Difference between revisions of "Sei (SEI)"

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(Created page with "[https://www.seinetwork.io/ Sei] is a Layer 1 blockchain designed for trading ==Basics== *Based in: *Started in / Announced on: *Testnet release: *Mainnet release: ==History== ==Audits & Exploits== *Bug bounty program can be found [insert here]. ===Bugs/Exploits=== ==Governance== ===Admin Keys=== ===DAO=== ===Treasury=== ==Token== ===Launch=== ===Token Allocation=== ===Utility=== * The [https://docs.seinetwork.io/governance/creating-propos...")
 
 
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[https://www.seinetwork.io/ Sei] is a [[Layer One|Layer 1]] [[blockchain]] designed for trading
[https://www.seinetwork.io/ Sei] is a [[permissioned]] [[Layer One|Layer 1]] [[blockchain]] designed for trading


==Basics==
==Basics==
Line 5: Line 5:
*Started in / Announced on:
*Started in / Announced on:
*[[Testnet]] release:
*[[Testnet]] release:
*[[Mainnet]] release:
*[[Mainnet]] release: [https://twitter.com/SeiNetwork/status/1691428580276752385 15-8-2023]
*Not to be confused with [[Sui (SUI)|Sui]]
==History==
==History==
==Audits & Exploits==
==Audits & Exploits==
*[[Bug bounty]] program can be found [insert here].
*[[Bug bounty]] program can be found [insert here].
===Bugs/Exploits===
===Bugs/Exploits===
* [https://usmannkhan.com/bug%20reports/2024/06/17/sei-bug-report.html Someone] found a black swan event type bug (4-2024):
''"In April 2024, I found and reported two critical bugs to Sei Network concerning their layer-1 blockchain. One of these issues impacted the chain’s availability, and the other its integrity. The Sei Foundation awarded me $75,000 and $2,000,000 respectively for these reports.''
''Both issues were caught after the code had been audited, merged, and slated for release but before it was shipped to production. As a result, no funds were put at risk. If it had made it to [[mainnet]], the funds at risk from issue 2 would have been the entire Sei token market cap, or about $1B USD mark to market."''
==Governance==
==Governance==
===Admin Keys===
===Admin Keys===
===DAO===
===DAO===
===Treasury===
===Treasury===
* Sei Foundation [https://x.com/Sei_FND/status/1775947126532390976 announced] a $10m grants fund for the creation and growth of NFT and Social projects on Sei (5-4-2024).
==Token==
==Token==
===Launch===
===Launch===
Line 24: Line 35:
==Coin Distribution==
==Coin Distribution==
==Technology==
==Technology==
*[[Whitepaper]] or docs can be found [insert here].
*[[Whitepaper]] or docs can be found [https://github.com/sei-protocol/sei-chain/blob/master/whitepaper/Sei_Whitepaper.pdf here] (28-10-2022).
*Code can be viewed [insert here].
*Code can be viewed [insert here].
===Implementations===
===Implementations===
Line 34: Line 45:
====Transaction Details====
====Transaction Details====
*Capacity ([[TPS]]): [https://www.seinetwork.io/ 22000] (13-10-2022)
*Capacity ([[TPS]]): [https://www.seinetwork.io/ 22000] (13-10-2022)
*[[Latency]]: [https://www.seinetwork.io/ 600ms] (13-10-2022)
*[[Latency]]: [https://www.seinetwork.io/ 600ms] (13-10-2022), [https://x.com/jayendra_jog/status/1729865521963864352 finalizing] blocks in 390ms (29-11-2023).
===How it works===
===How it works===


