Sei Labs Announes Mainnet and SEI Token
Sei Labs, the company behind the layer 1 blockchain Sei, has made an official announcement that its mainnet is now live subsequent to a successful testnet phase. The blockchain's token, SEI, has also commenced trading today on leading exchanges such as Binance, Kraken, and Huobi, among others.
The mainnet beta phase has been designed to undergo refinement by the community and adapt to industry demands, positioning Sei as the next-generation Layer 1 solution aimed at facilitating widespread adoption of digital assets.
Over at Binance, the token's initial price stood at $0.064 per unit before experiencing a surge that elevated it to as high as $0.48. As of the time of this statement, the token was being traded at $0.26. The total supply of SEI tokens amounts to 10 billion, with the initial supply set at 1.8 billion.
Developers have asserted that during the alpha phase, the blockchain witnessed a 400 million transactions and the creation of 7.5 million test wallets. Sei boast of its network's ability to complete transactions within 0.5-second and accommodate up to 20,000 transactions concurrently.
Constructed on the foundation of the Cosmos software development kit, Sei has been crafted to amplify the trading functionalities of decentralized exchanges (DEXs) through its matching engine and tools for preempting order front-running. Sei positions itself as an exceptionally high-performance blockchain primed to manage the escalating demand for NFT and gaming asset transactions.
The SEI Token serves as the backbone of Sei's Proof of Stake blockchain, enabling diverse functions including network fee payments, validator staking, participation in governance, and deployment as collateral.
The Sei Foundation also announced an airdrop, targeting whitelisted users who migrate qualifying assets onto the Sei network. To be eligible for receiving airdrop tokens, wallets must be primed for the mainnet and seamlessly connected to the Pacific-1 Mainnet.
Back in May, Sei Labs succeeded in securing $30 million across two funding rounds, with investment contributions from notable entities such as Jump Crypto, Multicoin Capital, and Flow Traders.
South Korean exchanges have seemingly attracted the most substantial trading volume over the past 24 hours. Notably, Upbit has witnessed $669.1 million in trading volume within a 24-hour window for its SEI-KRW trading pair, emerging as the most actively traded pair for the day.
Binance's SEI-USDT pair comes in second with a 24-hour volume of $274 million, followed closely by Gate.io SEI-USDT pair, which has recorded $69.7 million in trading volume.