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Sei token reaches a valuation of $1.8 billion following its beta introduction and listings on exchanges.
Layer one trading blockchain Sei Network has achieved a fully diluted valuation of $1.8 billion on the inaugural day of its token listing.
On August 15, prominent exchanges including Binance, Bybit, and Bitget collectively listed the network’s native token (SEI). The token debuted on Binance at $0.064 each, subsequently climbing to a peak of $0.48. At the time of publication, it is trading at $0.18. The total supply amounts to 10 billion SEI, with an initial supply of 1.8 billion SEI.
On the same day, Sei initiated the beta phase of its mainnet. Developers report that during its alpha phase, the blockchain processed over 400 million transactions and saw the creation of 7.5 million test wallets. Sei asserts that its network can finalize transactions in 0.5 seconds and handle up to 20,000 transactions simultaneously.
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Developed using the Cosmos software development kit, Sei aims to enhance the trading capabilities of decentralized exchanges (DEXs) through its matching engine and order front-run prevention mechanisms.
“The current Web 3 infrastructure is unscalable, congested, and still too slow,” stated Jeff Feng, co-founder of Sei Labs, noting that 30 Sei applications are expected to launch by year-end. Among other initiatives, DEX Sushiswap intends to introduce a perpetual futures exchange utilizing the Sei protocol.
Developers working on Sei can tap into a $120 million ecosystem development fund, partly due to exchange MEXC Global’s $20 million contribution in January. In April, the company secured $50 million for its ecosystem fund from Bitget and venture capital firm Foresight Ventures. Just days earlier, Sei completed a $30 million funding round at a valuation of $800 million. The firm conducted its seed round of $5 million in August 2022.
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