* From their [https://www.seinetwork.io/ website] (13-10-2022):
* From a [https://whitestardigitalasset.substack.com/p/white-star-capital-digital-assets-a99 deep dive] by White Star Capital (26-10-2022):
''"Sei is bringing [[On Chain|on-chain]] orderbooks back in vogue. On-chain orderbooks are difficult to build compared to relatively simple smart contracts behind [[Automated Market Makers (AMM)|AMMs]], and unlike [[Off Chain|off-chain]] orderbooks, recording not only every executed [[Transaction (Tx)|transaction]] but every order results in congestion, slower transactions, and higher fees. Sei, a '''permissioned''' [[Layer One|Layer 1]] blockchain optimised for [[Decentralized Finance (DeFi)|DeFi]], has tried to solve exactly that. It is tailored mainly for exchanges, and although it told me they had interest from AMMs and [[Non Fungible Tokens (NFTs)|NFT]] marketplaces too, its built in central limit order book (CLOB) has made it primed for orderbook [[Decentralized Exchange (DEX)|DEXs]]. Unlike order-book DEXs that are built on generic purpose blockchains (e.g. [[Serum (SRM)|Serum]] and [[Solana (SOL)|Solana]]), building an orderbook Layer 1 from scratch allows it to adapt the consensus mechanism and order sequencing and processing to optimise for trading. The very fact that it is a central on-chain orderbook (i.e. all resting orders and all executed orders are recorded on chain) also means that every dApp building on it, from live sports betting to complex options and futures exchanges, can share [[liquidity]] with one another. This has the potential to become a thriving ecosystem where smaller DEXs and newer tokens actually stand a chance."''
*From their [https://www.seinetwork.io/ website] (13-10-2022):


''"Sei features a native order matching engine that any application can leverage to instantly spin up new markets."''
''"Sei features a native order matching engine that any application can leverage to instantly spin up new markets."''
Line 44: Line 57:
===Upgrades===
===Upgrades===


* Can be found [https://docs.seinetwork.io/nodes-and-validators/upgrades here] (8-2022), all are testnet ones.
* [https://x.com/jayendra_jog/status/1729865532411916741?s=20 V2] will have [[Ethereum Virtual Machine (EVM)|EVM]] support, Optimistic [[parallelization]] & SeiDB (29-11-2023), V2 went [https://x.com/jayendra_jog/status/1795110302368854191 live] (27-5-2024).
*Can be found [https://docs.seinetwork.io/nodes-and-validators/upgrades here] (8-2022), all are testnet ones.


===Staking===
===Staking===
Line 51: Line 65:
===Scaling===
===Scaling===
===Interoperability===
===Interoperability===
* [https://twitter.com/SeiNetwork/status/1579537161384517632?s=20&t=hZ-0qG7OFo0Llmz37LezlA Partnered] with [[Multichain (ANY)|Multichain]] (11-10-2022).
===Other Details===
===Other Details===
==Oracle Method==
==Oracle Method==
Line 63: Line 80:
*Can be found [Insert link here].
*Can be found [Insert link here].
==Usage==
==Usage==
* From [[Messari]] (18-7-2024):
''"On May 27, 2024, the Sei V2 upgrade went live, introducing three major upgrades to the network, namely [[Ethereum Virtual Machine (EVM)|EVM]]-compatibility. Since that day, Sei’s [[Total Value Locked (TVL)|TVL]] has increased 229% to $95.3 million.''
''Sei beat [[Monad]] to market, becoming the first [[Parallelization|parallelized]] and EVM-compatible network to go live. Sei V2 resulted in a host of new DeFi protocols launching, the top two being:''
* ''Yei Finance, Sei’s first borrowing and lending protocol, is a [[fork]] of [[Aave (AAVE)|Aave]] V3 and features SEI, [[Tether (USDT)|USDT]], and [[US Dollar Coin (USDC)|USDC]] for borrowing and lending.''
* ''Dragon Swap, Sei’s first EVM-compatible [[Decentralized Exchange (DEX)|DEX]] that became its top exchange, unseating [[Astroport (ASTRO)|Astroport]].''
''Then, at the end of June, the top two introduced points programs, spurring further TVL growth.''
* ''Yei Finance launched a points program on June 17, 2024.''
* ''Dragon Swap launched a points program on June 25, 2024."''
===Projects that use or built on it===
===Projects that use or built on it===


* [https://www.seinetwork.io/ecosystem Claims] to have 50+ projects building on it. However, the website then says: ''"Built On Sei offers a comprehensive list of projects built on [[Serum (SRM)|Serum]] and [[Solana (SOL)|Solana]]."''
* [https://www.seinetwork.io/ecosystem Claims] to have 50+ projects building on it. However, the website then says: ''"Built On Sei offers a comprehensive list of projects built on [[Serum (SRM)|Serum]] and [[Solana (SOL)|Solana]]."'' [https://techcrunch.com/2022/09/28/crypto-trading-focused-blockchain-sei-launches-50m-ecosystem-fund/ From] Techcrunch (28-9-2022):
''"So far, Sei’s ecosystem has over 50 teams, mainly coming from blockchains like [[Solana (SOL)|Solana]], [[NEAR (NEAR)|NEAR]], [[Polkadot (DOT)|Polkadot]] and the defunct [[Terra Classic (LUNC)|Terra]], Feng shared. “They’re teams that have already raised venture funding and launched their applications, but felt that their current layer-1 ecosystems lacked what allowed them to really scale and provide the best user experience, which is why they came to us,” Feng said. “All of these teams came over without any incentives.”"''


