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- Binance to list SEI Network’s SEI token on Aug. 15; 1.8B supply, $486M market cap.
- Aevo’s pre-listing futures will transition to perpetual swaps following SEI’s Binance listing
Binance, a leading cryptocurrency exchange, is preparing to list SEI Network’s native token, SEI, on August 15th. In anticipation of its launch, data from Aevo’s decentralized exchange’s pre-listing futures market suggests that SEI is projected to trade at 26 cents.
Additionally, SEI Network intends to initiate its mainnet and display SEI token listings across multiple exchanges, including Bybit, Kucoin, Bitgetglobal, MEXC, Gate.io, Kraken, and others. This initiative follows successful funding rounds that elevated SEI to the 36th spot on Binance Launchpool, securing $35 million.
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At the time of its listing, SEI’s circulating supply will consist of 1.8 billion tokens, from a total supply of 10 billion. This allocation results in an initial market capitalization of $486 million, placing it within the top 100 cryptocurrencies. Furthermore, Sei will distribute 1% of the total supply to participants of the testnet.
Mainnet is
pic.twitter.com/7pdygH5vkN
— Sei
(@SeiNetwork) August 1, 2023
pic.twitter.com/7pdygH5vkNFurthermore, the pre-listing futures market on Aevo, which is tailored for tokens, is preparing for exchange listing. It will shift to perpetual swaps after SEI’s launch on Binance. These swaps will act as reference points for the index price and will introduce funding rates to facilitate payments between bullish long and bearish short positions. This system aims to maintain consistency between perpetual and spot prices.
Moreover, reports indicate that the futures contracts will utilize the dollar-pegged stablecoin USDC for margining and settlement.
In conclusion, as the crypto community anticipates SEI Network’s token listing, the participation of major exchanges like Binance highlights the advancement of cryptocurrency trading methodologies.
