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.
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).
Generated Image: Midjourney
