Sei Ecosystem Overview: What's New on the Trading-Focused L1?

2024.01.02

Sei Ecosystem Overview: What's New on the Trading-Focused L1?

Some innovative projects have emerged on Sei Network, a "new-generation public blockchain."

2024.01.02 - 12:24:09

Navigating Web3 tides with focused insights

Some innovative projects have emerged on Sei Network, a "new-generation public blockchain."

Author: Babywhale, Foresight News

Originally published on September 26, 2023

When discussing the new generation of Layer 1 blockchains over the past year, Sei Network stands out as a leading contender. In August 2022, Sei Labs—founded by veterans from Goldman Sachs and Robinhood Markets—completed a $5 million seed round led by Multicoin Capital, with participation from institutions closely tied to trading such as Coinbase Ventures, GSR, and Flow Traders. Just one month later, Sei announced a $50 million ecosystem fund, which later expanded to $120 million with support from Bitget and Foresight Ventures.

In April this year, Sei Network raised $30 million at an $800 million valuation, doubling the $400 million figure previously reported by The Block based on insider information. Alongside returning investors from the seed round, new backers including Foresight Ventures, OKX Ventures, Jump Capital, and Bixin Ventures joined the round.

Combining project financing with its ecosystem fund, Sei has raised over $150 million in total. This highly sought-after project launched its mainnet last month. Founded by professionals from traditional finance and focused on “trading,” what trading opportunities does Sei offer?

Infrastructure

Wallets

Wallets supporting Sei Network include multi-chain wallets Bitget Wallet, Coin98, XDEFI Wallet, and dedicated Sei Network wallets Compass, Cosmostation, Falcon Wallet, Fin Wallet, Frontier, Keplr, Leap Wallet, Terra Station.

Data

Band Protocol

Band Protocol is a cross-chain oracle that announced deployment to Sei Network in November 2022. Band Protocol has integrated with Axelar, enabling DApps operating across more than 40 interconnected blockchains supported by the Axelar network to access Band’s suite of off-chain data services. This integration provides seamless connectivity and cross-chain interoperability between EVM and Cosmos ecosystems in a decentralized manner.

Pyth Network

Pyth Network originated as a Solana-based oracle and has since expanded into a multi-chain ecosystem.

4EVERLAND

4EVERLAND is a Web3 cloud computing platform integrating storage, computation, and networking, aiming to serve as infrastructure for Web3 developers and applications.

Flipside

Flipside is a blockchain data analytics platform that announced a $50 million funding round led by Republic Capital at a $350 million valuation last April.

SubQuery

SubQuery is a data indexing tool initially focused on the Polkadot ecosystem before expanding to multiple chains. SubQuery received investment from EMURGO Ventures, the commercial arm of Cardano, in November last year.

Cross-Chain

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

Catalyst

Catalyst provides liquidity between modular blockchains, allowing any new modular blockchain network to automatically connect liquidity and exchange assets with any blockchain, including major hubs like Ethereum and Cosmos. Catalyst completed a $4.2 million seed round led by Spartan Group in April.

Ferrum Network

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

Glitter Finance

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

Gravity Bridge

Gravity Bridge is a trustless bridge between Ethereum and the Cosmos ecosystem, built using the Cosmos SDK. It uses a validator set to sign transactions instead of multisig or permissioned 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 aggregates liquidity from multiple cross-chain bridges and DEXs, allowing developers to integrate cross-chain trading functionality into their platforms. Swing completed a $6 million funding round led by Republic Capital last January and launched Swing Platform, a no-code solution for deploying cross-chain applications, in March this year.

Development Tools

ChainIDE

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

Agoric

Agoric is a platform built on the Cosmos SDK designed for secure smart contract programming, providing a convenient development environment for developers building DApps using JavaScript. Agoric raised $4 million in 2019 and completed a $32 million private token sale in November 2021 with participation from Polychain and others.

Andromeda

Andromeda launched a cross-chain composable operating system called aOS, offering foundational application capabilities through tools like the Andromeda App Store to help developers accelerate app development.

Hamster

Hamster is an all-in-one toolkit and middleware platform for Web3 developers.

