Layer one trading blockchain Sei Network has reached a fully diluted valuation of $1.8 billion on the initial day of token listing.
On August 15, major exchanges such as Binance, Bybit and Bitget jointly listed the network’s native token (SEI). On Binance, the token opened at $0.064 apiece before surging as high as $0.48. It currently trades at $0.18 at the time of publication. The total supply is 10 billion SEI and the initial supply is 1.8 billion SEI.
The same day, Sei launched the beta phase of its mainnet. Developers claim that during its alpha phase, the blockchain saw over 400 million transactions and 7.5 million test wallets created. Sei claims that its network can finalize transactions within 0.5 seconds and process up to 20,000 at a time.
Built on the Cosmos software development kit, Sei is designed to scale the trading capabilities of decentralized exchanges (DEXs) with its matching engine and order front-run prevention tools.
“Current Web 3 infrastructure is unscalable, congested, and still too slow,” said Jeff Feng, co-founder of Sei Labs, while mentioning that 30 Sei applications are scheduled to launch by the end of the year. Among other projects, DEX Sushiswap plans to launch a perpetual futures exchange on the Sei protocol.
Developers…
