Jay
@jayendra_jog
Co-Founder @Sei_Labs. Building the Blockchain for Trading. Previously @RobinhoodApp
1.6K Following 26.1K Followers
become a maximalist if you're not a trader
never become a maximalist when you are a trader
Last week Sei Labs engineers completed the first full test of the new Sei Giga architecture.
The successful test showcased unprecedented throughput and finality for an EVM chain.
Next steps are continuing tests and getting it production ready.
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⚡️ NEW: Canary Capital files Amendment No. 2 to its S-1 for a Staked $SEI ETF that will hold spot $SEI.
iphone duo reminds me of the apple vision pro
an interesting (and expensive) novelty that ppl wont buy/use
Lots of people have been asking me how I feel about Robinhood Chain's success.
Truth is: good. Onchain trading is going mainstream.
With Giga (and some other cool projects) Sei Labs is building the end state of onchain trading.
Robinhood wins today. We win tomorrow.
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why did stock-paired memecoins ever become a thing
Robinhood chain is extremely positive for crypto
Tons of net new users and activity coming onchain, many of whom will also explore other ecosystems
Robinhood Chain: two months in.
🔷Total DEX volume: $34.6B
🔷Protocol TVL: $1.27B
🔷190+ Stock Tokens live, with $3B+ in cumulative DEX volume
🔷Total transactions: 576M
🔷Total addresses: 12.3M
🔷Perps trading on Lighter: $7.29B in total volume
Gratitude to every user and builder behind the numbers.
Onward.
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The first pieces of Giga storage are already live on mainnet. Much more will go live before the end of the year.
Afaik the Giga upgrade will make @SeiNetwork the first EVM chain to fully replace merkle trees.
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FlatKV is the upcoming state store utilized by Sei Giga.
Sei Labs benchmarked it against @SeiNetwork's current event store for 24 hrs.
FlatKV averaged 205,913 transactions per second. ~13.7x more than its predecessor.
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Sei Labs has built an in house AI code reviewer for the primary sei-chain repo.
The median wait time for a first code review decreased from 54 minutes to 6. The p75 review time decreased from 8 hours to 12 minutes.
Code changes now merge 25% faster than before.
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Getting institutions onchain is about building confidence at an organizational level, not just blockchain performance.
Happy to announce a joint report from @SeiNetwork and @Mastercard on how financial institutions decide whether to use a blockchain.
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When a chain mentions blocktime they usually mean average blocktime (or p50 to be technical).
The speed of the slowest 1% of blocks (the p99) matters more.
As of v6.6, @SeiNetwork has a p50 of around 400ms, and an extremely fast p99 of roughly 600ms.
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crazy how much morale for the crypto industry can change in 24 hours
Scaling an L1 means scaling consensus, execution and storage.
The first part of Giga going live is storage.
Every transaction that runs has to be stored. If the database can't keep pace, the speed of the other components is irrelevant.
Eidos is scaling @SeiNetwork's storage.
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Have spent probably dozens of hours internally debating what the appropriate strategy for quantum-readiness is.
Very happy with our current approach.
Yes quantum computers are coming. No they are not around the corner and we absolutely should NOT be panicking.
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Introducing SIP-5: bringing quantum security to @SeiNetwork.
If a quantum threat emerges, every account has a route to become quantum-secure.
Simultaneously, @Sei_Labs will identify new, more performant cryptographic solutions for future implementation.
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Today marks three years of Sei on mainnet.
I am incredibly proud to look back and think of everything that has happened on Sei to get it to this point.
Three years ago today, Sei mainnet produced its first block.
What's your favorite memory from your time on Sei?
Gemini is a prime target for acquisition
It's market cap is only ~$500M, yet it has both a DCO and DCM license and ~600k MAUs
A similar acquisition in the recent past was Bitnomal, which was acquired by Kraken for $550 million (and Bitnomial had significantly lower user numbers)
Main question is whether the Winklewoss twins want to sell
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CRYPTO EXCHANGE GEMINI POSTS $107.7M Q2 NET LOSS
Fascinating to see how quickly Robinhood ate Coinbase’s market share
Also worth noting that aggregate profit is the same, suggesting that this was tied to users rotating from base to Robinhood chain, as opposed to net new users onboarding
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Robinhood was not in this chart ten weeks ago but it now drives the majority of daily L2 gross profit.
Base carried this category almost single-handedly through June, with daily totals near $660k and one chain accounting for nearly all of it. Its absolute contribution has been declining since, while Robinhood went from zero to the largest single slice in about five weeks.
Every L2 on this chart combined clears under $500k in gross profit on a strong day. A distribution business with an existing brokerage user base entered that market and reordered it in a month.
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robinhood chain might be the spark that helps kickstart the next season of onchain activity
The proposal for Sei 6.6 is live.
This is a huge release for Sei. Dozens of DevEx and performance improvements.
Most importantly: the start of Giga on mainnet. 6.6 is the beginning of the Giga storage upgrade.
A complete storage overhaul to support Giga's 200,000 TPS.
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Introducing SIP-5.
If a quantum threat appears, every account on @SeiNetwork has a route to become quantum-secure.
In parallel we’re working to find new post-quantum signature schemes that will enable even better performance.
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