Lit Protocol

Lit Protocol is a distributed cryptographic technology for encryption, computation, and programmable signatures. As a universal key management layer, Lit provides developers with a comprehensive toolkit for managing sovereign identities across open networks. Lit Protocol offers two core services: encryption and access control, and programmable signatures.

On & Off Ramp

Transak

Transak is a Web3 payment and fiat aggregator enabling users to purchase cryptocurrencies using fiat currency. Transak announced a $20 million Series A round led by CE Innovation Capital this May.

Kado

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

Payfura

Payfura is a crypto-fiat payment gateway allowing users to directly buy cryptocurrencies with fiat or sell crypto for fiat via Payfura's services. Payfura was previously backed by Y Combinator.

Utorg

Utorg is a crypto on-ramp solution allowing users to purchase supported cryptocurrencies using fiat currency.

Others

Hana

Hana Network is a privacy Layer 0 protocol enabling on-chain privacy across existing chains and arbitrary assets, including Bitcoin. Hana primarily consists of a privacy computing layer based on multi-asset zk-UTXO, a cross-chain protocol connecting Layer 0 to other chains, and an SDK that can be integrated into any DApp or wallet to add privacy features.

SPACE ID

SPACE ID is a decentralized multi-chain domain name protocol currently supporting .bnb and .arb domains. SPACE ID raised a seed round led by Binance Labs last September and secured a $10 million strategic round co-led by Polychain Capital and dao5 this February.

Kargo

Kargo is a prediction market infrastructure described by Sei as a "Layer 1.5" on Sei. Its foundational layer contracts act as modular infrastructure helping developers launch prediction markets.

KYVE

KYVE is a Web3 data storage protocol serving as Sei’s data streaming and storage solution. KYVE enables blockchains to permanently store data on the Arweave decentralized storage network (DSN), validating and storing public data from Sei.

Nitro

Nitro is a Solana Layer 2 network acting as a gateway between Solana and the Cosmos ecosystem, and also an Optimistic Rollup compatible with the Sealevel Virtual Machine (SVM). Nitro is developed by Sei Labs.

Paddle

Paddle is a Move Virtual Machine Rollup network built on Sei, providing a sandbox environment for deploying smart contracts written in Move while maintaining interoperability with IBC-connected chains.

Skip Protocol

Skip Protocol is a MEV infrastructure provider on Cosmos, offering Block SDK for building block space markets and Skip API enabling one-click cross-chain token swaps and transfers across any network within Cosmos. Skip Protocol completed a $6.5 million seed round led by Bain Capital Crypto last September.

DeFi

Well-known DeFi projects in the Sei ecosystem include SushiSwap, Vortex—announced to be acquired by SushiSwap this February, Crescent, originally aiming to become Cosmos’ liquidity hub but later overtaken by Osmosis, and Stride, a liquid staking project in the Cosmos ecosystem. Other DeFi projects include:

Aether Protocol

Aether Protocol is a lending protocol on Sei currently in testing phase and not yet live on mainnet. Users can test borrowing and lending functions for Bitcoin, Ethereum, USDT, and USDC in the test version. Aether uses Pyth Network as its oracle.

Apollo DAO

Apollo DAO was initially a yield aggregator in the Terra ecosystem and now positions itself as a yield aggregator and community-driven investment DAO across the Cosmos ecosystem. Apollo DAO currently offers Vaults built on protocols like Osmosis and Mars Protocol, with TVL exceeding $15 million. Additionally, Apollo DAO holds nearly $1.02 million in "War Chest" funds for external investments, having already invested in projects such as Retrograde, a yield-accelerating and governance protocol based on Terra.

Apollo DAO announced a $2.2 million funding round in September 2021 with participation from Pantera Capital, Terra co-founder Do Kwon, and GSR Markets.

Arkis

Arkis supports undercollateralized leverage protocols, allowing users to use their multi-chain DeFi portfolios as a single collateral asset to achieve leveraged trading through borrowing. Arkis is currently in testing phase and requires users to apply for test access.

Astroport

Astroport was initially positioned as a DEX for the Terra ecosystem, co-developed by Terraform Labs, Delphi Labs, and Attic Lab. Its spot market model draws inspiration from Bancor and Uniswap, while its stablecoin market model references Curve. Astroport currently supports mainnets including Terra 2.0, Injective, Neutron, and Sei.

