Sei Network Launches Token and Mainnet Beta
Community Fumes Over Miniscule Airdrop As Layer-1 Blockchain Trades At $2B Valuation
By: Tarang Khaitan •DeFi News
Sei Labs has unveiled its mainnet beta for the Sei network, a Layer-1 blockchain built using the Cosmos SDK. The project aims to facilitate frictionless trading between digital assets and has a built-in feature to prevent front-running.
"Trading is universally important for all Web3 applications, not just DeFi. Exchange applications such as NFT marketplaces or gaming economies will offer the best user experience by building on Sei," said co-founder Jay Jog.
The launch also included the introduction of the SEI governance token, which is currently trading at a market capitalization of $350M and a fully diluted valuation of $1.9B.
Korean exchanges like Upbit and Bithumb have seen robust demand for the SEI token, with Upbit processing $648M in the past 24 hours. Major platforms like Coinbase, Binance, and Kraken have also listed the token.
Sei has been popular with airdrop farmers since launching its testnet last year. However, many community members have ended up with tiny SEI allocations and took to social media to express their frustration.
Out of the total supply of 10B SEI tokens, the community will receive51% in the form of staking rewards, ecosystem initiatives, andairdrops. The team and private investors are each allocated 20% of the supply, while the foundation will receive the remaining 9%.
Notably, the vesting schedule for the token has not been released.
The launch has drawn comparisons to Sui, another hyped Layer 1 blockchain that launched in May.
Funding and Future Plans
In April, Sei Labs raised $30M in two strategic funding rounds, with participation from venture capital firms like Jump Crypto.
The company expects volumes across DEXs to grow due to ongoing regulatory scrutiny and plans to capitalize on the trend. With 30 applications already live on its network, further updates are expected in the second half of the year.
Eligible airdrop recipients can follow the instructions in this blog post to claim their rewards. However, it appears the functionality is yet to go live.