Sei Network deep dive: Twin Turbo consensus, parallelization and native CLOB
Thread946 words
Technical introduction to Sei, an application-specific Cosmos SDK L1 built for DEXs. Covers Twin Turbo consensus, parallelized DeliverTx and EndBlock processing, a native order matching engine and validator-run price oracles.
Key claims
Sei raised over USD 30m at a USD 800m valuation
Independent CLOB orders (different markets in the same block) are processed in parallel
Validators act as oracles using a voting-power-weighted median exchange rate
0/ are you ready for the FASTEST L1 ever? 🚀 👀
after raising over USD 30m from top investors & coming in at a valuation of USD 800m, @SeiNetwork is one of the most anticipated projects to launch in 2023 🌊
MEGA-🧵 on why $SEI is a GAME-CHANGER for DEX, NFTs, & gaming (0/39) 👇
1/ this thread aims to provide a comprehensive technical introduction to @SeiNetwork 🚢
the information about the technology is derived from the @SeiNetwork whitepaper and the @SeiNetwork website 📚🔍
2/ table of contents:
🏗 High Level Architecture (3-5)
🚀 Twin Turbo Consensus (6-13)
⛓ Parallelization (14-25)
📈 Native Order Matching Engine (26-28)
🔮 Native Price Oracles (29-33)
📊 Tech Comparison (34)
🌐 Ecosystem (35)
💰 Funding (36)
🔍 Conclusion (37-40)
3/ 🏗 High Level Architecture
@SeiNetwork is an application-specific L1 geared towards DEX use cases and is built on the @Cosmos SDK
4/ @SeiNetwork uses the #WASM module to make it easy for developers to work with Sei. Developers can use the Rust-based #CosmWasm library to create decentralized applications
5/ it also features the #IBC module, that enables interoperability with other @cosmos based chains that have the IBC module enabled
need a refresher on IBC? 🌐
check here 👇
x.com/expctchaos/status/1641530765329731585
6/ 🚀 Twin Turbo Consensus
one of the key innovations of @SeiNetwork is the Twin Turbo Consensus technology. This technology is a game-changer in the blockchain space, providing a unique solution to the challenges faced by decentralized exchanges
7/ one key feature is Intelligent Block Propagation. Upon receipt of a transaction from a user, a full node broadcasts it across the network. This transaction gossip propagates randomly to other nodes
8/ upon receipt, a validator confirms the transaction's validity and adds it to its local mempool. Block proposers then consider the state of their mempool to suggest a block to be committed
9/ most transactions will have reached validators via this method. Block proposers include unique transaction IDs in their block proposals and a reference to the complete block, then disseminate the proposal to other network validators
10/ the proposal sends as one message, while the entire block splits into parts for easier propagation. Validators with all transactions in the proposal will reconstruct the block from its mempool, speeding up the process
11/ validators then follow the #Tendermint BFT consensus to agree on the transaction order. This involves a prevote step, a precommit step, and a commit step before committing to the blockchain
12/ Optimistic Block Processing is an important part of consensus. Validators verify the block's validity and concurrently begin processing the first received block proposal. This candidate state is written to a cache and, if approved, gets committed. If rejected, it's discarded
13/ ⛓ Parallelization
as mentioned before @SeiNetwork is built on the @Cosmos SDK as its foundation for application logic. Hence, validators receive a block, begin processing it & update the network state using a series of logic steps:
⚙️ BeginBlock
⚙️ DeliverTx
⚙️ EndBlock
14/ all of the above mentioned stages are customizable and @SeiNetwork has configured both DeliverTx & EndBlock for parallel transaction processing
15/ in the DeliverTx phase, @SeiNetwork first processes all transactions in a block, resulting in state changes for most transaction types (tokens, proposals, smart contracts, etc.)
16/ transactions related to the order matching engine, a.k.a. central limit order book (CLOB), only undergo basic processing during the DeliverTx phase, with most of their state changes being applied during the EndBlock phase
17/ his happens in parallel for independent CLOB orders, whereas independent means that two orders don't affect the same market in the same block
18/ while parallelization improves @SeiNetwork's throughput and speed, this specific approach towards CLOB transactions enables support for frequent batch auctions for order execution
19/ @SeiNetwork stores its data in a key-value store, and to prevent race conditions and nondeterminism, it has to ensure that parallel processes don't update the same key
20/ this is done by keeping a mapping of transaction message types to the keys they access. Messages updating different keys can run in parallel, whereas messages updating the same key run sequentially in a deterministic order
21/ before executing transactions for a block, dependencies between transactions are identified by constructing a directed acyclic graph (DAG) of dependencies between resources (keys) that each message in each transaction needs to use
22/ for even greater parallelism, dependency mappings can be defined as templates. These templates get filled with more specific resources at runtime, leading to more granular parallelism
23/ this can be especially useful in scenarios where the message contents are needed to further enhance parallelism
24/ for message types defined by the chain, such as staking, oracle updates, bank sends, etc., mappings are set at the blockchain's genesis and can be updated via a governance proposal
25/ 📈 Native Order Matching
basically, @SeiNetwork provides the same functionality as a general-purpose blockchain, enabling users to transfer assets and deploy smart contracts
26/ however, @SeiNetwork's functionality goes far beyond that. @SeiNetwork integrates an order placement and matching engine natively into its system
27/ this matching engine serves as a powerful tool for any exchanges built on top of @SeiNetwork, thereby offering an enhanced experience & improved capabilities
28/ 🔮 Native Price Oracle
@SeiNetwork blockchain features a native price oracle, facilitating reliable asset exchange rate pricing. Validators in the network function as oracles, ensuring accuracy
29/ the network provides real-time pricing via short voting windows, potentially as small as one block in length, allowing for continuous price updates
30/ during a voting window, validators propose exchange rates. These are collectively evaluated at the window's end to calculate a weighted median, based on validator voting power, defining the 'true' exchange rate
3 more images on X
How the covered assets moved · since 23 Jun 2023
Prices as of 23 Oct 2026This breakdown analyzes the project without making a call on the token, so price moves since publication are shown as market context.
Covered in this piece
Since then
Zero has written 14 more pieces on Sei and $SEI since this one.
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Daily closes in USD from DefiLlama and Yahoo Finance. Only a bullish or bearish thesis is read as a call; explainers, maps and mentions are context. Not financial advice.