Sei has partnered with Space ID to bring on-chain identity to its users. In essence, users will have the opportunity to create a .Sei domain name. Sei is an L1 chain built to become the chain for new decentralized exchanges (DEXs) across DeFi, NFTs, and gaming. It is built with the Cosmos SDK, allowing it to be sector-specific and focused on trading.
It aims to achieve its goals with improvements in performance, security, and interoperability. It promises lightning-fast transaction finality of 500ms, which would put it on par or competing with centralized exchanges and better than current DEXs in the market.
Space ID is a name service network for different blockchains that allows users to have their own web3 domain registered and trade and manage them. It also provides the Web3 Name SDK and API for developers to integrate web3 domain functionality into applications. ID is the native governance token that allows holders to participate in the project’s governance process.
According to Sei, the integration with SpaceID will allow “users to create, customize, and manage virtual spaces that can be used for a variety of purposes, from gaming and socializing to education and business”.
Advancement on Sei blockchain
The team behind Sei has added several integrations and tools to the network. In February 2023, they partnered with CodedEstate to bring the benefits of decentralized networks to the real estate industry. Two months later, it raised $30 million to bring its valuation to $800 million.
The recent move towards decentralized identity is also an opportunity to create new value for users of Sei and SpaceID. “This partnership will enable users to seamlessly connect their virtual world experiences with the world of trading and finance, creating new opportunities for both communities” a Sei official said.
SpaceID also noted that the partnership with Sei will allow its users to access “a fast and efficient trading infrastructure that can help them take advantage of the opportunities presented by blockchain technology.”