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Dec 21, 2023

Sei Launches Mainnet

News provided by 15 Aug, 2023, 09:00 ET Share this article All Aboard! 7.5 million already making waves in successful testnet NEW YORK, Aug. 15, 2023 /PRNewswire/ -- Sei Labs, which builds open

News provided by

15 Aug, 2023, 09:00 ET

Share this article

All Aboard! 7.5 million already making waves in successful testnet

NEW YORK, Aug. 15, 2023 /PRNewswire/ -- Sei Labs, which builds open sourced technology for the high-performance Sei blockchain, today announced after a successful Testnet alpha phase, which saw over 400 million transactions and 7.5 million unique testnet wallets created, the Sei Mainnet beta phase is now live. After successful alpha testing, the Mainnet beta phase is designed to be refined by the community and scale with the industry, making Sei the next-generation Layer 1 built to enable the mass adoption of digital assets. As a general-purpose open-source Layer 1 optimized for trading digital assets, any gaming economy, NFT marketplace, or decentralized exchange (DEX) will operate better on Sei than on any other chain.

"The fundamental use case for blockchains is the ability to exchange digital assets," commented Jay Jog, co-founder of Sei Labs. "Trading is universally important for all Web3 applications, not just DeFi. It includes social platforms, gaming economies, NFT marketplaces, and more. Exchange applications such as NFT marketplaces or gaming economies will offer the best user experience by building on Sei."

Sei leads the industry with its unparalleled speed, achieving time to finality in as little as 250ms - with a 100ms buffer to ensure protocol stability. To complement this, Sei has built-in parallelization, further optimizing performance. The network incorporates two pioneering advancements in consensus research, including a Twin-Turbo consensus, which allows Sei to reach performance milestones that no previous Layer 1 has accomplished. Additionally, Sei's integrated matching engine and front-running prevention are tailored to improve the user experience for apps built on Sei. With Sei's automatic transaction bundling feature, app throughput is enhanced, leading to a better user experience for all developers involved in the network.

With increasing regulatory scrutiny on centralized exchanges (CEXs), decentralized applications need to be ready to handle an increase in on-chain volume. Currently, trading applications face major scaling obstacles on existing Layer 1 and Layer 2 infrastructure. Sei solves this scalability issue, optimizing every layer of the stack to offer the best infrastructure for trading digital assets. Additionally, Sei nodes are geographically diversified in twelve countries across three continents allowing the network to avoid the risks, like power outages at a key data center, that can impact networks that haven't prioritized physical distribution of their nodes. By solving the issues of centralization, scalability, and capital efficiency, Sei is able to offer decentralized applications nearly the same user experience as any Web2 application while maintaining the trustless, permissionless ability to transact and prove ownership without risk of censorship.

Jeff Feng, co-founder of Sei Labs added, "Current Web 3 infrastructure is unscalable, congested, and still too slow. Sei is designed to let apps and other projects scale in a way that no other blockchain can, while also maintaining a user-friendly experience. Sei's mainnet ushers in a new generation of applications in Web3 that enable the exchange of digital assets to scale to global adoption."

With the launch of the Mainnet, Sei is enabling the beginning of a new era for digital assets. Over 200 teams are building on Sei, with over 7.5 million unique wallets and over 400 million testnet transactions. At launch, over 30 live applications are slated to launch with more to be released in the second half of 2023, including Sushiswap's highly anticipated new decentralized perpetual futures exchange. Other notable teams building on Sei include Astroport, Compass Levana, Pyth, Tatami and more.

Sei has also recently announced a Hackathon in partnership with OnePiece Labs to take place this September in Silicon Valley with additional hackathons planned for locations around the globe including Tokyo and Singapore. If you're a developer interested in building on Sei, you can apply for funding from the $120M Sei Ecosystem Fund here.

To learn more about Sei, visit sei.io.

About Sei Labs

Sei Labs is a contributor to the open-source Sei blockchain, the fastest Layer 1. Sei's unique chain-level optimizations enable decentralized exchanges and trading apps to offer the best user experience with modern performance and scalability. The Sei Labs team is composed of industry veterans from Goldman Sachs, Databricks, Robinhood, Google, and Nvidia.

Media Contact [email protected]

SOURCE Sei Labs