Sei Ecosystem Overview: What's New on L1 Built for Trading?

As one of the standout players in the “new new public chains,” Sei Network has seen the emergence of some innovative projects.

When discussing the “new generation” Layer 1 over the past year, Sei Network stands out among the top contenders. In August 2022, Sei Labs, founded by senior professionals from Goldman Sachs and Robinhood Markets, completed a $5 million seed round led by Multicoin Capital, with participation from institutions closely tied to trading, including Coinbase Ventures, GSR, Flow Traders, and more. Just a month later, Sei announced the launch of a $50 million ecosystem fund, which, with support from institutions like Bitget and Foresight Ventures, expanded to $120 million.

In April of this year, Sei Network raised $30 million at an $800 million valuation, doubling the valuation reported by The Block from informed sources of $400 million. In addition to the seed round investors, new investors such as Foresight Ventures, OKX Ventures, Jump Capital, Bixin Ventures, and others joined.

Taking into account the project’s own financing and the ecosystem fund’s fundraising, Sei’s total financing exceeded $150 million. This star project, which has eclipsed many other cool projects, also launched its mainnet last month. Founded by members of traditional financial institutions and focused on “trading,” what trading opportunities does Sei offer that are worth exploring?

Infrastructure

Wallet

Wallets supporting Sei Network include comprehensive wallets(eg. Bitget Wallet, Coin98, XDEFI Wallet) and Sei Network network dedicated wallets(e.g. Compass, Cosmostation, Falcon Wallet, Fin Wallet, Frontier, Keplr, Leap Wallet, Terra Station).

Data

Band Protocol

Band Protocol is a cross-chain oracle that was announced in November 2022 to be deployed to Sei Network. Band Protocol has integrated with Axelar. DApps running on more than 40 interconnected blockchains supported by Axelar network coverage can access Band’s suite of off-chain data services. The integration will provide the EVM and Cosmos ecosystem in a decentralized manner. Seamless connection and cross-chain interoperability between systems.

Pyth Network

Originally, Pyth Network was an oracle for the Solana ecosystem and was later expanded to a multi-chain ecosystem.

4EVERLAND

4EVERLAND is a Web 3 cloud computing platform integrating storage, computing, and network, aiming to become the infrastructure for Web 3 developers and applications.

Flipside

Flipside is a blockchain data analysis platform that announced in April last year that it had completed a $50 million round of financing led by Republic Capital at a valuation of $350 million.

SubQuery

SubQuery is a data indexing tool that originally focused on the Polkadot ecosystem and later expanded to multiple chains. SubQuery received investment from EMURGO Ventures, the official commercial arm of Cardano’s EMURGO division, in November of last year.

Cross-chain

Cross-chain infrastructure supporting Sei Network includes Axelar Network, Celer, Wormhole, and other projects include:

Catalyst

Catalyst can provide liquidity between modular blockchains, and any new modular blockchain network can automatically connect liquidity and implement liquidity exchange with any blockchain, including liquidity hubs such as Ethereum and Cosmos. Catalyst closed a $4.2 million seed round in April led by Spartan Group.

Iron Network

Iron Network is an interoperable L1 network developed on Substrate and powered by a multi-chain messaging engine designed to communicate and connect with every blockchain.

Glitter Finance

Glitter Finance is a cross-chain ecosystem, including Glitter USDC cross-chain trading, Glitter token cross-chain bridge, Glitter cross-chain arbitrage and liquidation robot, and cross-chain liquidity as a service layer. Other tools include SDKs for cross-chain development.

Gravity Bridge

Gravity Bridge is a trustless cross-chain between the Ethereum and Cosmos ecosystems, built using the Cosmos SDK, which uses a set of validators to sign transactions rather than multi-signatures or permissioned sets of participants.

Router Protocol

Router Protocol is a secure, scalable, modular and composable cross-chain interoperability protocol.

