Sei Labs

Sei is a layer-1 blockchain protocol that includes a built-in order matching engine, native frontrunning resistance, and what is reportedly the fastest finality of any blockchain (600 ms) specifically for DeFi applications. These features enable any dApp to create and modify order books, enabling users to build decentralized applications such as order book-based exchanges, which can be used for spot trading, derivatives, options, and sports betting. The network uses a proof-of-stake consensus mechanism, enabling users to earn yields for staking its native token (SEI). The company also planned to add support for the Ethereum virtual machine (EVM) in its next major network upgrade.

In March 2024, Sei Labs launched an open-source project called the “Parallel Stack”. The project aims to increase Ethereum Virtual Machine (EVM)-based layer-2 blockchains' transactions per second (TPS) and minimize transaction fees, via parallel processing. Specifically, it plans to bring the solution's current 5000 transactions per second (TPS) count to 10,000 TPS by year-end. Additionally, Sei Labs announced that it would be continuing its work on upgrading its own layer-1 blockchain, which also utilizes parallel processing to conduct multiple transactions at once.

In May 2024, the protocol’s network processed over 1.2 billion transactions.

Key customers and partnerships

As of May 2024, notable companies building on Sei included Sushiswap, Astroport, Compass Levana, Pyth, and Tatami.

Funding and financials

In April 2023, Sei raised USD 30 million in two strategic funding rounds from Jump, Distributed Global, Multicoin, Asymmetric, Flow Traders, Hypersphere, and Bixin Ventures, among other investors. The funds were earmarked for accelerating the platform's growth and expanding its presence in the Asia-Pacific region.

Sei launched a USD 50 million fund in September 2022 to support the development of Apps on its blockchain and provide liquidity to development teams going into mainnet launch.