On the inaugural day of token listing, Layer 1 trading blockchain Sei Network achieved an impressive, fully diluted valuation of $1.8 billion.
Marking a significant milestone on August 15, prominent exchanges, including Binance, Bybit, and Bitget, collaboratively introduced the network’s native token (SEI) to the market. SEI debuted on Binance at an initial price of $0.064 per unit, surging to a remarkable high of $0.48. Presently, its trading value stands at $0.18 as of the current publication time. The total supply of SEI tokens is 10 billion, with an initial distribution of 1.8 billion.
Simultaneously, Sei unveiled the beta phase of its mainnet on the same day. The blockchain’s developers proudly reported that the alpha phase witnessed a staggering 400 million transactions and the creation of 7.5 million test wallets. Sei Network boasts a transaction finalisation speed of 0.5 seconds and can process up to 20,000 transactions concurrently.
Using the Cosmos software development kit, Sei Network has been meticulously designed to amplify the trading capabilities of decentralised exchanges (DEXs). This is achieved through its innovative matching engine and advanced order front-run prevention tools.
According to Jeff Feng, co-founder of Sei Labs, the current Web 3 infrastructure faces scalability, congestion, and sluggish challenges. He also revealed that 30 Sei applications are slated for launch by year-end. DEX Sushiswap has ambitious plans to introduce a perpetual futures exchange on the Sei protocol.
Sei’s developer community benefits from a substantial $120 million ecosystem development fund, a portion of which was contributed by MEXC Global with a generous $20 million donation in January.
Further strengthening the ecosystem fund, Sei secured $50 million in April from Bitget and Foresight Ventures, both prominent players in the venture capital landscape. This accomplishment followed closely after Sei successfully closed a $30 million funding round, which valued the company at $800 million. The journey began with a seed round of $5 million in August 2022.