SEI Network, a layer 1 trading blockchain, has reached a fully diluted valuation of almost $1.8 billion soon after the initial token listing. Not too long ago, several major cryptocurrency exchanges like Binance, Bybit, and Bitget collaboratively listed the SEI token. When the situation at Binance is assessed, the token opened at the initial price of $0.064 but, later on, surged as high to $0.48. However, the token traded for approximately $0.19 soon after that. The SEI Network has confirmed that the total supply of the token has reached 10 billion, whereas the initial supply stands at the 1.8 billion mark.

On the same day, the network also introduced the beta version of its mainnet. Developers claim that the blockchain experienced more than 400 million transactions along with the creation of 45 million test wallets during its alpha phase. Furthermore, the firm claims that its network can finalize all transactions within a span of almost 0.5 seconds and process a total number of 20,000 transactions at the same time.

The SEI Token Rises High

The network has been developed on the Cosmos software development kit and has been specifically designed to scale existing trading capabilities of decentralized exchanges with its matching engine and order front-end prevention tools. At the time of writing, the token has surged by a whopping 2639.49%. The increase has pushed the trading price of the token to $0.2243, and the market cap of the token currently stands at the $400 million mark.

Web3 Infrastructure is Unreliable Says the Co-Founder of SEI

The co-founder of the SEI Network, Jeff Feng, stated that the existing Web3 structure is increasingly unreliable as it is unscalable, highly congested, and still too slow. Feng highlighted the launch of almost 30 SEI applications by the end of this year. An additional project includes the plans of SushiSwap to launch its own perpetual futures exchange on the SEI protocol.

Currently, developers on the network have access to more than $120 million in ecosystem development funds, mostly in part due to the exchange MEXC Global’s $20 million contribution in January this year. In April, the firm managed to raise approximately $50 million for its ecosystem fund from Bitget and Foresight Ventures. Just a while ago, SEI closed a $30 million funding round at a total valuation of $800 million. 

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Filed under: News - @ August 16, 2023 7:27 am