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Source: Bankless; Compilation: Deng Tong, Bitchain Vision
SEI is the Layer 1 blockchain. It is built with COSMOS SDK, focusing on cheap and rapid promotion of transactions and other activities.
It is worth noting that the SEI team plans to launch a network upgrade in the first half of 2024, which will achieve the first complete parallel Ethereum virtual machine (EVM) of the encrypted economy.
How does SEI run?
The core of SEI is the Twin Turbo consensus mechanism of the network.The system requires a complete node to use random gossip to spread transactions, and then verify and add the verification device to the local memory pool.Then, the block proposal uses these memory pools to propose a new block, and only embeds the transaction logo to minimize the data load and reduce the waiting time.
It is worth noting that the SEI is about to upgrade the V2 network. In addition to other optimizations, it will also introduce parallel execution functions, that is, concurrent land rather than in order.
Why is it important for parallel execution?
Way is an innovation that allows many transactions to run at the same time.It can be imagined as a team to handle different parts of the project at the same time, rather than complete each task one by one.
This method can significantly speed up the processing speed and enable SEI to handle 1,000 transactions in parallel.
Most of the blockchains in today’s encrypted economy, including Bitcoin and Ethereum, do not use parallel execution.In other words, the recovery since the third quarter of 2024 has brought a new round of interest to the project that does use parallelism. SEI has achieved a new significant position in this wave a few months before 2024.
SEI application
According to DEFILLAMA data, SEI is currently the 64th chain in Defi, with a total locking value of $ 18.53 million.
Because the network is relatively new, its application scenarios are still relatively weak. This is understandable. As the V2 of the network upgrades and more time, there is still a lot of room for growth.
At present, the largest application on SEI includes:
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Astroport -decentralized exchange.
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Kryptonite -SEI liquidity pledge protocol.
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Silo -another SEI liquidity pledge protocol.
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Pallet -a NFT market.
SEI token
$ SEI is the native currency of SEI, which is used to promote transaction costs on governance and pay the network.In addition, $ SEI holders can participate in the security of the chain by entrusting their tokens to verifications or pledged them to operate their own verification nodes.The total supply of SEI is 10 billion, a large part of which is specifically provided to the community and developers of SEI.
At the latest update of this article, the transaction price of $ SEI was about $ 0.83, and the market value was US $ 2.1 billion. At present, it has made it 49th cryptocurrency.
How to pledge SEI
By pledged SEI to help protect the SEI network, you can get SEI pledge rewards. The current annual interest rate is 4.3%.This is the most basic and direct opportunity on the chain, so if you are interested in this, you first need to get some SEIs on cryptocurrency exchanges such as Coinbase or Kraken, and then create a SEI wallet that can be stored in.
Please note that the main SEI pledged application currently only supports Compass and FIN wallets.If you choose this route, just connect your wallet on the website, and then press the “Stake” next to the verification device you choose.Enter the SEI amount you want to pledge, approve the deposit transaction, and then use the provided instrument board to track your rewards or cancel the pledge when you are ready.
In addition, you can use the above -mentioned mobile pledge protocol Kryptonite and Silo like the Keplr wallet.These projects allow you to maintain liquidity while getting pledge rewards, provided that you spend your tokens, such as Stsei and ISEI.
Conclusion
Please pay close attention, the upcoming SEI V2 upgrade will marked the leap in the field of the first complete parallel EVM in the frontier of the encrypted economy.Will the status of this pioneer attract new DEFI projects and other projects, or will you start in difficulties in competition with so many L1 and L2 projects?Only time can prove everything, but at least SEI may have just started to grow.
