Layer One Trading Blockchain Sei Network Reaches $1.8 Billion Valuation on Token Listing
Layer one trading blockchain Sei Network has achieved a fully diluted valuation of $1.8 billion on the first day of token listing. The network’s native token, SEI, was listed on major exchanges including Binance, Bybit, and Bitget. The initial trading price was $0.064 per token and it surged to a high of $0.48 before settling at $0.18. Sei also launched the beta phase of its mainnet on the same day, showcasing its scalability and transaction speed.
Key Points:
- SEI token listed on major exchanges, opening at $0.064 and reaching a high of $0.48.
- Sei’s mainnet beta phase launched, with impressive transaction capabilities and speed.
- Sei aims to enhance decentralized exchanges (DEXs) with its matching engine and order front-run prevention tools.
- 30 Sei applications scheduled for launch by the end of the year.
- DEX Sushiswap plans to launch a perpetual futures exchange on the Sei protocol.
Developers building on Sei have access to a $120 million ecosystem development fund, supported by contributions from exchange MEXC Global and venture capital firm Foresight Ventures. Sei has been able to rapidly raise funds, closing a $30 million round at an $800 million valuation and securing a $5 million seed round in August 2022.
Hot Take
Sei Network’s successful token listing and mainnet launch demonstrate its potential to revolutionize decentralized exchanges. With its impressive transaction speed and scalability, Sei has attracted significant interest from both developers and investors. The support from major exchanges and the substantial ecosystem development fund further solidify Sei’s position in the market. The upcoming launch of 30 Sei applications and the partnership with DEX Sushiswap indicate a promising future for the network. As the crypto industry continues to evolve, Sei’s innovative solutions could contribute to the advancement of Web 3 technologies.
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