On the evening of August 17, the 36th issue of Launchpool new coin mining Sei (SEI) launched by Binance was a guest on the Binance Chinese telegram group. Cora@Cora_Chen, the head of growth in China and Southeast Asia, shared information about the Sei project. Binance Chinese The community discord carried out simultaneous broadcast. The following is a collection of content shared this time!
Background introduction
Sei is an open source, general-purpose Layer 1 blockchain built from scratch specifically for trading digital assets. This covers a wide range of assets and activities, including tokens, NFTs, real-world assets, Metaverse assets, and more. Providing the best infrastructure for all trading applications, optimizing every layer of the stack to meet the unique needs of modern trading. Jay, the founder of Sei, got involved in the encryption field in 2017. Later, he joined RobinHood and stayed for nearly four years, witnessing the rapid growth of Ronbinhood. In 2021, he and his partner Jeff began building a decentralized Robinhood and eventually Sei. Another founder, Jeff, started his career at Goldman Sachs (2017-2020) before joining Sei, where he engaged in TMT (technology, media and communications) investment banking and gained an in-depth understanding of the technology finance field. After leaving Goldman Sachs, his passion for innovative technologies led him to become a venture investor at Coatue Management (2020-2022), paying more attention to innovative technologies and committing to promoting the growth of early-stage companies. These experiences fueled his drive to revolutionize financial infrastructure through decentralization. This drive, coupled with a reunion with his high school friend Jay Jog, eventually led to the creation of Sei Labs in 2022.
Q1: Can I send assets from my EVM wallet to Sei Network? Do you have a bridge to achieve this action?
Yes, Sei currently supports cross-chain through third-party bridges Wormhole, Axelar and ibc. When bridging via Wormhole's Portal Bridge, the source assets are locked in the smart contract and the assets wrapped by Wormhole are minted on the Sei chain. Axelar is a blockchain that connects blockchains, enabling secure inter-chain communication and asset transmission. When bridging through Axelar, the source asset will be deposited into a one-time address, and the funds will be transferred to Sei's destination address after Axelar Network confirms the deposit. Currently, Sei's bridge supports some mainstream assets on Ethereum, Polygon, Arbitrum, BNB Smart Chain, Optimism and Osmosis. The Sei Foundation’s airdrop plan includes airdrops to active users of Ethereum, Polygon, Arbitrum, BNB Smart Chain, Optimism and Osmosis.
Q2: Why did you decide to build Sei as L1 instead of L2?
Sei was built into L1 to better meet the speed, reliability, throughput, pre-emptive trading, etc. required by trading applications. In contrast, L2 is built into the existing network, while dedicated L1 provides the freedom to build an optimal trading environment from scratch. So we built it from scratch specifically for trading digital assets. This covers a wide range of assets and activities, including tokens, NFTs, real-world assets, Metaverse assets, and more. The goal is to provide the best infrastructure for all trading applications, optimizing each layer of the stack to meet the unique needs of modern trading.
Specifically, Sei as L1 has the following characteristics:
1/Quick enough. The minimum transaction final confirmation time is 300 milliseconds. Sei’s speed is due to its novel Twin-Turbo consensus mechanism.
2/Speed is not Sei’s only feature. It is also highly scalable, supporting up to 20,000 orders per second. This makes Sei the platform of choice for many applications, ushering in a new era of decentralized applications.
3/Sei is an infrastructure that is not only fast and scalable, but also prioritizes security. Some of the world's largest institutions trust Sei, which is not only powerful, but reliable.
4/ But Sei doesn’t stop there. Its design is constantly iterated to adapt to industry developments. Sei has built-in interoperability and language compatibility to adapt to the latest needs of developers and users.
5/ Trading teams can directly use its native matching engine. Based on market-oriented parallel processing, Sei can efficiently handle large amounts of transactions.
6/Front-running in the blockchain ecosystem is an important issue. Sei solves this problem by providing front-running protection, combating MEV, and ensuring a fair and secure environment for users and developers.
7/Sei is also committed to sustainability. Leverage proof-of-stake and other innovative technologies to maintain minimal impact on the environment. The Sei Foundation is committed to achieving carbon neutrality and leading the digital asset industry towards higher energy efficiency.
Q3: What technology does Sei use to meet these needs of transactions?