Black Panther

Black Panther is an asset management protocol where users deposit supported assets and stablecoins together. The protocol then executes specific strategies to trade on Cosmos-based DEXs (including Astroport and White Whale) to generate profits. Currently, Black Panther supports Terra and Injective. However, actual performance data suggests short-term results are not significant, so users should carefully manage risks.

Bril Finance

Bril Finance is an asset management protocol in the Sei ecosystem where users deposit Sei-based assets and earn returns through the protocol’s strategies.

Coded Estate

Coded Estate is an RWA protocol built on Sei aiming to establish an on-chain real estate marketplace, using dynamic NFTs and zero-knowledge proof smart contracts to assist users with property ownership or leasing.

Copycat Finance

Copycat Finance is a copy-trading platform currently live on BNB Chain. Users can select desired trading strategies and deposit funds to automatically follow them. Copycat Finance also allows users to follow liquidity mining strategies.

Cypher Protocol

Cypher Protocol is a spot and derivatives trading platform using an on-chain order book model. Cypher allows traders to manage positions via sub-accounts controlled by a single master account, supporting up to 1,105 positions across 24 sub-accounts, with options for cross-margin or isolated margin per account.

DeFund

DeFund is a cross-chain decentralized ETF protocol built using the Cosmos SDK and functions as an L1 blockchain in the Cosmos ecosystem. It aims to create decentralized, permissionless on-chain trading strategies packaged into dETF (decentralized exchange-traded fund) tokens.

Elixir

Elixir is a market-making protocol enabling anyone to participate in market-making on both centralized and decentralized exchanges via a decentralized protocol, providing liquidity for long-tail assets. Elixir announced a $2.1 million seed round this January with participation from FalconX, Commonwealth, OP Crypto, ChapterOne, and Arthur Hayes, founder of BitMEX.

Entangle Protocol

Entangle Protocol is a cross-chain liquidity protocol where users stake LP tokens obtained after providing liquidity. Entangle issues liquid-staked versions of these LP tokens, unlocking otherwise locked capital. These liquid-staked LP tokens allow users to unlock liquidity on any supported chain.

Firepot

Firepot isn't exactly a traditional DeFi protocol but rather functions more like an "investment advisor." Firepot uses AI to help users customize investment plans based on their risk preferences, with the app automatically executing strategies while users retain full control over their assets.

Fuzio

Fuzio is a comprehensive DeFi platform on Sei aiming to deliver gamified DeFi experiences. Fuzio offers decentralized prediction markets, a DEX, a Launchpad, and liquid staking services, though only the DEX functionality has been developed so far.

Kawa

Kawa is a lending protocol supporting cross-chain borrowing using assets from multiple chains as collateral. The application has not yet launched.

Kryptonite

Kryptonite is a liquid staking protocol where users stake SEI tokens from Sei Network to receive bSEI, a liquid staking token. Users can then use bSEI as collateral to mint the stablecoin kUSD at a 200% collateralization ratio.

Leonicorn

Leonicorn is a decentralized exchange offering AMM and order book-based spot trading, as well as perpetual contracts. Networks supported by Leonicorn include Aptos, Sui, Core DAO, BNB Chain, OKT Chain, and Sei Network.

Levana

Levana is a perpetual contract trading platform on Sei supporting up to 30x leverage. Levana currently supports leveraged contracts for BTC, ETH, ATOM, and OSMO.

LFW.Fi

LFW.Fi is a cross-chain trading aggregator supporting asset trades across 16 EVM-compatible public chains including Ethereum. The platform currently does not support Sei Network.

Pharaoh Protocol

Pharaoh Protocol is a synthetic assets protocol built on Sei. According to its Twitter, Pharaoh enables trading of traditional assets such as commodities and forex pairs that can be price-fed by oracles, with Vortex providing the perpetual contract market. The project currently lacks an official website.

Satori

Satori is an on-chain derivatives protocol allowing users to trade perpetual contracts for supported assets with up to 25x leverage. Satori currently supports Polygon zkEVM, zkSync, and Scroll testnets and does not yet support Sei. Satori announced a $10 million funding round led by Polychain and Blockchange in May 2022.