Swing

Swing is a cross-chain liquidity protocol that integrates the liquidity of multiple cross-chain bridges and DEX, allowing developers to use its platform to provide cross-chain trading functions. Swing completed a $6 million round of financing led by Republic Capital in January last year, and in March this year announced the launch of Swing Platform, a no-code product designed to facilitate the deployment of cross-chain applications.

Development tools

ChainIDE

ChainIDE is a multi-chain smart contract integrated development environment that supports debugging, testing and deployment of alliance chain and public chain smart contracts.

Agoric

Agoric, developed based on the Cosmos SDK, is a platform created for secure programming of smart contracts, providing a convenient development environment for developers who use JavaScript to develop DApps. Agoric completed US$4 million in financing in 2019, and then completed a US$32 million token private placement in November 2021 with participation from Polychain and others.

Andromeda

Andromeda launched aOS, a cross-chain composable on-chain operating system, which provides the basic function set of applications through tools such as the Andromeda App Store, thereby helping developers shorten application development time.

Hamster

Hamster is a one-stop toolkit and middleware platform for Web3 developers.

Lit Protocol

Lit Protocol is a distributed crypto technology used for encryption, calculation and programmable signatures. As a universal key management layer, Lit provides developers with a comprehensive toolkit for managing sovereign identities on the open web. Lit Protocol provides developers with two core services: encryption and access control, and programmable signatures.

On & Off Ramp

Transak

Transak is a Web3 payments and fiat aggregator that allows users to purchase cryptocurrencies using fiat currencies. Transak announced in May this year the completion of a $20 million Series A round of financing led by CE Innovation Capital.

Kado

Kado is a cryptocurrency and fiat currency trading platform and DEX aggregator.

Payfura

Payfura is a payment gateway for cryptocurrencies and fiat currencies. Users can use fiat currencies to directly purchase cryptocurrencies through Payfura’s services, or sell cryptocurrencies for fiat currencies. Payfura received investment from Ycombinator.

Utorg

Utorg is a cryptocurrency on-ramp solution that allows users to use fiat currencies to purchase cryptocurrencies supported by the platform.

Other projects

Hana

Hana Network is a privacy Layer 0 protocol that enables on-chain privacy on existing chains and on any asset, including Bitcoin. Hana mainly includes a privacy computing layer based on multi-asset zk-UTXO, a cross-chain protocol that connects Layer 0 with other chains, and an SDK that can be integrated into any DApp and wallet to add privacy options.

SPACE ID

SPACE ID is a decentralized multi-chain domain name protocol that currently supports .bnb and .arb domain names. SPACE ID received a seed round of financing led by Binance Labs in September last year, and then received a US$10 million strategic round of financing led by Polychain Capital and dao5 in February this year.

Cargo

CargoIt is a prediction market infrastructure that Sei describes as “Layer 1.5” on Sei. Its base layer contract will serve as a modular infrastructure to help developers launch prediction markets.

Kargo

Kargo is an infrastructure for prediction markets, described by Sei as “Layer 1.5” on Sei. Its foundational layer contracts will serve as modular infrastructure, assisting developers in launching prediction markets.

KYVE

KYVE is a Web3 data storage protocol, and it has been adopted as Sei’s data streaming and storage solution. KYVE enables the permanent storage of data on the decentralized storage network (DSN) of Arweave, allowing the verification and storage of public data from Sei.

Nitro

Developed by Sei Labs, Nitro is a Solana Layer 2 network that acts as a gateway between Solana and the Cosmos ecosystem, and is an Optimistic Rollup with Sealevel Virtual Machine (SVM) compatibility. Nitro is.

Paddle

Paddle is a Move virtual machine Rollup network built on Sei, which provides a sandbox environment for deploying smart contracts written in Move and has interoperability with the IBC chain.

Skip Protocol

Skip Protocol is a MEV (Miner Extractable Value) infrastructure provider on Cosmos. It offers the Block SDK to establish a block space marketplace and the Skip API, allowing seamless cross-chain token trading and transfers across any network within Cosmos. In September of last year, Skip Protocol successfully raised $6.5 million in a seed funding round led by Bain Capital Crypto.

