SEI Price Soars But CYBER Price Sinks After Binance Listing
Key Takeaways:
Binance listed SEI and CYBER tokens on its platform.
However, while SEI price rallied, CYBER price tanked after listing.
NEW DELHI (CoinChapter.com) — Binance announced the listing of two new tokens: Sei (SEI) and Cyberconnect (CYBER), on Aug 15.
SEI-Fi is Strong Thanks to SEI Price Rally
The mainnet of Sei, a layer-1 blockchain network, went live on Aug 15. The project’s backers claimed it processed over 400 million transactions and created 7.5 million unique testnet wallets shortly afterward.
Furthermore, the platform announced the listing of its SEI token across major exchanges, including Binance, Kraken, and Huobi.
Sei is a ‘sector specific‘ layer-1 blockchain built using the Cosmos SDK that aims to provide traders with faster transaction finality of 600 ms and throughput of 22,000 orders per second.
The Sei Network aims to become the chain of choice for new decentralized exchanges (DEX). Furthermore, developers claim the Sei network would serve as a multipurpose blockchain for the entire DEX ecosystem.
The SEI token reached a fully diluted market cap of over $2.6 billion after its launch on Aug 15. Binance announced listing SEI/BNB, SEI/BTC, SEI/FDUSD, SEI/TRY, and SEI/USDT trading pairs on its platform, with trading set to begin on Aug 15 at 15:00 hrs (GMT).
SEI price opened trading on Binance at a price of $0.064 before spiking over 650% to reach an all-time high near $0.48. However, on CoinMarketCap, SEI price reached an ATH of $0.268 on Aug 16.
The total supply of SEI tokens is capped at 10 billion tokens, with most of the tokens going to the community and projects building on the Sei Network. 48% of SEI tokens’ total supply would go to the platform’s Ecosystem Reserve.
The reserve encompasses staking rewards, ecosystem initiatives such as grants and incentives to contributors and developers, and SEI airdrops.
Cyberconnect’s Censor-Resistance Smart Contract Attracts Fewer Speculators
Cyberconnect is a Web 3.0 platform that offers developers a platform to create social applications. Social apps on Cyberconnect would prioritize user ownership by allowing users to access their personal digital identity, content, connections, and interactions.
Cyberconnect boasts over 300,000 smart contract accounts and has partnered with several platforms. The platform has introduced several products, such as CyberAccount, which aims to help users “onboard to multi-chain Web3 social experiences leveraging ERC-4337 Account Abstraction.”
Another product, Cybergraph, is a “censorship-resistant smart contract” that would help users record their content and social ties. The platform’s native token, CYBER, functions as its governance token and a payment medium for its Cyber ID.
However, CYBER prices did not have a great outing post-launch.
On Binance, the Cyberconnect token price opened trading at $1.44 before rocketing 1,135% to reach an ATH (on Binance) of $17.79. But, CYBER price crashed 74.5% from its ATH to trade near $4.9 at writing.
On the other hand, per Coingecko’s data, CYBER price started trading at $6.17 before the Cyberconnect token’s price started going downhill.
The post SEI Price Soars But CYBER Price Sinks After Binance Listing appeared first on CoinChapter.
Filed under: Bitcoin - @ August 16, 2023 12:11 pm