dailyhodl.com
26 November 2023 01:20, UTC
A Solana (SOL) competitor is suddenly soaring amid news that stablecoin issuer Circle ($USDC) is investing in the blockchain project.
The Sei Network ($SEI), the new layer-1 blockchain that claims to be a blockchain faster than Solana, reached a high of $0.250 after the Circle announcement, a more than 110% increase from its value of $0.118 on November 10th.
Circle said they were investing in the $SEI network to expand use cases for $USDC, its dollar-pegged digital asset.
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$SEI has slightly retraced and is trading for $0.239 at time of writing.
Said $SEI,
“$SEI is designed specifically to address the primary use case of cryptocurrency – the exchange of digital assets. This blockchain isn’t just fast; it’s the fastest, achieving 390ms time to finality and boasts unparalleled speed.
Through integration with $SEI, $USDC will provide developers and entrepreneurs around the world something they’ve never had before: the ability to build products and commerce on an open platform globally, quickly, and cheaply with instantaneous transaction settlement.”
According to $SEI, its trading-focused blockchain network is faster than Solana’s based on certain key data.
$SEI says its transaction finality on its blockchain is 500 milliseconds whereas Solana’s transaction finality is around 2.5 seconds. $SEI also compares its transactional throughput with Solana by saying Sei Network has the capability of 20,000 orders per second (ops) and Solana can handle 10,000 transactions per second (tps).
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