Sei Network’s SEI Token Makes Waves with Impressive Trading Debut on Leading Exchanges
The Sei Network, a newly launched layer-1 blockchain, entered its Mainnet beta phase, introducing the SEI token.
Major exchanges including Binance, Bybit, Huobi, and Kraken listed the token on August 15. CoinGecko data revealed a $1.14 billion trading volume on the first day, led by South Korean-based Upbit and Binance. Notably, Upbit’s listing of SEI, although around 4.5 hours after Binance, significantly impacted the token’s price. Upbit contributed over half of the trading volume at $560 million and witnessed SEI trading at a premium compared to other exchanges.
Sei Network, built on Cosmos SDK, caters to high-frequency trading with faster transaction speeds than Solana. The blockchain raised $30 million in strategic funding, valuing it at $800 million. However, SEI’s airdrop claims have not yet commenced, and specific eligibility criteria remain undisclosed. The team anticipates launching over 30 applications on the network.
Clever Robot News Desk 17th August 2023
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