MEXC launches $20M ecosystem fund to support Sei Network By Cointelegraph

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 (NASDAQ:) Ventures, Delphi Digital, Hudson (NYSE:) 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 (ETH) to Cosmos (ATOM). Developers said Ethereum simply couldn’t handle its orderbook of around1,000 orders per second.