MEXC, a prominent platform for crypto trading across the globe, declared to release a fund of up to $20 million devoted to back the development of chief programs on Sei Network. The main purpose of the Layer-1 blockchain-based Sei Network is to facilitate crypto trading. The network is focused on offering a customized application atmosphere for decentralized exchanges (DEX).
MEXC Introduces Ecosystem Fund of $20M to Back Sei Network’s Wide Range Adoption
Structured from bottoms-up to scale with the decentralized exchanges’ requirements, Sei has made many modifications to Layer 1 aiming at offering an unfair benefit to the exchanges. One of them is a local engine for order matching and it drives the Sei-based order book decentralized exchanges’ scalability. Another deals with protection against frontrunning as it confronts bad frontrunning seen in most of the other ecosystems.
Sei’s layer 1 additionally has a clever block propagation and advances throughput and latency. Apart from that, it also takes into account a sub-second settlement making the network the most rapid chain with ~600ms as its estimated finality. With all these optimizations, it becomes probable for the latest financial-product types to emerge, taking into account everything like futures, complex options, live sports betting, and so on.
Sei Endeavors to Minimize Client Issues with Unique Optimizations
In line with the above-mentioned modifications, Sei can deal with the issue of frontrunning transfers. This permits the consumers to circumvent unnecessary damages. Sei Labs is the development team at the back of Sei and there are diverse core benefits thereof. It has developers from Airbnb, Databricks, Robinhood, etc. with enhanced proficiency in the structure of the order book, the Cosmos stack, as well as the infrastructure.
The development team includes Cosmos OGs and they have driven the ecosystem for several years. It additionally takes into account strategy and finance participants from other market makers like Goldman Sachs to fill the holes between the organizations and the decentralized finance. In August 2022, a $5M amount was collected by Sei from its investors taking into account Flow Traders, Hypersphere, GSR, and Hudson River Trading.
The other investors include Delphi Digital, Coinbase Ventures, Multicoin Capital, and so on. The latest capital is to be utilized for the support of the network. It will facilitate mainnet release along with further releasing the advancement of more than 20 dApps which are in advance constructed in the ecosystem of Sei.
