The native crypto asset of the Sei Network, SEI, is set to launch tomorrow on several major exchanges, including Bitfinex, Binance, Upbit, and Kucoin.

The layer-1 blockchain Sei, explicitly designed for trading applications, will see its mainnet release followed shortly by the commencement of trading.

Earlier in the day, Binance, Upbit, and Kucoin announced via social media their intentions to initiate trading for SEI coins at 8 am ET, aligning with the mainnet’s live date. Bitfinex had previously confirmed its plan to open deposits for SEI at 10:00 am UTC and commence trading at 12:00 pm UTC.

Big debut

Built on Cosmos SDK, Sei employs a proof-of-stake mechanism, boasting sub-second blocks and aiming for optimized trading functionality. Its design and operation target a particular niche in decentralized trading, where it will compete with other Cosmos chains like Osmosis, Injective, and Kujira.

Upon the mainnet launch, Binance reported that there will be 1.8 billion Sei coins in circulating supply, constituting approximately 18% of the maximum supply of 10 billion tokens. The core team of Sei has not officially verified this figure.

An additional allocation of 300 million Sei tokens has been designated to Binance’s launchpad pool. Users have the opportunity to stake BNB tokens, along with stablecoins TUSD or FDUSD, to earn Sei tokens during a staking event lasting until the end of August.

Sei stands out from general-purpose blockchains like Ethereum and Solana due to its sharp focus on trading. Its unique Twin-Turbo Consensus mechanism underscores this, which allows for rapid processing. Launched in 2022, the project raised $30 million in two funding rounds earlier this year.

The collective announcement by various exchanges signifies an expansive approach for Sei’s native token, offering traders and liquidity providers diversified access points. The specific attention on trading apps, including NFT marketplaces and decentralized exchanges, positions Sei as a specialized blockchain in a competitive market. The performance and adoption of SEI post-launch will be a focal point for observing its integration and influence within decentralized finance and trading platforms.

The post Sei token to launch Aug 15. on Bitfinex, Binance, and more appeared first on CryptoSlate.

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Filed under: Bitcoin - @ August 14, 2023 6:12 pm