In the dynamic trading world where time is of the essence and you are looking for a combo of speed and low fees, the SEI Network is the fastest decentralized Cosmos-based L1 blockchain that is trading-based with the availability of decentralized exchanges (DExs).
The SEI Network has been optimized to handle large volumes of transactions quickly and efficiently while keeping costs low. This makes it an attractive option for businesses and individuals looking to exchange value in a fast, efficient, and cost-effective manner.
The network has an in-built order book that allows smart contracts to easily access shared liquidity. This shared liquidity feature makes it possible for smart contracts to interact with each other and exchange value without third-party interference.
In this easy-to-follow guide, we will explore the main features of the super-fast SEI Network, how to set up a trading account, and the different ways to obtain and trade the SEI token. By the end of this guide, you will have a good understanding of how the SEI Network works, its advantages, and how to get started.
Features of SEI Network
The most unique feature of the SEI network is its speed. It is currently the fastest chain to finality, boasting an impressive lower bound of 300 milliseconds. With unparalleled speed and efficiency, SEI allows for transactions to be immutably recorded on the blockchain in record time using an on-chain order book.
It is superior in terms of finality and is indisputable. When using SEI, users experience the near-instantaneous confirmation of their transactions, providing a seamless and efficient blockchain experience.
The network’s ability to achieve finality rapidly sets it apart from other blockchain platforms, making it an attractive choice for those seeking very fast and secure transaction processing.
The SEI network provides robust frontrunning protection, effectively combating the malicious practices that plague most of the other ecosystems. With advanced algorithms and stringent safeguards, SEI ensures secure and fair transaction processing, free from manipulation and unfair advantages.
By prioritizing integrity and trust, SEI sets a high standard for ethical conduct and fosters a level playing field for all participants to engage and experience a secure and reliable platform where transactions are protected, and investments are safeguarded.
Twin Turbo Consensus:
One standout feature of the SEI network is the twin-turbo consensus. This innovative consensus mechanism harnesses the power of two turbocharged engines working in sync to allow SEI to achieve exceptional speed and throughput, surpassing industry standards.
SEI’s twin-turbo consensus is designed to handle a lot of transactions at once without slowing down or compromising reliability. It has the ability to adjust and allocate resources as needed when transaction volumes increase.
This means that the SEI network can keep up with growing demands and perform at its best without compromising speed or dependability. So no matter how many transactions are happening, SEI is able to ensure smooth and efficient processing all the way.
Native Matching Engine:
SEI’s native matching engine is a valuable asset for exchange teams, offering rapid order matching and execution capabilities. It empowers exchanges to handle high volumes of transactions efficiently, catering to active traders on the network.
The engine’s flexibility allows customization to meet specific trading requirements, ensuring a tailored and user-friendly experience. With strict enforcement of matching rules, it upholds transparency and fairness in the trading process. Exchange teams leveraging SEI’s native matching engine can optimize their operations, enhance user experiences, and build a trustworthy trading ecosystem.
SEI Network: The Layer 1 For Trading
Trading is undeniably the most widely adopted use case for cryptocurrencies. However, it is a common misconception among crypto enthusiasts that trading is solely limited to decentralized finance (DeFi) applications. In reality, the need to exchange digital assets is fundamental to every aspect of the crypto ecosystem, ranging from social applications to non-fungible tokens (NFTs) and gaming.
Recognizing the significance of trading across the crypto space, SEI Networks has developed a Layer 1 blockchain specifically tailored to meet the diverse trading needs of users. SEI’s primary objective is to provide a robust, scalable, and seamless trading experience. By optimizing every layer of the technology stack, SEI ensures that users can efficiently exchange digital assets across various sectors while maintaining reliability and scalability.
SEI Networks addresses the scalability challenges associated with trading by building the first Layer 1 blockchain specialized for trading. This approach enables SEI to offer the most efficient infrastructure for the exchange of digital assets.
By focusing on the unique requirements of trading, SEI Networks aims to enhance the overall trading experience for users and facilitate the seamless flow of digital assets across different applications and use cases.
With its emphasis on scalability, reliability, and user experience, SEI Networks is well-positioned to serve as a foundational blockchain platform for the trading of digital assets. Whether it’s DeFi protocols, NFT marketplaces, gaming platforms, or other crypto-based applications, SEI Networks provides a solid infrastructure to support the exchange of assets and foster the growth of the broader crypto ecosystem.
The rise in popularity of EVM-compliant blockchains and the parallelization process is driving the growth of the sei Network’s SEI token. SEI token serves as the native cryptocurrency within the SEI ecosystem, SEI token fulfills a variety of roles, which include:
- Transaction Fees: SEI token is utilized to cover transaction fees incurred on the Sei Network. These fees serve as incentives for validators and contribute to the network’s security.