Sea Swap

Sea Swap is a DEX on Sei still in early stages, with total protocol TVL amounting to only several thousand dollars.

SenSei

SenSei is a gamified DeFi project allowing users to stake SEI or stablecoins. The protocol distributes earnings from staked SEI and yields generated by deploying stablecoins into other DeFi protocols back to stakers. A unique feature is a portion of earnings being allocated to a lottery system, meaning user rewards may not always match their share—winners could receive significantly higher-than-expected payouts.

Simba Exchange

Simba Exchange is a self-custodial order book trading platform on Sei featuring front-running protection.

stabble

stabble is a cross-chain DEX protocol originally named SOLA-X and built on Solana. stabble has not yet launched on Sei but plans to focus on cross-chain liquidity between Solana and the Cosmos ecosystem. Features include intelligent routing that automatically balances liquidity across multiple pools, smart order execution splitting orders when slippage exceeds 0.2%, and proprietary arbitrage strategies run by the exchange to prevent malicious attacks.

Sparrowswap

Sparrowswap is a DEX on Sei currently available only on testnet.

SYNTHR

SYNTHR is an omnichain synthetic assets protocol supporting Ethereum, BNB Chain, Arbitrum, and Sei Network. SYNTHR operates similarly to early Synthetix, allowing users to mint synthetic assets (syAssets) by collateralizing high-liquidity assets like ETH, USDC, and USDT, and trade them via the protocol’s native slippage-free trading platform, SynthSwap.

UNO.farm

UNO.farm is a yield aggregator that generates returns for deposited user assets through specific strategies like liquidity mining. UNO currently supports Polygon, BNB Chain, Aurora, and Avalanche, but does not yet support Sei Network.

UnUniFi

UnUniFi is a yield aggregator enabling users to maximize returns by automatically allocating funds across various DeFi protocols and optimized yield-generating strategies. UnUniFi Protocol completed a $1.5 million seed round led by gumi Cryptos Capital last December, when it was positioned as an NFT lending protocol—though that functionality has not yet launched.

UXD

UXD Protocol was originally a Solana-based algorithmic stablecoin protocol that announced plans to launch on Sei Network last September. UXD allows users to mint the stablecoin UXD using USDC. UXD Protocol raised $3 million in a round led by Multicoin Capital in September 2021.

Convergence

Convergence is a request-for-quote protocol offering bid/ask quotes and multi-party structured bilateral pricing for spot and options contracts, enabling traders to access various counterparties and trade with them. On Convergence, Makers and Takers do not need to fully collateralize entire positions to trade.

Eclipse Fi

Eclipse Fi is a modular token issuance solution on Sei, allowing projects to customize token launches using modules such as auctions, locks, LBAs, and IDOs.

White Whale

White Whale is a liquidity protocol in the Cosmos ecosystem and also operates as its own Layer 1 blockchain.

NFT & Metaverse

Dego Finance

Dego Finance is a cross-chain NFT + DeFi protocol and infrastructure aiming to explore practical applications of NFT utility and financialization, including NFT creation, mining, trading, auctions, and DeFi integrations. Dego Finance launched on Binance Launchpad in early 2021.

Dagora

Dagora is a multi-chain NFT marketplace in the Coin98 ecosystem supporting BNB Chain, Polygon, and Sei. Dagora features include Marketplace (NFT trading), Launchpad (NFT launch platform), and Hot Drops (free mint section). Additionally, C98 token holders can participate in auctions, Launchpad events, and Hot Drops.

dropspace

dropspace is a self-service NFT minting platform featuring rarityspace, an NFT rarity checker, and minting tools currently supporting Ethereum, Polygon, Base, and BNB Chain.

Duck Club

Duck Club is an NFT collection on Sei Network aiming to build a Web3 community. In August this year, Duck Club announced plans to develop a comic brand.

Mizu

Mizu is an NFT marketplace on Sei, with its trading functionality not yet open.

Pallet Exchange

Pallet Exchange is an NFT marketplace on Sei launched by Web3 gaming publisher Tatami.

Seilors

Seilors is an NFT collection on Sei describing itself as an art-centric project aiming to lead a movement centered around high-quality content.

