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MEXC launches $20M ecosystem fund to support Sei Network

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Joyashree Dey Follow

INDIA

Jan, 09 2023

Jan, 09 2023

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The Singapore-based cryptocurrency exchange MEXC will set aside $20 million to support Sei Network projects, according to a blog post from January 4. Native order matching, frontrunning protection, smart block propagation, and 600-millisecond on-chain trade settlement are among the features of Sei Network, a layer 1 blockchain created with trading in mind.


Leo Zhao, investment manager of MEXC Ventures, commented: "AMM [automated market makers] was the dominant market-making method in crypto for the past 2 years." The lack of a more efficient market-making strategy is in large part because of technology restrictions like low speed and smart-contract restrictions. "We believe Sei’s customized Layer 1 solution will be a game changer in the industry."


Sei Network raised $5 million from investors including Multicoin Capital, Coinbase Ventures, Delphi Digital, Hudson River Trading, GSR, Hypersphere, Flow Traders, and others in a financing round last August. By that point, the ecosystem had produced more than 20 decentralized applications. Sei claims to have 250,000 testnet users and a blockchain that can process about 22,000 orders per second.


Similar to this, other decentralized solutions like dYdX decided to move their blockchain from Ethereum to Cosmos in order to meet exchange trading requirements. It was claimed by developers that Ethereum couldn't manage its orderbook, which averaged about 1,000 orders per second. The most underutilized crypto application is decentralized exchanges. They demand a distinct level of dependability, scalability, and speed requirements that no other apps require. While a brief outage of a major exchange is disastrous, most other application types can tolerate downtime much better.


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Joyashree Dey

CBW - External Analyst

INDIA

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