Sei’s built-in order matching engine enables apps to spin up any order book market instantly
NEW YORK, NY, Aug. 31, 2022 (GLOBE NEWSWIRE) — via NewMediaWire — Pollock, the first Tier 1 blockchain optimized for DeFi, today announced a $5 million funding round led by Multicoin Capital with participation from Coinbase Ventures, Delphi Digital, Hudson River Trading, GSR, Hypersphere, Flow Traders, Kronos Research and the founders of Anchorage, Frax, Yield Guild Games and Tangent. The new capital will be used to support the network as it nears its mainnet launch and further accelerate the growth of over 20 dApps already being built in the Sei ecosystem.
Over the past three years, there has been a Cambrian explosion in decentralized finance as new apps enable fundamental parts of the modern financial system to move onto the blockchain. These new DeFi apps serve to collapse legacy cost structures and expand financial access globally, but the infrastructure to support these rapidly scaling financial apps has been inadequate, resulting in malicious exploits, network downtime, and poor user experiences. Sei solves these problems by offering the first layer 1 blockchain specifically optimized for DeFi applications above all else.
Jay Jog, co-founder of Sei Labs, said: “This round is a huge step forward for Sei and the rapidly growing DeFi landscape. We have partnered with some of the most respected financial institutions in the world to drive forward the same mission: to build the best layer 1 for financial applications.”
Most Tier 1s fall into a barbell distribution: two extremes with general chains at one end (e.g. Ethereum, Solana) and app-specific chains at the other (e.g. dYdX, Osmose). Sei unlocks a whole new design space between the two – not general or app-specific, but DeFi-specific, allowing Sei to create an environment tailored for DeFi applications. The Sei has a built-in engine that matches the order, front barrel protection and the fastest finality of any chain (600ms) on the market. The combination of these optimizations enables new types of financial products to emerge – everything from live sports betting to complex options and futures.
“By exploring the new design space between app chains and general-purpose Layer 1, Sei has carefully selected for a unique set of trade-offs that make Layer 1 an optimal environment for DeFi applications,” said Tushar Jain, Managing Partner, Multicoin Capital “They’re unlocking new opportunities with built-in order book infrastructure, front-end prevention and big speed improvements. Sei is already seeing a lot of interest from DeFi apps looking to build on top of them.”
Jason Choi, co-founder of Tangent, added: “The optimization that Sei has built into core layer 1 makes it a clear target for DeFi apps. They’ve addressed some of the big problems that teams run into on other ecosystems, and we’re starting to already seeing apps moving over. We look forward to building alongside the Sei community.”
One of the most important application types at Sei are order book-based exchanges. Any application can leverage Sei’s built-in order matching engine to spin up and customize an order book for spot, derivatives, options, sports betting and more. The fastest finality and native frontrun protection on Sei also make it compelling for large order book exchanges.
“Sei has made advances in speed, scalability and security that address some of the biggest drawbacks of current general chains. We are confident they can be a real contender in the battle for layer 1,” said Tom Shaughnessy, Co. -Founder of Delphi Digital.
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About Sei
Sei is the first Layer 1 blockchain uniquely optimized for DeFi. To provide the best Layer 1 for DeFi, Sei has optimized every part of the network to give DeFi apps an unfair advantage. Optimizations include a built-in order-matching engine that any app can leverage, the fastest finality of any chain, and native resistance to front-running. For more information, visit seinetwork.io.
About Multicoin Capital
Multicoin Capital is a thesis-driven investment firm that invests in cryptocurrencies, tokens and blockchain companies. Crypto networks and companies will create trillions of dollars in value over the next decade. But investing in tokens is fundamentally different from investing in companies. New tools, heuristics and safeguards are needed to invest responsibly in this ecosystem. We leverage our deep understanding of blockchain technology and crypto markets to deliver exceptional returns. For more information, visit: https://multicoin.capital/.
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