SEI: The Financial Appchain Making Waves in Crypto
If you’ve been following the crypto news lately, you’ve probably heard a lot about SEI. Other than Bitcoin, it’s one of the biggest projects making headlines. But what exactly is SEI and how is it different? And more importantly, how can you make money from it? Let’s dive in and find out!
What Sets SEI Apart: The Appchain Concept
SEI is a financial appchain, which sets it apart from other Layer 1 chains like Bitcoin, Ethereum, or Cardano. While those chains are general-purpose and open to any project, SEI is specifically designed for finance. This means that all the technical decisions made by SEI are geared towards meeting the needs of financial firms.
Speed, scalability, and security are the top priorities for SEI. Trading and moving money require fast and efficient transactions, while the financial industry demands high levels of security. As a result, decentralization may not be as strong in SEI compared to other chains.
EVM & CosmWASM Compatibility
SEI is actively working on protocol adoption by collaborating with the two biggest virtual machines: EVM and CosmWASM.
- EVM: SEI offers a parallelized EVM environment that allows multiple transactions to run simultaneously. This enhances speed and throughput within the system.
- CosmWASM: As a Cosmos Layer 1 chain, SEI is already compatible with CosmWASM (Web Assembly). It also supports smart contracts in WASM format.
SEI’s Price Action: Is It Sustainable?
SEI has gained significant attention due to its price movement. It’s currently ranked #46 by market cap on CoinGecko and has experienced a 667% increase in the past three months. However, there has been a recent pullback from its all-time high.
For SEI to achieve widespread adoption, it needs participation from legacy financial institutions. If these institutions embrace blockchain technology, SEI could see even greater growth.
Hot Take: Will Legacy Finance Embrace Blockchain?
With the recent approval of Bitcoin ETFs, it’s clear that legacy finance companies are starting to explore blockchain. The question is, will they continue to adopt blockchain technology at the same pace or even more? If you believe that the Bitcoin ETFs are just the beginning, then it’s worth researching financial appchains like SEI.
Keep an eye on SEI as it continues to make waves in the world of crypto!
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