Mantle vs SEI: Key Insights
When comparing Mantle and SEI, it is clear that Mantle has a stronger value proposition and profitability. Although SEI is faster and cheaper, the Ethereum ecosystem where Mantle operates has more volume and attention. This gives Mantle an advantage and the potential to emerge as a stronger platform. As a result, SEI may not be able to compete with Mantle’s market cap of $1.9B. Let’s take a closer look at some fundamental comparisons between the two.
| Token | SEI | Mantle | Verdict |
|---|---|---|---|
| Marketcap | $1.5B | $1.9B | Mantle and SEI have limited room for growth |
| FDV | $6.3B | $3.7B | SEI FDV is almost 90% higher than Mantle, indicating future sell pressure. Thus, dips in Mantle can be DCA opportunities, while dips in SEI can not |
| Daily Volume | $200M | $200M | |
| Ecosystem Fund | $120M | $250M+ in stablecoins ($10M for grants per quarter) | SEI has more disposable ecosystem funds, but only a few projects are building on Sei. |
| Development | Slow | Good | Sei and Mantle have a similar number of community developers. But the pulling power of the mantle is more |
| Social Activity | High | High | |
| Reserves | 9% of total supply | 30% of total supply | Sei reserves are primarily for staking rewards mainly, while Mantle reserves serve as incentives for builders and sustainability of protocol long-term |
| Narrative | Fast blockchain for trading (Now shifting to fast general-purpose blockchain) | L2 for tokenization | Both narratives are strong, but, Mantle has the upper hand in 2024 |
| Competition | High. Injective, with a $2.8B marketcap, is the leader | Relatively low, no other L2s focus on tokenization | Mantle has more to go in the long term. |
| Major unlocks | Starts from August 2024, 5m SEI tokens per day | None | Sei will dump tokens rather aggressively after August 2024. Mantle may retain value |
SEI Fundamental Analysis
When analyzing SEI, it is important to consider the following:
- Since its launch in October, SEI has experienced a 5X increase.
- The current market cap of SEI is $1.5B with a fully diluted valuation of $6.3B and a daily trading volume of $200M.
- The team valuation of SEI at its final investment rounds was $800M.
- SEI’s Ecosystem Fund currently holds $120M.
Here is a breakdown of SEI’s tokenomics:
Source: SEI Docs
Private sale investors currently hold 20% of SEI tokens, which is a significant portion.
SEI’s Value Proposition
SEI positions itself as the fastest Layer 1 blockchain specifically designed for trading. However, it does not have a dedicated trading app at the moment. While SEI has an ecosystem, most of the dApps within it are third-party applications. For example, Pyth and Sushiswap are listed as ecosystem dApps by SEI, but they do not actually build on the SEI platform.
Hot Take: Mantle vs SEI
When comparing Mantle and SEI, it is evident that Mantle has several advantages over SEI. With a stronger value proposition, profitability, and attention from the Ethereum ecosystem, Mantle has the potential to emerge as a dominant platform in the long term. On the other hand, while SEI offers faster and cheaper transactions, it may struggle to compete with Mantle’s market cap and growth potential. Therefore, if you’re considering investing in these platforms, Mantle appears to be the more promising option.
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