Sei Blockchain Goes Live, Surpasses $400 Million Market Cap

MARKET_WATCH Blockchain

Sei, a trading-focused blockchain developed by Jump Crypto and Multicoin Capital, launched on Tuesday with its SEI token. The token quickly gained popularity, resulting in a market capitalization of over $400 million within its first day. The trading volume for SEI reached $1.6 billion in the past 24 hours, with major platforms like Coinbase, Binance, and Kraken listing the token.The Sei project faced some complaints about delays in its highly anticipated airdrop, where tokens are given to early users and community members.

 

 The project’s official account responded, stating that the airdrop rewards would be claimable after a warm-up period for the Sei ecosystem’s preparation.Sei is an application-specific blockchain built using the Cosmos SDK. It aims to provide speed, low fees, and features tailored for trading apps. It focuses on social platforms, gaming, and carbon credits. According to Jeff Feng, co-founder of Sei, trading applications built on-chain struggle to scale, and Sei offers a fundamental rewrite of the underlying infrastructure.The mainnet deployment of Sei coincided with an airdrop of SEI tokens, which will be used for network fees and proof-of-stake security. Airdrops are a popular method for attracting users and bootstrapping liquidity in the blockchain industry. Sei Labs configured the airdrop to allow users of Ethereum, Solana, and Binance Smart Chain to claim SEI tokens by bridging assets to the new network.

 

However, some users experienced difficulties claiming their tokens and understanding the eligibility criteria. Access to Sei’s official Discord server, where community members interact, also became problematic. The Sei Foundation claimed that the airdrop was not delayed and will provide eligibility information when it occurs.Sei Labs allocated 40% of the circulating supply to the team and private investors, while 48% will go towards ecosystem reserves, including the airdrop and other incentive programs. The remaining supply will be given to the SEI Foundation (9%) and Binance launchpool incentives (3%). 

 

Source : [Sei Blockchain Goes Live, Surpasses $400 Million Market Cap]

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