What is SEI Network? Information about SEI Token

What is Sei Network?

Sei Network is a Layer 1 blockchain built on the Cosmos SDK, leveraging the advanced features of Tendermint technology. The development team has positioned Sei Network as a “decentralized NASDAQ,” aiming to create the perfect blend of CeFi and DeFi.

Sei Network is specifically designed for DeFi, with the ambition of becoming the foundational platform for the financial systems of the future. To achieve this, Sei Network employs the Twin-Turbo consensus mechanism and Parallel Order Execution, enabling the processing of up to 20,000 transactions per second with a transaction finality time of just 500 milliseconds.

Additionally, Sei Labs, the development team behind Sei Network, has launched version V2 with EVM compatibility and a unique feature called “parallelization.”

Sei Network Technology

Sei is a high-performance, low-cost blockchain based on the Delegated Proof-of-Stake (DPoS) consensus mechanism and is developer-friendly. It supports optimistic parallel execution for both EVM and CosmWasm, unlocking new design possibilities. With unique optimizations like the Twin-Turbo consensus mechanism and SeiDB, Sei ensures stable block times at 400ms and significantly higher transaction throughput compared to Ethereum, offering faster processing speeds and lower costs.

Moreover, Sei allows seamless interaction between EVM and CosmWasm, giving EVM developers access to the entire Cosmos ecosystem, including IBC tokens, multi-sig accounts, fees, and more.

Key Highlights of Sei Network

With the launch of version V2, Sei boasts several key features:

• EVM Compatibility: Allows developers to deploy smart contracts from other EVM blockchains to Sei without code modifications.
• Parallel Execution: Enables parallel execution of transactions and smart contracts, significantly enhancing performance for both EVM and CosmWasm.
• SeiDB: An optimized and highly scalable database that supports the high throughput of the Sei blockchain, ensuring rapid state updates.
• Interoperability: Facilitates interaction between EVM and CosmWasm on the same chain, making it easier to integrate features from both ecosystems.

Team

Sei Network is developed by Sei Labs, with notable founding members including:

• Jayendra Jog: Co-founder, graduated with a Bachelor of Science in Computer Science from the University of California. Before building Sei, Jayendra worked as a Software Engineer at Robinhood.
• Jeff Feng: Co-founder, holds a Bachelor of Business Administration from the University of California. Jeff previously worked at Goldman Sachs and the investment firm Coatue, bringing strong connections to major investors in the U.S.

Investors

Sei Network has successfully completed three notable fundraising rounds, raising a total of $85 million:

• August 31, 2022: Sei Network completed its Seed round, raising $5 million, led by Multicoin Capital.
• April 11, 2023: Sei Network conducted a Strategic round, raising $30 million. During this round, Sei Network was valued at $800 million, reflecting strong confidence in the platform’s potential and value. Jump Capital, a leading technology investment firm, led this strategic round.
• April 12, 2023: Sei Labs, the technology company behind Sei Network, successfully raised $50 million for the Ecosystem Fund. Bitget and Foresight Ventures co-invested in this fund, bringing the total fund amount to $120 million.

Additionally, Sei Network became the 36th Launchpool project on Binance.

Sei Ecosystem

The Sei ecosystem spans various sectors, including DeFi, crypto wallets, gaming, data services, social networks, and NFTs. Some notable projects within the Sei ecosystem include:

• DeFi: Kawa, Elixir, Sea Swap.
• Wallets: Compass Wallet, Leap Wallet, Keplr.
• Gaming: Tatami, Mystic Treasure, Blockus.
• Services: Band Protocol, 4EVERLAND, AsetPay.
• Interoperability: Axelar, Celer, Ferrum Network.

What is SEI Token?

Here are five key pieces of information you need to know about SEI Token, the native token of Sei Network:

Basic Information

• Token Name: Sei
• Token Symbol: SEI
• Blockchain: Sei
• Smart Contract: usei
• Price: $0.28 (as of August 22, 2024)
• Market Cap: $930 million
• FDV: $2.82 billion
• Total Supply: 10 billion SEI
• Max Supply: 10 billion SEI
• Circulating Supply: 3.3 billion SEI

SEI Token Allocation

SEI Token is allocated as follows:

• Private Sale Investors: 20%
• Binance Launchpool: 3%
• Team: 20%
• Foundation: 9%
• Ecosystem Reserve: 48%

SEI Token Release Schedule

The TGE (Token Generation Event) of SEI Token was on August 15, 2023. According to the plan, the entire SEI Token will be fully unlocked by 2030.

Use Cases of SEI Token

SEI is the native token of Sei Network and has the following applications:

• Used to pay transaction fees for DApps on the network.
• Users can stake SEI to become validators.
• Staking SEI also allows users to participate in network governance.
• Used to pay validators for prioritizing transaction approvals.

Where to Trade SEI Token?

Currently, SEI Token can be traded on major exchanges such as Binance, Bybit, Coinbase, and others.

Trade SEI On Binance Here!!!

Roadmap

One of the most recent significant updates for SEI was in November 2023. The Sei Network development team officially launched the Sei V2 upgrade, aiming to become the first parallelized EVM (Ethereum Virtual Machine) platform in the cryptocurrency market.

Similar Projects

Sei is a Layer 1 blockchain with characteristics similar to: Near, Cosmos, Avalanche, and others.

Personal Opinions

Here are some personal opinions about SEI:

• This is a relatively new Layer 1 infrastructure project, and the projects built on SEI are still lacking in reputation.
• SEI’s blockchain technology is highly regarded, especially with Sei V2’s compatibility with both EVM and CosmWasm.
• SEI is backed by many prominent investors such as Multicoin Capital, Jump Capital, Coinbase, and is also featured as a Launchpool project on Binance.
• SEI Token is the native token for the SEI ecosystem with several use cases, but it is currently entering an inflationary phase. However, the inflation rate is not too high, and the vesting process extends to 2030, allowing ample time for the development of a blockchain project.

Conclusion

This article has provided you with information about Sei Network and SEI Token. If you have any questions, feel free to leave a comment, and we will respond promptly!