Decentralized exchanges (DEXes) are the killer app of crypto. They are everywhere, spanning much further than just AMMs and orderbooks. DEXes are just as prevalent across NFTs and gaming as well. One of the primary use cases of NFTs today is trading them on an NFT marketplace, another example of an exchange. Most games in crypto have built-in exchanges for users to trade the in-game NFTs and tokens. DEXes command the largest network effect, major ecosystems get built around them.
Ironically, decentralized exchanges are also the most underserved application in crypto. They demand a unique level of requirements for reliability, scalability, and speed that no other apps need. If a large exchange goes down for a few moments it’s catastrophic, but the same downtime is far more tolerable for most other application types. Historically, DEXes have succeeded in spite of the drawbacks of existing Layer 1 blockchains.
Sei is the first sector-specific Layer 1 blockchain, specialized for trading. Every aspect of the blockchain has been optimized to help exchanges run better and offer the best UX for their end users.
1.Native order matching engine - drives scalability of orderbook DEXs built on Sei
2.Breaking Tendermint - Sei is the fastest chain to finality at ~600ms
3.Twin-turbo consensus - improves latency and throughput
4.Frontrunning protection - combats malicious frontrunning that is rampant in other ecosystems
5.Market-based parallelization - specialized parallelization for DeFi
The combination of these optimizations make it possible for new types of financial products to emerge—everything ranging from fully on-chain orderbook DEXs to live sports betting.
Projects building on Sei
Several Web3 projects spanning different sectors in DeFi have shown interest in the Sei Ecosystem. About 50+ projects are actively working on Sei, which is impressive considering the Sei mainnet is still under development. Here are some notable projects on the Sei network
Axelar
Axelar is a cross-chain communication protocol built using the Cosmos SDK. Axelar is the gateway for BTC and EVM assets like ETH and USDC into the Cosmos Network. Furthermore, it is the canonical pathway for external assets for Osmosis.
Vortex
Vortex is a decentralized derivatives exchange for the Cosmos ecosystem. It aims to provide CEX-like services and user experience with features like lending and borrowing in a decentralized and permissionless manner.
Synthr
Synthr is an omni-chain synthetic asset protocol that enables the mint and trade of various financial assets using trustless contracts. It will also host an internal DEX — SYNTHSWAP, where users can swap on-chain assets with zero slippage.
UXD
UXD is a fully collateralized delta-neutral stablecoin from Solana. USD is coming to the Cosmos ecosystem via the Sei network.
Leap Wallet
Leap Wallet is a non-custodial wallet for IBC chains. It also offers staking, NFT, and Defi services
Website www.seinetwork.io
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