According to the blog post published On January 4, Singapore-based cryptocurrency exchange MEXC announced that it should allocate $20 million to support the event of Sei Network. A primary-tier blockchain designed for commerce, Sei Network’s claimed features include native order matching, anti-preemption protection, intelligent block propagation, and 600 millisecond chain transaction settlement. Leo Zhao, Investment Manager at MEXC Ventures, commented:
“AMM [Automated Market Makers] has been the dominant method of creating the market in cryptocurrencies for the last 2 years. The lack of a simpler market making strategy is essentially as a consequence of technological constraints corresponding to slow speed and smart contract constraints. We imagine Sei’s customized Tier 1 solution shall be game-changing within the industry.”
. Last August, Sei Network raised a $5 million funding round from investors including Multicoin Capital, Coinbase Ventures, Delphi Digital, Hudson River Trading, GSR, Hypersphere, Flow Traders, and more. By then, greater than 20 decentralized applications were being created within the ecosystem. Sei says its blockchain can process around 22,000 orders per second and has 250,000 testnet users. Similarly, to fulfill exchange trading specifications, other decentralized solutions corresponding to dYdX have decided to migrate their blockchain from Ethereum (ETH) to Cosmos (ATOM). The developers said that Ethereum simply cannot handle its order book of around 1,000 orders per second.
“Decentralized exchanges are also essentially the most underrated crypto application. They require a novel level of reliability, scalability and speed requirements that no other application needs. If a big exchange goes down for a number of moments, it is a disaster, but the identical downtime is rather more tolerable for many other kinds of applications.”
MEXC Ventures currently manages roughly $100 million in assets in 300 portfolio corporations. Its parent exchange MEXC processed roughly $600 million in total trading volume within the last 24 hours. The company is thought for its perpetual products of the longer term, which were launched within the fourth quarter of 2018.
#MEX launches a special fund value USD 20 million to support the event of key projects @SeiNetwork
Check what @zhao_ethinvestment manager at MEXC Ventures told about this initiative ⤵️ https://t.co/EkqnTRntOA pic.twitter.com/kRcCIpvjp1
— MEXC Global (@MEXC_Global) January 4, 2023