DeFi

The more well-known DeFi projects in the Sei ecosystem include SushiSwap, Vortex, which was announced to have been acquired by SushiSwap in February this year, Crescent, which originally hoped to become the liquidity center of Cosmos but was later replaced by Osmosis, and Stride, the Cosmos ecosystem’s liquidity staking project. Other DeFi projects include:

Aether Protocol

Aether Protocol is a lending protocol on Sei. It is currently in the testing stage and has not yet been launched on the main network. Users can try the lending and borrowing functions of Bitcoin, Ethereum, USDT and USDC in the test version. Aether uses Pyth Network as the oracle.

Apollo DAO

Apollo DAO was originally a revenue aggregator for the Terra ecosystem. Currently, it is positioned as a revenue aggregator for the Cosmos ecosystem and a community-driven investment DAO. Apollo DAO currently provides Vaults based on protocols such as Osmosis and Mars Protocol. The TVL of Vaults exceeds US$15 million. In addition, Apollo DAO currently has nearly $1.02 million in “War Chest” funds for external investment. Projects that it has invested in include Terra-based revenue acceleration and governance protocol Retrograde.

Apollo DAO announced in September 2021 the completion of US$2.2 million in financing from Pantera Capital, Terra co-founder Do Kwon, GSR Markets and others.

Arkis

Arkis supports under-collateralized leverage protocols, allowing users to use their multi-chain DeFi portfolio as a whole as collateral and implement leveraged transactions through borrowing and lending. Arkis is currently in the testing phase, requiring users to apply for testing qualifications.

Astroport

Astroport, which was initially positioned as a DEX for the Terra ecosystem, was jointly developed by Terraform Labs, Delphi Labs, and Attic Lab. The spot trading market model refers to Bancor and Uniswap, and the stablecoin trading market model refers to Curve. The mainnets currently supported by Astroport include Terra 2.0, Injective, Neutron, and Sei.

Black Panther

Black Panther is an asset management protocol. Users can deposit assets and stablecoins supported by the protocol into the protocol at the same time. The protocol will use specific strategies to trade in the DEX of the Cosmos ecosystem (including Astroport and White Whale) to obtain profits. Currently, Black Panther supports Terra and Injective, but actual data shows that the short-term effect of the project’s strategy is not obvious, and users who want to participate need to control risks.

Bril Finance

Bril Finance is the asset management protocol of the Sei ecosystem. Users can deposit Sei ecological assets and obtain income through the protocol’s strategies.

Coded Estate

Coded Estate is a RWA protocol built on Sei, aiming to establish an on-chain real estate market to help users handle property ownership or lease through dynamic NFT, zero-knowledge proof smart contracts, etc.

Copycat Finance

Copycat Finance is a copy trading platform that is currently online on BNB Chain. Users can choose the strategy they want to follow the transaction on the platform, and deposit funds to automatically follow the corresponding strategy. Additionally, Copycat Finance allows users to follow liquidity mining strategies.

Cypher Protocol

Cypher Protocol is a spot and derivatives trading platform that uses an on-chain order book model. Cypher allows users to use sub-accounts to manage trader positions. Besides, it is managed by a single main account. Traders can have up to 1105 positions in 24 sub-accounts, and are able to conduct cross margin or segregate margin within each account.

DeFund

DeFund is a cross-chain decentralized ETF protocol developed using the Cosmos SDK. It is also the L1 blockchain of the Cosmos ecosystem. It aims to establish decentralized, permissionless on-chain trading strategies and package these strategies into dETF (decentralized exchange-traded funds) tokens.

Elixir

Elixir is a market maker protocol designed to allow anyone to participate in market making on centralized and decentralized exchanges through a decentralized protocol, and to provide liquidity for long-tail assets. Elixir announced the completion of a $2.1 million seed round in January this year, with investors including FalconX, Commonwealth, OP Crypto, ChapterOne and BitMEX founder Arthur Hayes.

