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Sei is recognized as the first sector-specific Layer 1 blockchain, focused on optimizing trading processes, thereby offering decentralized exchanges (DEXs) a competitive edge.
Sei looks to ensure that exchanges can operate with the risk of catastrophic downtimes. Sei's token (SEI) enables transaction fee payments, staking, and participation in network governance decisions.
The founders of Sei, Dan Edlebeck and Jayendra Jog, wanted to address a gap in the cryptocurrency ecosystem, particularly for DEXs who have historically been underserved by existing blockchain technologies.
The Sei blockchain launched on August 15, 2022.
The Sei Network uses a Twin-Turbo consensus mechanism to address blockchain efficiency and improve block finality. These features along with its built-in orderbook and matching engine promise a more efficient, transparent, and user-friendly trading experience. Besides the Twin-Turbo consensus, Sei has an in-built order placement and matching engine at the Layer 1 level, which allows it to develop on-chain orderbook-based crypto exchanges. This chain-level engine helps developers build a Central Limit Order Book (CLOB) system for decentralized trading platforms.