Sei uses the Twin-Turbo consensus mechanism. In a regular blockchain, orders are usually executed sequentially. Sei has implemented a parallel order matching system, which means that the order matching processes of different markets (trading pairs) can run simultaneously. Suppose two market makers in different markets submit 10 orders. The 10 orders they submitted were each packaged into one transaction. These 20 orders are then further consolidated into one transaction, calling a smart contract, and then using the order matching engine to execute these transactions in parallel on their respective markets. Through the Twin-Turbo consensus mechanism, Sei shortened the block confirmation time to 300 milliseconds, achieved the fastest final block confirmation time on the entire network, and achieved a throughput of 20,000 transactions per second. This efficient consensus mechanism also makes Sei an efficient, scalable and programmable blockchain system, providing faster and more efficient services for DEX.
In addition to the three major improvements mentioned above, Sei has also added other features to the base layer. These include:
Single block order execution: In Sei, orders are allowed to be placed and executed in a single block
Frequent batch auctions: Market orders can be aggregated at the end of a block for liquidation at a single price. This approach is designed to try and minimize front-running.
Order bundling: Market makers can update prices in multiple markets in a single transaction, increasing efficiency.
Native price oracles: Native price oracles are integrated into Sei’s base layer to ensure reliable price information from the on-chain market.
The introduction of these functions can further improve the efficiency and scalability of Sei, making it a more comprehensive blockchain network and providing better services for DEX.
Q4: You describe Sei as a public chain optimized for trading and digital asset exchange, so why is it optimized for this use case?
Because asset exchange is the most basic use case of blockchain. Whether it is tokens, NFTs, or in-game assets, the redemption function is crucial to the user experience. By focusing on the optimization of this case, we ensure that Sei can provide excellent performance for these core functions, resulting in a more efficient and seamless trading experience. As Web3 continues to grow and digital assets become increasingly available, the need for the exchange of these assets will only continue to increase. Regulatory pressure on centralized exchanges may further drive on-chain trading volume and activity. As this trend continues, Sei aims to lead this evolution, providing a robust infrastructure capable of meeting the needs of the next generation of on-chain trading platforms.
Q5. I learned that a new event, Code Sei Hackathon, has been launched recently, which is good news for Defi and Gamefi enthusiasts and builders. Can Cora explain it in detail?
We are currently hosting a Code Sei hackathon. This hackathon is co-organized with Alibaba Cloud and Beosin, and co-organized with MoleDAO and BuildlerDAO. The event will take place from August to September 2023 and will bring together some of the most ambitious and innovative ideas in the DeFi and Gaming Web3 ecosystem, with experts and businesses from various fields such as trading, infrastructure, cloud computing, security auditing and more support. The total prize pool is up to $100,000. Support DeFi and Game Builders and Projects: Sei wants to launch at the Code Sei Hackathon to support DeFi and game developers and projects that want to take advantage of Sei’s fastest transaction stack. Sei hopes to support and empower outstanding talents and teams in the Web3 field and assist them in jointly exploring the huge development space of Web3 on a global scale.
Question 6. What wallets can currently use the L1 public chain Sei?
Currently, the wallets that natively support SEI are Compass and FIN, both of which have Google Chrome plug-ins that can be downloaded. Features include: sending and receiving assets over the Sei network, supporting all assets on mainnet and testnet. Connect to multiple dApps and trade seamlessly, explore DeFi and web3 on Sei. Superior wallet management: Create multiple wallets using the same mnemonic phrase and switch seamlessly when needed. NFT Gallery allows you to view all collections of nft. There is an activity log to keep you informed of your asset transactions. The address book can save trusted addresses for frequent use. FIN’s wallet features include: instantly send and receive tokens with low fees; easily mint and collect NFTs; interactive, intuitive display of NFTs; efficiently manage your portfolio; and easily navigate the entire Sei ecosystem.
Question 7. What is the best way for our listeners to engage with Sei?
There are many ways to participate in Sei. If you are a developer, we would like to invite you to join the many teams already building on the Sei ecosystem. Or attend a hackathon. Or be Sei's development ambassador, etc. If you’re keen to learn more about Sei and its development, you can follow the Sei team on Twitter to get some of the latest updates. Now that the mainnet is online, you can immediately try out applications in the Sei ecosystem and some products from partners. Sei will launch activities one after another in the future. Please look forward to it.
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