Only 15.2 million people worldwide owned cryptocurrency in July 2017. Now, that number has jumped to 82 million crypto owners, according to is working to build exactly that architecture. Launched as a layer-1, meaning its blockchains can validate transactions without another network, and built on the Cosmos SDK, the most used framework for blockchains, Sei Network has an orderbook as the base layer of the blockchain. Orderbooks list the number of shares being bid on or offered at different price points, as well as identify the entities behind buy and sell orders, creating the transparency and credibility needed for larger institutional investors to buy and sell. Orderbooks have become the gold standard to organize and structure bids and asks since the Nasdaq adopted electronic orderbooks thirty years ago.
Since the orderbook is kept on-chain, which is completely stored on the blockchain, Sei Network can optimize for performance and speed. Many protocols have been traditionally challenged by pricing errors or delays: when a protocol uses an off-chain pricing oracle, there are delays between the acquisition of trading information and the protocol, leading to failing nodes.
Consider the recent pricing error on the Mirror Protocol for Luna Classic: validators on Terra Classic were reporting a price of $0.000122 for both the Luna Classic coin and the newly-launched LUNA coin, but the LUNA coin should have been priced at $9.32. The error was eventually fixed, but the exploiter got away with over $30 million.
