A competitor of Solana (SOL) is suddenly surging on 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 faster blockchain than Solana, reached a high of $0.250 after the Circle announcement, up more than 110% from its value of $0.118 at November 10.
Circle said they invested in the SEI network to expand the use cases for USDC, the dollar-pegged digital asset.
SEI has pulled back slightly and is trading at $0.239 at the time of writing.
Said SEI,
“SEI is specifically designed to address the primary use of cryptocurrency: the exchange of digital assets. This blockchain is not only fast; it is the fastest, achieving a time to finality of 390 ms and boasting unparalleled speed.
Through the integration with SEI, USDC will offer developers and entrepreneurs around the world something they have never had before: the ability to build products and commerce globally, quickly and cheaply on an open platform, with instant transaction settlement.”
According to SEI, the commerce-oriented blockchain network is faster than Solana’s, based on certain key metrics.
SEI says transaction finality on its blockchain is 500 milliseconds, while Solana’s transaction finality is about 2.5 seconds. SEI also compares its transaction throughput to Solana, saying that Sei Network has the capacity of 20,000 orders per second (ops) and Solana can process 10,000 transactions per second (tps).
Generated image: Midjourney