MEXC Allocates $20M to Support Sei Network’s Growth in Crypto Trading

• Singapore-based cryptocurrency exchange MEXC will allocate $20 million to support developments on Sei Network.
• Sei Network is a layer 1 blockchain designed for trading which features native order matching, frontrunning protection, smart block propagation and 600-millisecond on-chain trade settlement.
• Last August, Sei Network raised $5 million from investors such as Multicoin Capital, Coinbase Ventures, Delphi Digital, Hudson River Trading, GSR, Hypersphere, Flow Traders and others.

Singapore-based cryptocurrency exchange MEXC recently announced the launch of a $20 million ecosystem fund to support the development of Sei Network, a layer 1 blockchain designed for trading. Sei Network is an innovative blockchain which has native order matching, frontrunning protection, smart block propagation, and 600-millisecond on-chain trade settlement. According to Leo Zhao, investment manager of MEXC Ventures, the lack of a more efficient market-making strategy is largely due to technology restrictions such as low speed and smart-contract restrictions, and Sei Network’s customized Layer 1 solution will be a game changer in the industry.

In August of last year, Sei Network raised $5 million from a number of investors, including Multicoin Capital, Coinbase Ventures, Delphi Digital, Hudson River Trading, GSR, Hypersphere, Flow Traders and others. By then, the blockchain had already had over 20 decentralized applications built in the ecosystem. Sei Network claims that its blockchain can process approximately 22,000 orders per second and has 250,000 testnet users.

Decentralized exchanges are one of the most underserved applications in the cryptocurrency space, and many have chosen to migrate their blockchain from Ethereum to Cosmos in order to meet exchange trading specifications, as Ethereum simply cannot handle its orderbook of around 1,000 orders per second.

The fund from MEXC will go towards the expansion of the Sei Network ecosystem, and will enable the network to develop its capabilities further. With the new funding, Sei Network will be able to build more infrastructure and attract more developers to their platform. The team is also looking into the use of Layer 2 solutions and the development of new DeFi applications.

With the new funding, Sei Network is set to become a major player in the cryptocurrency space. The team is confident that the network will be able to meet the needs of traders and investors, and provide them with a secure, efficient, and reliable way to trade digital assets. The funds from MEXC will help the network reach its full potential, and make trading and investing in cryptocurrency easier than ever before.