Following a successful testnet phase, Sei Labs, the parent company of the layer 1 blockchain Sei Network, has announced that its mainnet is now active. In addition, the SEI token was also listed on exchanges such as Huobi, Binance, and Kraken. The Sei Labs team said that the goal is to build a network that enables users to effortlessly exchange assets.
Jeff Feng, the co-founder of Sei Labs, said the project will focus on the fundamental use cases of blockchain, which are to simplify the process of exchanging assets quickly and cheaply. Feng believes that Sei is one of the fastest chains to finality, claiming that it can execute up to 20,000 transactions in under 500 milliseconds, outpacing rival chains like Solana, Sui, or Aptos.
From late nights to early mornings, from setbacks to breakthroughs, every moment has shaped Sei's journey.
The mainnet launch is a checkpoint, not the destination.
The best is yet to come.
— Jeff (@jeffdfeng) August 16, 2023
Speaking on SEI’s uniqueness, Feng said in a statement that “most layer 1s look to solve a technical problem, whereas our mission is to solve the problem of exchanging assets easily.” Feng added that “there is a misconception that Sei is a decentralized finance (DeFi)-focused chain, but we have more of a focus on social platforms, gaming, and carbon credits.”
Sei has enjoyed remarkable growth over the past few months. Reports state that there are over 200 teams developing the project. Developers claim that Sei also saw over 400 million transactions and 7.5 million unique wallets during its testnet phase.
Pumped to see @SeiNetwork come to market
Sei is a highly scalable L1 competing with the likes of Solana, Sui, and Aptos
Unlike its more generalised competitors, Sei seeks to build a chain that's entirely optimised for trading
Quick thread on why I'm excited about this👇 https://t.co/810QbE2Yg7
— José Maria Macedo (@ZeMariaMacedo) August 15, 2023
On Binance, the SEI token opened at $0.064 a piece. The price later surged to as high as $0.48. As of this writing, the SEI token trades at $0.2477. Furthermore, the token has a total supply of 10 billion SEI and an initial supply of 1.8 billion SEI.
Sei braces up for expansion.
Following a successful mainnet launch, Sei is braced for further ecosystem expansion and reportedly has about 30 applications scheduled to launch later this year. Interestingly, SushiSwap plans to launch a perpetual futures exchange on Sei.
With the bull market fast approaching, blockchain projects are trooping into the market in large numbers. Each of these projects has one goal: to disrupt the market with their offerings, and Sei is no different.
Coinbase will add support for Sei (SEI) on the Sei network. Do not send this asset over other networks or your funds may be lost. Transfers for this asset are available on @Coinbase & @CoinbaseExch in the regions where trading is supported.
— Coinbase Assets 🛡️ (@CoinbaseAssets) August 15, 2023
The Sei protocol plans to provide what it terms an “undeserved” unfair edge to decentralized exchanges. Its approach is designed expressly for platforms at the intersection of non-fungible tokens (NFTs) and DEXes.
So, SEI seeks to provide the growing market with security, liquidity, and inclusion. Sei also claims that its core advantage is that there are no mainstream layer 1 platforms with solutions similar to those it is promoting.
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