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Sei Network Launches Native Token with Strong $1.8 Billion Valuation on Debut

ei (SEI) Token's Impressive Start Bolstered by Major Exchanges, While Sei Network Aims to Revolutionize DEX Trading Efficiency

Thu, 17 Aug 2023, 05:49 am UTC

Sei Network's Native Token 'Sei' Surges to $1.8 Billion Valuation on Debut

The highly anticipated native token of Sei Network, named Sei (SEI), has made an impactful entry into the market, achieving an impressive valuation of $1.8 billion on its inaugural day. Renowned exchanges, including Binance, Bybit, and Bitget, eagerly listed the token on August 15. Beginning its journey at $0.065 on Binance, the token's value soared dramatically, reaching a peak of $0.49 before eventually stabilizing at $0.19 at the time of the latest update. The token's total circulation is capped at 10 billion SEI tokens, with an initial release of 1.8 billion tokens.

Parallel to the token's launch, Sei Network unveiled the beta version of its mainnet. During the alpha phase, the network impressively recorded 400 million transactions and generated 7.5 million test wallets. Notably, Sei Network boasts rapid transaction speeds, with the capability to finalize transactions in just half a second, and it can efficiently handle a concurrent load of up to 20,000 transactions.

Empowering Decentralized Exchanges (DEXs) with Innovative Solutions

Sei Network, developed using the Cosmos software development kit, holds the mission of enhancing trading efficiency within decentralized exchanges (DEXs). The platform introduces a groundbreaking matching engine alongside tools designed to counteract order front-running issues. Jeff Feng, co-founder of Sei Labs, highlighted the prevailing challenges of Web 3 infrastructure, emphasizing scalability limitations, congestion problems, and sluggish transaction speeds. He expressed optimism for Sei's future, revealing that 30 Sei applications are slated for launch by year-end. Notably, DEX SushiSwap is gearing up to introduce a perpetual futures exchange built on the Sei protocol.

Strong Financial Backing and Ecosystem Development

Sei developers are well-supported by a robust ecosystem development fund totaling $120 million. The fund received a substantial boost in January, with a generous $20 million injection from MEXC Global. Following this, April witnessed a combined investment of $50 million from Bitget and renowned venture capital firm Foresight Ventures. Sei's financial accomplishments also include securing $30 million just days before its valuation soared to $800 million, as well as a seed round that successfully raised $5 million in August 2022.

The remarkable debut of Sei's native token and the concurrent advancements of Sei Network underscore the burgeoning potential of blockchain technology in transforming the decentralized exchange landscape.

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