MEXC launches $20M ecosystem funds to support Sei Network


In August 2022, Sei Network raised $5 million in funding. News Ho-hoo-ho! Limited Holiday Trait Sei Network is a layer one blockchain that can be used for trading. Its features include frontrunning protection, native order matching, smart block propagation and 600 miliseconds on-chain trade settlement. Leo Zhao, MEXC Ventures’ investment manager, said that AMM [Automated Market Makers] has been the dominant market-making method for crypto over the past two years. Technology restrictions such as low speed and smart contract restrictions are a major reason for the lack of an efficient market-making strategy. We believe Sei’s Layer 1 customized solution will be a game-changer in the industry.” Multicoin Capital and Coinbase Ventures backed Sei Network’s $5 million funding round in August. Investors included Delphi Digital, Delphi Digital, Hudson River Trading. GSR, Hypersphere, Flow Traders, Delphi Digital, and Delphi Digital. The ecosystem had over 20 decentralized applications by that time. Sei claims that its blockchain can process approximately 22,000 orders per minute and has 250,000 users on the testnet. To meet exchange trading specifications, Sei also chose to migrate its blockchain to Cosmos (ATOM) from Ethereum (ETH). Developers claimed that Ethereum couldn’t handle the orderbook of approximately 1,000 orders per second. “Decentralized exchanges are also among the most underserved applications in crypto. They have unique requirements for reliability, scaling, and speed that other apps do not need. While a large exchange can go down for a few seconds, it is catastrophic for other types of applications. “MEXC Ventures currently has approximately $100 million in assets under management, spread across 300 portfolio businesses. Its parent MEXC exchange handled approximately $600 million of total trading volume over the past 24 hours. The firm is well-known for its perpetual future products that were launched in Q4 2018. #MEXC launches a $20M fund to support the development key projects on @SeiNetwork. Check out what @zhao_eth (investment manager at MEXC Ventures) said about this initiative.– MEXC Global (@MEXC_Global) January 4, 2023


Add a Comment

Your email address will not be published. Required fields are marked *