MEXC launches $20M ecosystem fund to support Sei Network

Jan 05,2023
MEXC launches $20M ecosystem fund to support Sei Network

According to a blog post published on Jan. 4, Singapore-based cryptocurrency exchange MEXC announced that it would allocate $20 million to support developments on Sei Network. A layer one blockchain designed for trading, Sei Network's stated features include native order matching, frontrunning protection, smart block propagation, and 600 milisecond on-chain trade settlement. Leo Zhao, investment manager of MEXC Ventures, commented:

. Last August, Sei Network raised a $5 million funding round from investors such as Multicoin Capital, Coinbase Ventures, Delphi Digital, Hudson River Trading, GSR, Hypersphere, Flow Traders, and others. By then, over 20 decentralized applications had been building in the ecosystem. Sei claims its blockchain can process approximately 22,000 orders per second and has 250,000 testnet users. Similarly, to meet exchange trading specifications, other decentralized solutions such as dYdX, chose to migrate its blockchain from Ethereum (ETH) to Cosmos (ATOM). Developers said Ethereum simply couldn't handle its orderbook of around1,000 orders per second.

MEXC Ventures currently possesses approximately $100 million in assets under management spread across 300 portfolio companies. Its parent MEXC exchange processed around $600 million in total trading volume in the past 24 hours. The firm is known for its perpetual future products, which launched in Q4 2018.