While we hold Mantle as a Hedge to our primary L1 Holds, we have received queries about SEI. Let’s see if SEI cuts!

SEI is an independent L1 built on Cosmos, and Mantle is an Ethereum L2 powered by Bybit, the biggest exchange for traders. If you like this kind of content, you can subscribe to Altcoin Buzz Alpha. Let’s discover a Mantle vs SEI insight.

Mantle vs SEI: Key Insights

Overall, Mantle has a better value proposition and profitability than Sei. Sei is faster and cheaper, but the Ethereum ecosystem has more volume and attention, and thus, Mantle could emerge stronger. So, SEI doesn’t cut a 1.5B marketcap. Here are some. Some fundamental comparisons

Token SEI Mantle Verdict
Marketcap $1.5B $1.9B Mantle and SEI have limited room for growth
FDV $6.3B $3.7B SEI FDV is almost 90% higher than Mantle, indicating future sell pressure. Thus, dips in Mantle can be DCA opportunities, while dips in SEI can not
Daily Volume $200M $200M
Ecosystem Fund $120M $250M+ in stablecoins ($10M for grants per quarter) SEI has more disposable ecosystem funds, but only a few projects are building on Sei.
Development Slow Good Sei and Mantle have a similar number of community developers. But the pulling power of the mantle is more
Social Activity High High
Reserves 9% of total supply 30% of total supply Sei reserves are primarily for staking rewards mainly, while Mantle reserves serve as incentives for builders and sustainability of protocol long-term
Narrative Fast blockchain for trading (Now shifting to fast general-purpose blockchain) L2 for tokenization Both narratives are strong, but, Mantle has the upper hand in 2024
Competition High. Injective, with a $2.8B marketcap, is the leader Relatively low, no other L2s focus on tokenization Mantle has more to go in the long term.
Major unlocks Starts from August 2024, 5m SEI tokens per day None Sei will dump tokens rather aggressively after August 2024. Mantle may retain value



SEI Fundamental Analysis

Here are some important things to consider:

  • 5X since launch (In October).
  • Currently at $1.5B marketcap | $6.3B FDV | $200M daily volume.
  • The team valuation of SEI (At final investment rounds) is $800M.
  • Ecosystem Fund has $120M.

Here is SEI’s tokenomics:

Source: SEI Docs

Private sale investors hold 20%, which is extremely large.

SEI’s Value Proposition

Positioned as the fastest L1 custom-made for trading. Does not have a trading app yet.

Has an ecosystem, but mostly 3rd party dApps. For example, SEI has listed Pyth and Sushiswap as their ecosystem dApps; however, these protocols do not build on SEI.


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