Entangle Protocol

Entangle Protocol is a cross-chain liquidity protocol. Users can stake the LP tokens obtained after adding liquidity into Entangle. Entangle will provide users with liquidity staking tokens of LP tokens and release the locked liquidity. Liquidity staking tokens for LP tokens allow users to release liquidity on any of its supported chains.

Firepot

Firepot cannot be regarded as an “authentic” DeFi protocol, but more like an “investment consultant”. Firepot uses AI to help users customize investment plans based on their risk appetite, and the app automatically executes the corresponding strategies, but users always maintain control of their assets.

Fusion

Fusion is a comprehensive DeFi platform on Sei, designed to provide a gamified DeFi experience. Fuzio provides decentralized prediction markets, DEX, Launchpad and liquidity staking services, but currently only DEX functionality has been developed.

Bittersweet

Bittersweet is a lending protocol that supports cross-chain lending using assets on multiple chains as collateral. It has not been launched yet.

Kryptonite

Kryptonite is a liquidity staking protocol. Users can stake the Sei Network token SEI and obtain the liquidity staking token bSEI. They can then use bSEI as collateral to mint the stable currency kUSD with a 200% mortgage rate.

Leonicorn

Leonicorn is a decentralized trading platform that provides AMM, order book model spot trading and perpetual contract trading. Leonicorn supports networks including Aptos, Sui, Core DAO, BNB Chain, OKT Chain and Sei Network.

Levana

Levana is a perpetual contract trading platform on Sei that supports up to 30x leverage. Currently, Levana supports leveraged contract trading including BTC, ETH, ATOM and OSMO.

LFW.Fi

LFW.Fi is a cross-chain transaction aggregator that supports the transactions of assets on 16 EVM-compatible public chains, including Ethereum. Currently, the platform does not support Sei Network.

Pharaoh Protocol

Pharaoh Protocol is a synthetic asset protocol built on Sei. According to the project’s Twitter, Pharaoh Protocol provides trading of commodities, foreign exchange and other traditional assets that can be priced by oracles, with Vortex providing a perpetual contract trading market. There is currently no official website information for this project.

Satori

Satori is an on-chain derivatives protocol that allows users to trade perpetual contracts on Satori-backed assets with up to 25x leverage. Currently, Satori supports Polygon zkEVM, zkSync and Scroll testnet, but does not yet support Sei. Satori announced in May 2022 the completion of US$10 million in financing led by Polychain and Blockchange.

Sea Swap

Sea Swap is a DEX on Sei. The project is still in an early stage and the total protocol TVL is only a few thousand dollars.

SenSei

SenSei is a gamified DeFi project that supports users to stake SEI or stablecoins. The protocol will distribute the proceeds from staking SEI and providing stablecoins to other DeFi protocols to staking users. The highlight of this project is that a portion of the revenue obtained will be used for a “lottery”, that is, user revenue will not always match their share, and winning users may receive rewards that are much higher than their expected revenue.

Simba Exchange

Simba Exchange is a self-hosted order book trading platform on Sei with features such as front-running protection.

stable

Stable is a cross-chain DEX protocol originally named SOLA-X and built on Solana. Stable is not yet online on Sei, but will focus on cross-chain liquidity between the Solana and Cosmos ecosystems in the future. Stable’s features include smart routing that automatically balances liquidity across multiple liquidity pools, smart order execution that splits orders when slippage exceeds 0.2%, and arbitrage strategies that the trading platform runs itself to prevent malicious arbitrage attacks.

Sparrowswap

Sparrowswap is a DEX on Sei, and currently only the test network is open.

SYNTH

SYNTH() is a full-chain synthetic asset protocol that supports Ethereum, BNB Chain, Arbitrum, etc., including Sei Network. The mechanism of SYNTHR is similar to the early Synthetix. Users can stake high-liquid assets such as ETH, USDC, and USDT to mint synthetic assets syAssest, and trade with other synthetic assets through SynthSwap, the protocol’s built-in slippage-free trading platform.

