MEXC, the world’s leading crypto asset trading platform, announced that it is launching a $20 million dedicated fund to support the development of key projects on Sei Network.
Sei Network is the first Layer 1 blockchain designed for trading, which is between the general Layer 1 public chain and the specific Layer 1 public chain, providing a customized application environment for Dex.
Designed from bottoms-up to scale with the needs of decentralized exchanges, Sei has made several optimizations to Layer 1 to give exchanges an unfair advantage:
- Native order matching engine – drives scalability of order book DEXs built on Sei
- Frontrunning protection – combats malicious frontrunning that is rampant in other ecosystems
- Intelligent block propagation – improves latency and throughput
- Sub-second settlement – Sei is the fastest chain to finality at ~600ms
The combination of these optimizations makes it possible for new types of financial products to emerge—everything ranging from live sports betting to complex options and futures. With the above changes, Sei will tackle the problem of frontrunning transactions, allowing users to avoid unnecessary losses.
The development team behind Sei is Sei Labs, and its core advantages include:
- Developers from Robinhood, Databricks, Airbnb, etc. with extensive expertise in order book design, infrastructure, and the Cosmos stack
- Cosmos OGs who have navigated the ecosystem for years
- Finance and strategy members from Goldman Sachs and other market makers who bridge the gaps between DeFi and institutions
In August of this year, Sei raised $5 million USD from investors, including Multicoin Capital, Coinbase Ventures, Delphi Digital, Hudson River Trading, GSR, Hypersphere, Flow Traders, and more. The new capital will be used to support the network as it approaches mainnet launch and further accelerates the growth of over 20 dApps already building in the Sei ecosystem.
The person in charge of Sei said that through close cooperation with MEXC, the world’s first-class cryptocurrency trading platform, Sei will gain a strong advantage in terms of resources and help its ecosystem achieve sound and sustainable construction and development.
Founded in April 2018, MEXC is a cryptocurrency trading platform ranked top 10 globally and top 3 in Asia, with more than 7 million users. Currently, it supports spot trading of more than 1,500 types of cryptocurrencies, futures trading of more than 120 types of cryptocurrencies, and ETF trading of more than 300 types of cryptocurrencies.
The projects listed cover all sectors, such as public chain, cross-chain, L2, DeFi, NFT, GameFi, and DAO, and MEXC is called by users the first stop for high-quality project launch. It is the trading platform with the most tradable crypto assets and the fastest launch speed for high-quality projects on the Internet.
MEXC Ventures is a comprehensive fund under the MEXC Group, committed to empowering innovations in the cryptocurrency field via strategic investment, M&A, FOF, and project incubation. MEXC Ventures upholds the concept of “discovering opportunities and growing together” by fully sharing fund resources and providing solid support for projects. The team spans the U.S., Singapore, and other regions of the world, with $100m+ AUM and 300+ portfolio investments.
Leo Zhao, investment manager of MEXC Ventures, said that MEXC has been committed to supporting innovative Layer 1 solutions to build more decentralized and efficient financial infrastructures. AMM was the dominant market-making method in crypto for the past 2 years. The lack of a more efficient market-making strategy is in large part because of technology restrictions like low speed and smart-contract restrictions. We believe Sei’s customized Layer 1 solution will be a game changer in the industry.
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