SEI HELLO! Sei, a brand new layer-1 blockchain constructed utilizing Cosmos know-how, launched to the general public, and its native SEI token garnered greater than $1 billion in buying and selling quantity after being listed on crypto exchanges together with Gate.io and Binance. The challenge is notable as a result of it was designed as an application-specific blockchain meant for buying and selling, in distinction to extra general-purpose networks like Ethereum that would theoretically assist a wider vary of use instances. Jay Jog, co-founder of Sei Labs, which led the brand new blockchain’s improvement, stated that the “resolution” to offering sooner efficiency of decentralized buying and selling purposes was a “elementary rewrite of the underlying infrastructure.” (Sei Labs raised $30 million in funding in April from big-name backers together with Soar Crypto and Multicoin Capital.) After some wild first-day fluctuations, the SEI token had a market capitalization of about $343 million, a contact under the almost $500 million mark predicted by some merchants. The much-anticipated debut was blemished by questions and complaints from early adopters who have been anticipating an instantaneous airdrop of rewards tokens; the Sei Basis, which was coordinating the small print, declined Wednesday to offer additional data on the seemingly timing. After the airdrop really started, later within the day, the SEI worth tumbled 31% as recipients dumped the tokens in the marketplace, whereas complaints flooded X (fka Twitter) concerning the scantiness of the allocations.
