18.00% of total token supply).
Key figures (from 1 August 2023)
1. What is Sei?
Sei is Layer 1 optimized for digital asset trading, a fully open-source general purpose blockchain.
The advances Sei has made to its platform consensus mechanism and transaction processing have enabled it to perform parallel processing, with industry-leading precision and user experience. smoother for applications built on the Sei blockchain.
Sei is designed to address scalability and user experience issues with the goal of developing into the mainstream of Web3 applications. Digital asset trading is a popular function across gaming, social, NFT, and DeFi apps.
2. Main highlights of the project
Trustless - No need to rely on trust factor: Sei is a completely open source blockchain governed by a distributed group of stakeholders including individuals, validators, infrastructure providers, developers , applications, organizations, and other entities.
Sei Time to Finality - Transaction delay: Sei's consensus mechanism has single slot finality, which requires consensus of ⅔ of the network's voting power before a block can be added. This prevents unwanted reorganizations and forks, providing users with faster responses and preventing user transactions from being rolled back.
Single slot finality and twin turbo consensus mechanism give Sei a much better completion time than any main chain.
Source: Sei
Source: Sei
Intelligent block propagation: Instead of using the usual block propagation mechanism (diagram on the left), Sei sends compressed block proposals that include the hashes of all transactions in the block. This allows validators to build blocks locally, resulting in a 40% performance improvement. From there, users will receive faster responses.
Source: Sei
Optimistic Block Processing: Instead of processing blocks after consensus on the block (diagram on the left), the Sei blockchain starts processing blocks as soon as they are received. This improves performance by 33% and helps users respond faster.
Source: Sei
Parallelization: Instead of executing transactions one after another, Sei can determine which transactions are independent. These independent transactions can be performed at the same time, allowing Sei to process 20,000 orders per second, providing users with faster responses.
Source: Sei
3. Existing Products
Testnet metrics to date (July 2023)
Sei-js on-chain package: 28K
Total number of transactions processed: 400.2MM
Total wallet: 7.5MM
Highest number of daily active users: 984K
4. Sales and Token Economy
2.1 Token Allocation
SEI Token Allocation
SEI token release schedule
Disclaimer: The remaining Ecosystem Reserve tokens (~5.63%) will continue to be delivered after August 2030.
5. Roadmap and updates
5.1 Completion milestones
5.2 Current roadmap
Quarter 3 2023:
Mainnet launched.
Q4 2023 (admin by theme):
Supports temporary blob data.
Optimize status
H1 2024 (admin by theme):
Optimistic parallel mechanism.
Consensus improvements.
MEV Auctions.
Intra-validator sharding.
ZK Light clients application
5.3 Trade and business development progress
Sushiswap Launches Decentralized Perpetuals Exchange on Sei: Blue chip DeFi protocol SushiSwap has expanded to their first non-EVM blockchain with Sei, Link.
Tatami Joins Sei as Leading Web3 Game Publisher: Tatami enables Web3 games to be published to Sei users and integrated with other applications in the Sei, Link ecosystem.
Sei Foundation Hosts Bay Area Hackathon with OnePiece Labs: Over $200K in Prizes for Winning Teams, Link.
Sei Foundation sponsors the Tokyo Web3 Summer Hackathon: Supported by leaders from Softbank, Keio University, Sony, Link.
6. Community
Twitter | 519K followers
Discord | 676K followers
7. Appendix
Website
Blog