Sei Labs nabs $30M to develop high-speed blockchain for trading
Summary
Its designed to support decentralized exchanges, markets and finance applications by providing high-speed transactions, high security and ease of interoperability.Investors in the rounds included Jump, Distributed Global, Multicoin, Asymmetric, Flow Traders, Hypersphere and Bixin Ventures. Solana, which is a much faster blockchain developed to process nonfungible tokens, supports 10,000 transactions per second with an equivalent 2.5-second transaction time.Infrastructure and applications historically come in cycles Ethereum and the last generation of public blockchains led to a Cambrian explosion of new decentralized apps over the past two years, said Sei Labs co-founder Jayendra Jog. Among those apps, exchanges and trading have achieved the clearest product-market fit but are held back by outdated Layer 1 blockchains. Our mission at Sei is to build the best infrastructure for trading.Blockchains such as Ethereum, although going through upgrades such as the Merge to reduce energy use, suffer from bottlenecks that cause throughput to slow down, generating immense fees for trading on the network. These include decentralized community management apps, nonfungible tokens, asset management, decentralized exchanges, marketplaces, gaming and wallets.This funding will accelerate our efforts to unlock the next cycle of new applications in Web3, enabling developers to build apps that are orders of magnitude more performant than before, said Jog.Show your support for our mission by joining our Cube Club and Cube Event Community of experts.