Sei, a Layer 1 blockchain network developed mainly for cryptocurrency (virtual currency, virtual assets) transactions, has launched a fund for the growth of the decentralized financial (DeFi) ecosystem.

TechCrunch, an IT media outlet, reported on the 28th (local time) that Sei has launched an ecosystem growth fund worth 50 million dollars (about 72 billion won).

Sei is a Layer 1 blockchain developed with the goal of a blockchain optimized for DeFi. Sei is focusing on cryptocurrency transactions, unlike the existing blockchain networks developed to be applied to a wide range of fields rather than specific fields.

Through this, it became possible to work that the existing blockchain network could not do. In addition, Sei argued that if other blockchains focus on users, they are focusing on developers, which is advantageous for expanding the ecosystem.

The newly launched fund will be used to encourage ‘great founders’ to grow the Say ecosystem and build blockchain applications.

An official from Sei said, “We are already teams that have procured venture capital and launched applications, but we still lack elements to provide the best user experience,” adding, “We have launched funds to solve this problem and will grow the ecosystem through incentives.”

By writer

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