A day after Sei (SEI) was listed on major crypto exchanges, its price currently stands at $0.22.
Sei Network, a Layer-1 trading blockchain, witnessed a staggering rise in its valuation to $1.8 billion during its token's first listing day.
Following a joint listing of Sei Network's native Sei (SEI) token by renowned crypto exchanges like Binance, Bybit, and Bitget on August 15th, the token's valuation shot up.
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Upon its debut on Binance, SEI's price started at $0.064 and quickly peaked at $0.48 before settling around $0.22. The total and initial SEI supplies are 10 billion and 1.8 billion, respectively.
Simultaneously, Sei unveiled the beta version of its mainnet. As per the developers, during its alpha testing, the blockchain had already facilitated over 400 million transactions and witnessed the creation of 7.5 million test wallets.
Touting its capabilities, Sei's network boasts a transaction finalization time of merely 0.5 seconds and can concurrently handle 20,000 transactions.
Sei Labs co-founder, Jeff Feng, spoke on the network's promising potential, stating:
Current Web 3 infrastructure is unscalable, congested, and still too slow.
He further hinted at 30 Sei-based applications set to go live by year-end. DEX SushiSwap is also set to roll out a perpetual futures exchange powered by the Sei protocol.
The growth journey of Sei Network is further bolstered by a $120 million ecosystem development fund. This was facilitated by MEXC Global’s substantial $20 million investment in January. In April, the company also secured $50 million from Bitget and Foresight Ventures, boosting its ecosystem fund.
A few days before this, Sei wrapped up a funding round amassing $30 million at an impressive $800 million valuation. It's worth mentioning that the firm's seed funding round in August 2022 managed to generate $5 million.
The Sei Network, with its groundbreaking beta launch and significant crypto exchange listings, has firmly established its position in the crypto domain. As the blockchain landscape continues to evolve, Sei’s promising performance and substantial funding rounds position it as a strong contender in the crypto sphere.