Gaming

Questify

Questify is a gaming competition platform where users can place bets and compete against other players before games. Additionally, users can interact with other gamers in the community and even bet on rankings of DAOs in leaderboards.

Blockus

Blockus is a Web3 gaming platform offering compliant, seamlessly integrated wallet-as-a-service products, white-label NFT marketplaces, and fiat/crypto payments for games. Blockus was selected as one of the inaugural projects in the a16z crypto accelerator program.

Double Jump

Double Jump is a parkour game built on Sei.

Entice Coin

Entice Coin is a P2E competitive gaming platform where users earn rewards by competing in mini-games against others on the platform. Built on Polygon, it announced a partnership with Sei this year but has not yet launched on Sei.

Fable League

Fable League aims to launch esports leagues on Sei, where DAOs from various NFT projects can compete as teams to increase visibility for their NFT communities.

FusyFox

FusyFox is a third-person shooter AAA game allowing players to use either their own NFT characters or free base non-NFT characters to play and join tournaments. It combines free-to-play mechanics based on skill and tournament performance with a P2E model.

Gafin

Gafin is a Web3 gaming platform aiming to build a digital community and virtual economy for investors and players.

Gelotto

Gelotto is a gaming platform in the Cosmos ecosystem offering prediction games for various IBC assets, including card and dice games.

Mystic Treasure

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

Tatami

Tatami is a Web3 game publishing platform offering support in game design and development, user acquisition, funding, and marketing.

TETRISK

TETRISK is a Tetris game on Sei Network.

Yolee Universe

Yolee Universe is an open-world game on Sei offering puzzle-solving, racing, strategy, and casual games. Yolee Universe states it aims to serve low-income populations in Africa and Southeast Asia while generating additional revenue through in-game advertising.

Social

SEER

SEER aims to build a Web3 community chat tool connecting projects and users, consisting of application, analytics, privacy, and protocol layers. The application layer supports interactions between wallets and DApps, enabling basic functions such as NFTs, on-chain identity (DID), SWAP, and DAOs. The analytics layer performs AI analysis via nodes and provides reliable, accurate, and scalable APIs. The privacy layer offers end-to-end encrypted asynchronous communication. The protocol layer uses a distributed open protocol for decentralized storage and secure, decentralized, real-time communication standards to ensure server data security and validity.

Others

Bounce Finance

Bounce Finance is a decentralized auction platform that introduced an Auction-as-a-Service (AaaS) protocol simplifying token launch processes for projects. The AaaS protocol includes decentralized on-chain auctions, seamless token creation, LP liquidity management solutions, and Telegram bot services.

Metopia

Metopia is a growth-focused Web3 contribution platform providing SBT protocols to capture on-chain contributions and distribute rewards accordingly. Metopia is one of the recipients of Mask Network’s second round of Web3 social ecosystem grants.

WeBump

WeBump is a Sei enthusiast community that developed Lighthouse, an NFT toolkit offering NFT creation and whitelist management features.

Yosu

Yosu is a task platform where users can participate in incentive campaigns from various supported ecosystem projects to compete for rankings and earn rewards.

Zealy

Zealy, formerly known as Crew3, is a Web3 task platform where users complete tasks offered by different projects to earn points. Platforms or projects may reward users based on their task completion records. In April this year, Zealy announced a $3.5 million Pre-Seed round led by Redalpine.

Humanode

Humanode is an internal project by Paradigm, a blockchain initiative utilizing biometric identification consensus mechanisms aiming to achieve "one person = one node = one vote" to address known issues in modern crypto-economics and governance. Humanode developed a Layer 1 protocol using auditable pseudonymous biometric identities resistant to Sybil attacks, employing decentralized biometric solutions, liveness detection, and cryptographic techniques.

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

Truts

Truts is a Web3 task platform offering users a way to discover and engage with new projects aligned with their interests, while enabling projects to issue tasks so users can earn rewards by completing them.

Dmail

Dmail is an AI-powered decentralized infrastructure providing anonymous messaging and notification services across multiple chains and applications.

Babylon

Babylon is a Bitcoin staking protocol built on the Cosmos SDK allowing Bitcoin holders to stake their BTC via Babylon’s staking mechanism to enhance the security of PoS blockchains and earn rewards.

Campaign

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