Sei - Bringing Unparalleled Speed in the Multi-Chain Era
Accelerating Blockchain Innovation with High-Speed Solutions
CryptoJeter is your passage to discovering insights within transformative startups and essential topics in the crypto industry.
Blockchain technology will disrupt life’s normalities like finance, social media, and art. If you are curious about how crypto will impact your world, be sure to subscribe.
Feel free to reach out:
Twitter: @cryptojeter Email: Jeter@cryptojeter.com
Wallet (Support it Appreciated): CryptoJeter.eth
Topics Covered
The Continued Evolution towards a Multichain Future
Sei Network Brings Unparalleled Speed to Market
Developing a Parallelized EVM Platform
Developer Interest Outside of Ethereum
Quick Notes🏃♂️
The blockchain industry is evolving towards a multichain future, driven by new Layer 1 chains designed for specific use cases.
This shift is a response to limitations in Ethereum's transaction speeds, encouraging developers to seek platforms that deliver better user experiences.
Sei network has emerged as a key player, prioritizing transaction speed to attract developers and projects, offering high transaction throughput and quick finality times.
In response to the growing trend of multichain development, Sei is creating the first fully parallelized EVM, aiming to enhance scalability and efficiency.
This development is part of Sei's strategy to improve overall user experiences and foster stronger partnerships with other EVM-compatible chains.
Sei Network is strategically positioning itself for growth in the upcoming bull market, targeting developers from the Ethereum ecosystem and beyond.
Full Analysis📝
Sei Network Pioneers the Evolution of Crypto with Specialized Solutions for Trading and Beyond
In 2024, it is all but inevitable that the future of the industry will be multi-chain.
Since this debate, many new L1 chains have been innovated.
As we migrate to this future, new chains are being designed for specific use cases.
Why?
Because Ethereum, the original L1 with dApp development in mind, struggles with insufficient transaction speeds.
With this in mind, developers aim to build on foundations that provide their customers with the highest quality user experience.
As a reader, please remember that the crypto industry is still less than 20 years old.
But in its infancy, there is a lot of discussion regarding the validity of the technology.
Thus, speculation makes sense as the primary use case of this groundbreaking innovation.
Currently, trading is the way that the average person interacts with the crypto space.
But as this space matures, the adoption of products leveraging technology will increase.
While many correlate trading with candlesticks,
Trading impacts as most crypto applications heavily rely on trading functionalities.
Thus, the Sei Network (SEI) was created to focus on the near-term use case and will aim to evolve as the demand for new abilities becomes less opaque.
Since its inception, Sei has rapidly expanded, becoming a key player in the crypto ecosystem with its innovative features and growing influence in decentralized finance.
Capturing Developer Interest with Unmatched Speed in the Rising Tide of Web3 Innovation
As mentioned earlier, developers are seeking other chains to build on than Ethereum.
Additionally, Electric Capital reported that new crypto developers wrote code in Ethereum.
This was 2.7 times greater than the next ecosystem and points to Ethereum’s massive developer share.
But it should be noted that over 6,000 new builders chose to build on Polygon.
Additionally, another 4,700 new developers chose to build on Solana.
Thus, it’s likely that Ethereum benefits from being a first mover in dApp development.
Sei is launching at a time when the hunger for building in web3 is rising.
The ecosystem has attracted nearly 120 projects to the ecosystem.
Keep in mind that the network went live in August of 2023.
This rise in interest for Sei stems from existing L1 blockchains' struggles with scalability, reliability, and speed.
But the area that Sei prioritizes is speed.
Currently, Sei has a faster transaction output than other top layer 1 networks.
For example, at 20,000 orders per second, Sei’s transaction output is double Solana’s.
Ethereum doesn’t even compete in this metric.
The pioneer’s output is 20 transactions per second.
Sei’s transaction finality time is 380 milliseconds.
Thus, trading is the primary use case for the blockchain.