==Competition==
==Competition==
Line 71: Line 104:
===Pros===
===Pros===
===Cons===
===Cons===
* A [[permissioned]] chain
==Team, Funding and Partners==
==Team, Funding and Partners==
===Team===
===Team===
*Full team can be found [here].
*Full team can be found [here].
*Jeff Feng and Jay Jog; co-founders ([https://techcrunch.com/2022/09/28/crypto-trading-focused-blockchain-sei-launches-50m-ecosystem-fund/ 29-9-2022])
*From their [https://docs.seinetwork.io/introduction/overview docs] (9-2022):
*From their [https://docs.seinetwork.io/introduction/overview docs] (9-2022):
''"Sei Labs is comprised of three types of backgrounds:''  
''"Sei Labs is comprised of three types of backgrounds:''  
Line 83: Line 120:
===Funding===
===Funding===


* From their [https://www.seinetwork.io/ website] (13-10-2022):
* Had a [https://twitter.com/SeiNetwork/status/1724794822341578891 strategic investment] by [[Circle]] Ventures (15-11-2023).
*Sei Labs is [https://www.theblock.co/post/213461/sei-network-developer-raising-funds-at-400-million-token-valuation-sources raising] Series A at $400 million token valuation (21-2-2023).
*From their [https://www.seinetwork.io/ website] (13-10-2022):


[[Multicoin Capital]], [[Coinbase (Company)|Coinbase]], [[Delphi Digital]], HRT, GSR, [[Flow]] Traders, [[Anchorage|Anchorage Digital]]'s [[Nathan McCauly]], [[0xMaki]], [[Sam Kazemian]]
[[Multicoin Capital]], [[Coinbase (Company)|Coinbase]], [[Delphi Digital]], HRT, [[GSR]], [[Flow]] Traders, [[Anchorage|Anchorage Digital]]'s [[Nathan McCauly]], [[0xMaki]], [[Sam Kazemian]]
 
* [https://techcrunch.com/2022/09/28/crypto-trading-focused-blockchain-sei-launches-50m-ecosystem-fund/ From] Techcrunch (28-9-2022):
 
''"Launched a $50 million ecosystem and liquidity fund to support new decentralized finance (DeFi) applications on its platform."''


===Partners===
===Partners===
* Part of the [[Cross Chain Coalition]] ([https://crosschaindev.substack.com/p/cross-chain-weekly-21 10-2022]).
==(:==
==(:==
Knowledge empowers all and will help us get closer to the [[decentralised|decentralized]] world we all want to live in!
Knowledge empowers all and will help us get closer to the [[decentralised|decentralized]] world we all want to live in!

Latest revision as of 05:13, 21 July 2024

Sei is a permissioned Layer 1 blockchain designed for trading

Basics

History

Audits & Exploits

Bugs/Exploits

  • Someone found a black swan event type bug (4-2024):

"In April 2024, I found and reported two critical bugs to Sei Network concerning their layer-1 blockchain. One of these issues impacted the chain’s availability, and the other its integrity. The Sei Foundation awarded me $75,000 and $2,000,000 respectively for these reports.

Both issues were caught after the code had been audited, merged, and slated for release but before it was shipped to production. As a result, no funds were put at risk. If it had made it to mainnet, the funds at risk from issue 2 would have been the entire Sei token market cap, or about $1B USD mark to market."

Governance

Admin Keys

DAO

Treasury

  • Sei Foundation announced a $10m grants fund for the creation and growth of NFT and Social projects on Sei (5-4-2024).

Token

Launch

Token Allocation

Utility

Other Details

Coin Distribution

Technology

  • Whitepaper or docs can be found here (28-10-2022).
  • Code can be viewed [insert here].

