Sei (SEI)

Sei is a permissioned Layer 1 blockchain designed for trading

Basics

• Based in:
• Started in / Announced on:
• Testnet release:
• Mainnet release:

Audits & Exploits

• Bug bounty program can be found [insert here].

Token

Utility

• The docs write about staking and voting (13-10-2022)

Technology

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

Implementations

• Built on: Built using the Cosmos SDK and Tendermint Core
• Consensus mechanism: PoS
• Algorithm:
• Virtual Machine:
• Development language:

Transaction Details

• Capacity (TPS): 22000 (13-10-2022)
• Latency: 600ms (13-10-2022)

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."

• From their website (13-10-2022):

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

Upgrades

• Can be found here (8-2022), all are testnet ones.

Interoperability

• Partnered with Multichain (11-10-2022).

Oracle Method

• Uses frequent batch auctioning to prevent frontrunning (13-10-2022).
• From the docs (8-2022):

"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."

Roadmap

• Can be found [Insert link here].

Usage

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.”"

Pros and Cons

Cons

• A permissioned chain

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

• From their website (13-10-2022):

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

• Part of the Cross Chain Coalition (10-2022).

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