UNO.farm

UNO.farm is a revenue aggregator that uses specific strategies to obtain revenue from DeFi through liquidity mining and other methods from the assets deposited by users. UNO currently supports Polygon, BNB Chain, Aurora and Avalanche, but does not yet support Sei Network.

UnUniFi

UnUniFi is a yield aggregator that enables users to maximize returns through automated transfers of funds to various DeFi protocols and optimized yield generation strategies. UnUniFi Protocol completed a $1.5 million seed round of financing led by gumi Cryptos Capital in December last year. At that time, UnUniFi Protocol was positioned as an NFT lending protocol, but the current NFT lending function has not yet been launched.

UXD

UXD Protocol, originally an algorithmic stablecoin protocol of the Solana ecosystem, was announced in September last year that it would be launched on the Sei Network. UXD allows users to mint the stablecoin UXD using USDC. UXD Protocol completed a $3 million funding round led by Multicoin Capital in September 2021.

Convergence

Convergence is a quote request protocol that provides two-way quotes for buy, sell and multi-party structures, including spot and options contracts, and traders can access and trade with various counterparties. In Convergence, Makers and Takers can trade without fully collateralizing a full position.

Eclipse Fi

Eclipse Fi is a modular token issuance solution on Sei that allows project parties to customize token issuance solutions using modules such as auction, locking, LBA, and IDO.

White Whale

White Whale is the liquidity protocol of the Cosmos ecosystem and itself is a Layer 1 blockchain.

NFT & Metaverse

Dego Finance

Dego Finance is a cross-chain NFT + DeFi protocol and infrastructure designed to explore the functional and financial implementation of NFT, including NFT creation, mining, trading, auctions and DeFi applications. Dego Finance launched on Binance’s Launchpad in early 2021.

Dagora

Dagora is Coin98 ecological multi-chain NFT market, supporting BNB Chain, Polygon, Sei, etc. Dagora’s features include Marketplace (NFT trading market), Launchpad (NFT publishing platform) and Hot Drops (free minting section). In addition, Dagora allows C98 token holders to participate in various activities such as auctions, Launchpad, and Hot Drops.

Dropspace

Dropspace is a self-service NFT minting platform. Its products include the NFT rarity query platform rarityspace and the NFT minting tool, which currently supports Ethereum, Polygon, Base and BNB Chain.

Duck Club

Duck Club is an NFT series on Sei Network designed to build a Web3 community. In August, Duck Club announced plans to build a comics brand.

Mizu

Mizu is an NFT market on Sei, and its trading market function has not yet been enabled.

Pallet Exchange

Pallet Exchange is an NFT trading market on Sei, launched by Tatami, a Web3 game publishing platform.

Seilors

Seilors is an NFT collection on Sei, which Seilors describes as an art-focused project with the goal of launching a movement based on high-quality content.

Gaming

Questify

Questify is a game competition platform where users can place bets before games and compete with other gamers. In addition, users can also communicate with other gamers in the community on the platform, and can also bet on the DAO ranking in the leaderboard, etc.

Blockus

Blockus is a Web3 gaming platform that provides a compliant and seamlessly integrated wallet-as-a-service offering, a white-label NFT marketplace, and fiat and cryptocurrency payments for games. Blockus is one of the first selected projects of the a16z crypto accelerator.

Double Jump

Double Jump is a parkour game built on Sei.

Entice Coin

Entice Coin is a P2E competitive gaming platform where users can earn rewards by competing with other users on the platform in mini-games. The platform is developed based on Polygon and announced a cooperation with Sei this year, but it has not been launched on Sei yet.

Fable League

Fable League aims to launch an e-sports league on Sei. DAOs of various NFT projects can participate in competitions as teams to increase the popularity of NFT DAOs.