The Electric Capital developer report highlights the surge of new crypto developers correlates with the price action.
With a bull cycle on the horizon, Sei is positioned to drive traction for new developers.
CryptoJeter Readers Say….
“CryptoJeter allows me to stay up to date on everything crypto and web3. I use it like a cheat sheet for work!” - Errol, Banker
Errol is like YOU and ME.
He wants to understand how crypto will be relevant to the financial markets, his daily life, and his financial future.
Are you willing to miss out on game-changing insights about Sei and it’s rising position in blockchain?
Click “Subscribe Now” for more premium content like this.
Crypto Innovation with Strategic Focus and Elite Backing from Industry Titans
The team at Sei Network has identified transaction speed as an area to focus on.
Thus, it has acquired capital from top venture firms in the crypto ecosystem.
These include Multicoin Capital, Jump Crypto, and Coinbase Ventures.
Sei was founded by Jeff Feng and Jayendra Jog who have complementary skill sets.
It would make sense for the team to be successful in fundraising as Jeff has a strong financial background.
Before co-founding Sei Labs, Jeff was a member of the TMT team at Goldman and a venture investor at Coatue.
Jayendra is a former software engineer at Robinhood for three years.
At Robinhood, Jayendra focused on crypto withdrawals.
Merging investor experiences with crypto trading expertise is a strong signal for Sei’s vision.
Most recently, Sei made a key hire to the team in the ecosystems, Justin Barlow.
Justin is a founder who’s exited and most recently an investor with Solana Ventures.
His presence should help Sei expand its footprint within the crypto industry.
Sei Network's Vision for a Parallelized EVM Future
As mentioned earlier, developers are choosing to deploy applications on various chains.
Multi-chain developers have increased 10 times since 2015.
Unsurprisingly, Ethereum's developer influence leads most to build on EVM-compatible chains.
Developers don’t have to only deploy their dApps on the Sei network.
Currently, Sei sees this opportunity as the network is preparing to launch its V2 upgrade.
According to Sei, EVM compatibility has been top of mind for many developers.
Thus, Sei is building the first fully parallelized EVM.
Parallel processing significantly increases the throughput of the blockchain.
This allows the chain to not only handle more transactions in a shorter period
But also improve the overall scalability and efficiency of a network.
Thus, blockchains can meet the demands of growing ecosystems of users and applications.
With this developer demand, partnerships with other EVM-compatible blockchains make sense.
Sei’s transaction speeds should be very attractive to developers.
But, other chains may offer value that Sei developers are interested in leveraging.
Thus, these partnerships can progress better user experiences for developers.
Additionally, increasing-price actions are predicted in the near term.
Thus, more new developers may enter the crypto space en masse.
If Sei follows the data, the team may be interested in growing its early developer event presence.
This would enable the team to gain exposure to new crypto developers and grow Sei’s brand.
Additionally, education is still a priority and will be a central focus as the market improves.
It wouldn’t be surprising for Sei to focus on educating builders on the importance of trading outside of DeFi.
If Sei can educate the market and builders, developers will be more inclined to consider building on the network.
Targeting Developers and Enhancing User Experience for a Stronger Presence in the Crypto Market
Sei has the potential to attract many developers in this upcoming bull market
But the team has to strategize to get developers to experiment with the protocol
Thus, it makes sense to focus on marketing and business development in the near term.
If Sei prioritizes those two things, the Ethereum ecosystem should be a target audience.
Ethereum is the gateway for many developers.
Thus, Sei will be able to grow with developers as their apps become multichain.
One thing that isn’t talked about that is very important is the importance of trading.
Sei could create a curriculum for developers in crypto to understand why it matters.
This curriculum can influence developers to explore blockchains with higher output.
Thus, driving more developers to the Sei network.
Lastly, Sei should continue to drive the user experience not only for developers
But also ensure that end users strongly review the applications built on Sei.
Ultimately, focusing on growth and user experience will drive Sei’s reputation in crypto.