Sei Network Launches Sei Foundation to Boost Layer-1 Ecosystem Development

Sei Network has announced the establishment of the Sei Foundation, a non-profit initiative aimed at advancing the development of its Layer-1 blockchain ecosystem.

In an announcement made early on March 29 (Vietnam time), Sei Network unveiled the Sei Foundation, which will spearhead token grants, airdrops, product enhancements, new initiatives, and delegation programs.

The token grant program will provide necessary funding to individuals or organizations that contribute to expanding and developing Sei’s ecosystem and infrastructure. However, Sei Foundation Grants will only support financially viable ideas deemed practical for the network.

Additionally, Sei Foundation grants will cover a range of project types, including but not limited to:

• DeFi
• Developer Tools
• Infrastructure
• Research
• DAO Development Tools

The establishment of the Sei Foundation underscores the project’s readiness to support and drive initiatives within its network. Detailed criteria and processes for grants will soon be available on the Sei Network’s website, with Coin68 providing continuous updates.

Notably, Sei is a Layer-1 blockchain backed by Multicoin and is expected to launch its mainnet in the coming months. In an October 2022 announcement, Sei Network pledged to allocate 1% of the total token supply for airdrops to users participating in the testnet and early platform experiences. However, this allocation was met with criticism from the community, who felt that 1% was insufficient compared to the massive testnet user base.