Layer one trading blockchain Sei Network has achieved a fully diluted valuation of $1.8 billion on the first day of token listing.
On August 15, major exchanges such as Binance, Bybit, and Bitget jointly listed the network’s native token (SEI). The token opened at $0.064 on Binance and reached a high of $0.48. It currently trades at $0.18 at the time of publication. The total supply of SEI is 10 billion, with an initial supply of 1.8 billion SEI.
On the same day, Sei launched the beta phase of its mainnet. During its alpha phase, the blockchain witnessed over 400 million transactions and the creation of 7.5 million test wallets. Sei claims that its network can finalize transactions within 0.5 seconds and process up to 20,000 at a time.
Built on the Cosmos software development kit, Sei aims to enhance the trading capabilities of decentralized exchanges (DEXs) with its matching engine and order front-run prevention tools.
Jeff Feng, co-founder of Sei Labs, stated, “Current Web 3 infrastructure is unscalable, congested, and still too slow.” He also mentioned that 30 Sei applications are scheduled to launch by the end of the year. DEX Sushiswap plans to launch a perpetual futures exchange on the Sei protocol.
Developers building on Sei have access to a $120 million ecosystem development fund, which includes a $20 million contribution from exchange MEXC Global in January. In April, the firm raised $50 million for its ecosystem fund from Bitget and venture capital firm Foresight Ventures. Prior to that, Sei closed a $30 million funding round at a valuation of $800 million. The seed round of $5 million was held in August 2022.
Magazine: Deposit risk: What do crypto exchanges really do with your money?
Key Points:
- Layer one trading blockchain Sei Network has reached a fully diluted valuation of $1.8 billion on the initial day of token listing.
- Major exchanges such as Binance, Bybit, and Bitget jointly listed Sei’s native token (SEI).
- The token opened at $0.064 on Binance and surged as high as $0.48.
- Sei launched the beta phase of its mainnet on the same day.
- Developers claim the blockchain can finalize transactions within 0.5 seconds and process up to 20,000 at a time.
- Sei aims to enhance the trading capabilities of decentralized exchanges (DEXs) with its matching engine and order front-run prevention tools.
- 30 Sei applications are scheduled to launch by the end of the year.
- DEX Sushiswap plans to launch a perpetual futures exchange on the Sei protocol.
- Developers building on Sei have access to a $120 million ecosystem development fund.
- Sei closed a $30 million funding round at a valuation of $800 million.
