Trading Volumes for SEI Token Surpassed $1 Billion in One Day
The new SEI token nearly surpassed the trading volumes of market leaders such as Bitcoin, Ethereum, and XRP on major cryptocurrency exchanges.
The Mainnet beta for the recently released layer-1 Sei Network went live yesterday, along with the network’s new SEI token. On August 15, the coin was added to major trading platforms like Binance, Bybit, Huobi, and Kraken.
According to data compiled by CoinGecko, the first day of trade for SEI totaled $1.14 billion, with South Korean exchanges Upbit and Binance taking the lead.
With almost $240 million changing hands on Binance since yesterday, the token is among the most actively traded on the exchange, trailing only Bitcoin, Ethereum, USDT, and XRP.
Upbit listed SEI around 4.5 hours after Binance, yet still managed to significantly impact the token’s price. More than half of its $560 million trading volume came from Upbit, a South Korean company.
On Upbit, the token peaked at $0.64, but it only reached $0.45 on other exchanges. The cryptocurrency exchanges Coinbase and Bitfinex have also declared their support for SEI.
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
In comparison to Solana and other layer-2 blockchains, Sei Network’s transaction speeds are far higher because it is a layer-1 blockchain built on the Cosmos SDK and optimized for high-frequency trading applications.
Jump Crypto, Multicoin Capital, and Flow Traders contributed $30 million to the project’s strategic funding round in April, valuing the blockchain at $800 million.
A Delay in the SEI Airdrop
Eighteen percent of the total supply of 10 billion tokens were deployed at the outset, per CoinGecko. However, not every token is actively traded in the market at this time.
According to Binance, the token supply is comprised of “launch pool rewards, the private sale tokens, and the ecosystem and foundation tokens.”
Sei Labs has been mum on the specifics of the emission. The crew has been slow to answer Decrypt’s queries.
Ecosystem reserves received 48% of the total token supply, the SEI Foundation received 9%, and airdrop incentives received 3%, according to the SEI tokenomics detailed by Sei Labs. The remaining forty percent went to the group and its members.
No one has yet started claiming SEI tokens from the airdrop, and the team hasn’t said who is qualified to receive them.
A member of the SEI Labs team posted in their Discord that the “airdrop is ready,” but that they are waiting for “ecosystem partners to complete their work” before authorizing claims.
According to the developers, more than 30 apps are “slated to launch” on the system.
Yesterday, it was announced that more than 400 million testnet transactions were sent from more than 7.5 million individual wallets.
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