FusyFox

FusyFox is a third-person shooter 3A game that allows players to play games and participate in tournaments using their own NFT characters or free base non-NFT characters. It combines free-to-play and P2E modes based on skill and tournament performance.

Offense

Offense is a Web3 gaming platform designed to build a digital community and apply virtual economy for investors and players.

Gelotto

Gelotto is a gaming platform in the Cosmos ecosystem that provides guessing games for various IBC assets, including cards, dice, etc.

Mystic Treasure

Mystic Treasure is a decentralized “Learn-and-Earn” RPG adventure game.

Tatami

Tatami is a Web3 game distribution platform that provides support including game design and development, initial user acquisition, funding, marketing, etc.

TETRIC

TETRIC is a Tetris game on Sei Network.

Yolee Universe

Yolee Universe is an open world game on Sei, providing puzzles, racing, strategy, casual games, etc. Yolee Universe says it aims to serve low-income people in Africa and Southeast Asia while creating an additional revenue stream through in-game advertising.

Sociality

SEER

SEER aims to build a Web3 community chat tool that can connect project parties and users, including application layer, analysis layer, privacy layer and protocol layer. The application layer can support the interaction between the wallet and DAPP, and implement basic functions such as NFT, on-chain identity DID, SWAP, and DAO; the analysis layer performs AI analysis through nodes and provides APIs with reliability, data accuracy, and scalability; privacy layer provides end-to-end encrypted asynchronous communication; the protocol layer uses distributed open protocols to achieve decentralized storage, and uses secure, decentralized, and real-time communication standard protocols to ensure the security and effectiveness of server data.

Other projects

Bounce Finance

Bounce FinanceIt is a decentralized auction platform that has launched an auction-as-a-service (AaaS) protocol to simplify the token issuance process of projects. The AaaS protocol includes decentralized on-chain auction functionality, seamless token creation functionality, LP liquidity management solutions and Telegram bot services.

Metopia

Metopia is a growth-focused Web3 contribution platform that provides the community with the SBT protocol to capture on-chain contributions and distribute rewards accordingly. Metopia is one of Mask Network’s second round of Web3 Social Ecosystem grants.

WeBump

WeBump is a community of Sei enthusiasts that has developed the NFT tool set Lighthouse, which provides NFT creation, whitelist management and other functions.

Yosu

Yosu is a task platform where users can participate in incentive activities of various projects in the ecosystem supported by Yosu to compete for rankings and receive rewards.

Zeal

Zeal, formerly known as Crew3, is a Web3 task platform. Users can complete tasks provided by different projects on the platform to earn points. The platform or project may give corresponding rewards based on the user’s task completion. In April this year, Zealy announced the completion of a $3.5 million Pre-Seed round of financing led by Redalpine.

Humanode

Humanode is an internal project of Paradigm. It is a blockchain project based on the biometric identification code consensus mechanism. It aims to achieve the goal of “one person = one node = one vote” to solve various problems known in modern crypto economics and governance. Humanode developed a Layer 1 protocol that is Sybil-resistant through auditable pseudonymous biometric identities that leverage decentralized biometric solutions, liveness detection and encryption.

Humanode announced last February the completion of a $2 million seed round led by Republic Capital.

Truts

Truts is a Web3 task platform. On the one hand, it provides users with a platform to explore and find new projects that match their interests. On the other hand, it allows projects to provide tasks so that users can obtain rewards by completing tasks.

Dmail

Dmail is a decentralized infrastructure powered by artificial intelligence that provides anonymous messaging and notification services across multiple chains and applications.

Babylon

Babylon is a Bitcoin staking protocol developed based on the Cosmos SDK, allowing Bitcoin holders to stake Bitcoin through Babylon’s staking protocol to improve the security of the PoS blockchain and obtain rewards.

Campaign

Campaign is a no-code platform for brands and creators to launch user engagement programs, using data analysis to create personalized rewards for users to improve user retention.

Strobe

Strobe is an open protocol for incentivizing provers. Strobe is currently in closed beta and is available by invitation only.

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