On August 15, industry giants like Binance, Bybit, and Bitget jointly added SEI to their trading offerings, causing a flurry of activity.
SEI commenced trading on Binance at $0.064 per token, swiftly surging to a peak of $0.48 before settling at $0.18 at press time. The cryptocurrency community’s enthusiastic response reflects Sei Network’s potential as an emerging player in the crypto trading landscape. With a total supply of 10 billion SEI and an initial supply of 1.8 billion SEI, the project’s foundations appear robust.
Simultaneously, Sei unveiled the beta phase of its mainnet, showcasing the blockchain’s impressive capabilities. During its alpha phase, the network executed more than 400 million transactions and witnessed the creation of 7.5 million test wallets. Sei Network boasts transaction finalization within 0.5 seconds and a capacity to handle up to 20,000 transactions concurrently.
Leveraging the Cosmos software development kit, Sei Network’s architecture enhances decentralized exchanges (DEXs) with an advanced matching engine and order front-run prevention tools. Jeff Feng, Co-founder of Sei Labs, emphasized the platform’s necessity, stating that existing Web 3 infrastructure is hampered by scalability issues and sluggishness. Sei Network envisions a robust future, with 30 applications planned for launch by year-end. Notably, DEX Sushiswap intends to introduce a perpetual futures exchange utilizing the Sei protocol.
Developers invested in Sei Network’s growth benefit from a substantial $120 million ecosystem development fund, partially funded by MEXC Global’s $20 million contribution. The network also secured $50 million for its ecosystem fund from Bitget and Foresight Ventures in April. With a history of successful fundraising, Sei Network’s journey began with a $5 million seed round in August 2022, followed by a $30 million funding round just prior to its recent milestones.
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