Implementations

Transaction Details

How it works

  • From a deep dive by White Star Capital (26-10-2022):

"Sei is bringing on-chain orderbooks back in vogue. On-chain orderbooks are difficult to build compared to relatively simple smart contracts behind AMMs, and unlike off-chain orderbooks, recording not only every executed transaction but every order results in congestion, slower transactions, and higher fees. Sei, a permissioned Layer 1 blockchain optimised for DeFi, has tried to solve exactly that. It is tailored mainly for exchanges, and although it told me they had interest from AMMs and NFT marketplaces too, its built in central limit order book (CLOB) has made it primed for orderbook DEXs. Unlike order-book DEXs that are built on generic purpose blockchains (e.g. Serum and Solana), building an orderbook Layer 1 from scratch allows it to adapt the consensus mechanism and order sequencing and processing to optimise for trading. The very fact that it is a central on-chain orderbook (i.e. all resting orders and all executed orders are recorded on chain) also means that every dApp building on it, from live sports betting to complex options and futures exchanges, can share liquidity with one another. This has the potential to become a thriving ecosystem where smaller DEXs and newer tokens actually stand a chance."

"Sei features a native order matching engine that any application can leverage to instantly spin up new markets."

Fees

Upgrades

  • V2 will have EVM support, Optimistic parallelization & SeiDB (29-11-2023), V2 went live (27-5-2024).
  • Can be found here (8-2022), all are testnet ones.

Staking

Validator Stats

Liquidity Mining

Scaling

Interoperability

Other Details

Oracle Method

"Sei has an Oracle module to support asset exchange rate pricing for use by other modules and contracts. When validating for the network, participation as an Oracle is expected and required in order to ensure the most reliable and accurate pricing for assets. For oracle pricing, the voting rounds have several steps to ensure integrity and consensus of pricing data prior to accepting the exchange rates as the source of truth. In each voting period, there are two aggregation steps that oracles must participate in."

Their Other Projects

Roadmap

  • Can be found [Insert link here].

Usage

"On May 27, 2024, the Sei V2 upgrade went live, introducing three major upgrades to the network, namely EVM-compatibility. Since that day, Sei’s TVL has increased 229% to $95.3 million.

Sei beat Monad to market, becoming the first parallelized and EVM-compatible network to go live. Sei V2 resulted in a host of new DeFi protocols launching, the top two being:

  • Yei Finance, Sei’s first borrowing and lending protocol, is a fork of Aave V3 and features SEI, USDT, and USDC for borrowing and lending.
  • Dragon Swap, Sei’s first EVM-compatible DEX that became its top exchange, unseating Astroport.

Then, at the end of June, the top two introduced points programs, spurring further TVL growth.

  • Yei Finance launched a points program on June 17, 2024.
  • Dragon Swap launched a points program on June 25, 2024."

Projects that use or built on it

  • Claims to have 50+ projects building on it. However, the website then says: "Built On Sei offers a comprehensive list of projects built on Serum and Solana." From Techcrunch (28-9-2022):

"So far, Sei’s ecosystem has over 50 teams, mainly coming from blockchains like Solana, NEAR, Polkadot and the defunct Terra, Feng shared. “They’re teams that have already raised venture funding and launched their applications, but felt that their current layer-1 ecosystems lacked what allowed them to really scale and provide the best user experience, which is why they came to us,” Feng said. “All of these teams came over without any incentives.”"

Competition

Pros and Cons

Pros

Cons

Team, Funding and Partners

Team

  • Full team can be found [here].
  • Jeff Feng and Jay Jog; co-founders (29-9-2022)
  • From their docs (9-2022):

"Sei Labs is comprised of three types of backgrounds:

  1. Developers from Robinhood, Databricks, Airbnb, etc. with extensive expertise in orderbook design, infrastructure and the Cosmos stack
  2. Cosmos OGs who have navigated the ecosystem for years
  3. Finance and strategy members from Goldman Sachs and other market makers who bridge the gaps between DeFi and institutions"

Funding

Multicoin Capital, Coinbase, Delphi Digital, HRT, GSR, Flow Traders, Anchorage Digital's Nathan McCauly, 0xMaki, Sam Kazemian

  • From Techcrunch (28-9-2022):

"Launched a $50 million ecosystem and liquidity fund to support new decentralized finance (DeFi) applications on its platform."

Partners

(:

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