- Staking: SEI tokens can be staked by users to accrue rewards and bolster the overall security of the SEI Network.
- Governance: SEI tokenholders possess the ability to actively participate in the governance of the SEI Network. This participation encompasses voting on proposals and the election of validators.
SEI token presents itself as a promising cryptocurrency with a diverse range of potential applications, positioning itself at the forefront of blockchain innovation tailored for trading purposes.
How To Configure Your Wallet To Begin Trading On The SEI Network
To trade tokens on the SEI Network, you would first need to connect your wallet to the SEI Network. Keplr is a popular browser extension wallet that can be used to interact with the SEI Network.
Ensure your Keplr wallet extension has been added to your browser as shown below:
Once connected to your Keplr wallet, go to Keplr using the extension on your Chrome browser, click on the hamburger sign in the top left corner, and select “Manage Chain Visibility”:
Click on the search bar, next type in SEI, Enable it, and Save it:
How To Buy And Trade SEI On Centralized Exchange Platforms
To embark on the journey of acquiring SEI, one can explore various prominent exchanges where SEI is listed. Platforms such as Binance, Kucoin, and COINEx offer a convenient gateway for purchasing SEI.
- Create or log in to an account with any of the exchanges listed above.
- Deposit Funds: After logging in, using the image below click on “deposit” to deposit funds into your account using any supported cryptocurrencies or deposit methods available on the exchange. Having funds in your account enables you to execute trades seamlessly.
- Navigate to SEI Trading Page: Once your account is funded, go to the dedicated SEI trading page or type “sei” in the search bar for easy navigation. Here, you can find various trading pairs with SEI tokens.
- Choose a Trading Pair: Select the desired trading pair that matches SEI with another cryptocurrency. For instance, you may choose SEI/USDT if you wish to trade SEI against USDT (Tether).
- Specify the Purchase Amount: Determine the quantity of SEI tokens you want to purchase. Input the amount in the trading interface, which will calculate the corresponding cost based on the current market price.
- Execute the Trade: With the specified amount, proceed to execute the trade. Confirm the details, and if you are satisfied, submit the order. By following these comprehensive steps, you can easily trade SEI on CoinEx, taking advantage of the available trading pairs.
Once you’re done, go to your Keplr wallet, click on Deposit, and copy your SEI wallet. Then go over to your centralized exchange account, click on Withdraw, and then send your SEI tokens to your Keplr wallet address you copied earlier. (Always double-check to make sure you have the correct wallet address).
The SEI network is quite fast so the tokens should arrive in your Keplr wallet in a matter of minutes. As soon as the SEI tokens arrive in your wallet, you’re ready to start trading tokens on the network.
How To Trade Tokens On SEI Network Using Keplr Wallet
To start trading on the SEI network, navigate to the Astroport decentralized exchange (DEX). Visit the site’s homepage and click on “Start Trading” as indicated in the top right corner in the image below:
The next step is selecting the SEI Network and clicking on the “Connect Wallet” option on Astroport at the top right corner as illustrated below:
Connect to your preferred wallet, in this case, it’s Keplr wallet:
Once connected and the SEI network is enabled you can now trade on the SEI network by navigating to the DEX (decentralized exchange) in this case using Astroport and selecting the token pair you wish to trade.
You can search for the token you want to trade using the name or the contract address obtained from the project’s website or official social media handles. Select the amount of SEI tokens you want to convert to the new token and click “Swap.”
Once the transaction has been confirmed, your tokens will be transferred to your connected (Keplr) wallet. Rinse and repeat to buy and sell tokens on the SEI network.
Tracking SEI Token Charts
Users can also utilize Coinhall to check charts, providing valuable market insights. Coinhall offers two distinct advantages: comprehensive charting tools that provide in-depth market analysis, and real-time access to valuable insights for making informed trading decisions.
SEI network offers a fast, efficient, and cost-effective platform for buying and trading tokens. With its optimized infrastructure, SEI can handle large transaction volumes quickly and at low fees. It is the first sector-specific Layer 1 blockchain, specialized for trading to give exchanges an unfair advantage.
The SEI token has been able to maintain strong investor support on their platforms including a seven-day rally leading to over 43% surge. The network’s features, such as its speed, frontrunning protection, twin-turbo consensus mechanism, and native matching engine, make it an attractive choice for trading enthusiasts.
SEI’s native cryptocurrency, SEI token, serves various purposes within the ecosystem, including covering transaction fees, staking for rewards, and participating in governance.
SEI price rises over 600% in one year | Source: SEIUSD on Tradingview.com
Featured image from Medium, chart from Tradingview.com
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