Sei Network has announced the launch of its mainnet. The mainnet which is scheduled to go live in Q2 will be with more than 120 communities according to a statement by Jay Jog, Sei Labs co-founder in an interview. Sei Labs is building a layer 1 blockchain that will offer the “best” infrastructure to exchanges where the customers will be exchanges that will build on top of the core blockchain. According to the co-founder there are already over 120 projects that are committed to building on it and 50+ projects are gearing up for the main launch as well.
Moreso, Sushiswap will be one of the biggest companies to launch, Jay said. According to Jay, Sushiswap acquired one of the projects on Sei Labs, a perpetual protocol that supports cross margin. “Sushi is going to be launching an on-chain perpetual protocol that supports cross margin with an incredible user experience and we are so excited to have Sushi coming on ahead of the mainnet launch,” the co-founder added.
How Sei Labs Started
The Sei Labs co-founder Jay Jog joined crypto in 2017 working on projects with a friend. Then became part of Robinhood as an Engineer Lead; where he spent almost 4 years at Robinhood and saw the company grow 10x. While in the role as an Engineer Lead Robinhood had a game saga two years ago and was described by Jay to have been handled “exceptionally poor.” The reason according to Jay was a complete lack of transparency around what was actually happening internally from the management.
His experience with Robinhood birthed Sei Labs which started as building a decentralized Robinhood and afterward went down the path of infrastructure for building exchanges and that’s exactly what Sei Labs does now. “We are building a new blockchain that is optimized for trading and our mission is to build the best infrastructure for exchanges,” Jay Jog said.
Further, Jay said he became much more of a decentralization Marxist from the Robinhood event two years ago, because anything that happens on a blockchain is inherently transparent and inherently trustless.
Regulation is good for the industry- Sei Labs co-founder
Jay Joy spoke about regulations in the interview specifically saying SEC regulatory action in the industry would do crypto more good. Over the past year, there have been a lot of crypto businesses blown up that have had negative repercussions on customers, a typical example is the FTX implosion that happened in November 2022, he said.
He added that regulation is inevitable in any maturing industry and overall it is good for the industry because customer protection is a sign that the industry is maturing and that there is going to be a lot happening.
However, “in the short term this is bad because that means there is going to be more difficulty in getting these stablecoins and being able to trade them, nonetheless, in the long term it is going to be good for crypto because it forces more decentralization,” Jay said.
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