The SEI network token has surged more than 50% during the past week, making it one of the best-performing crypto assets in the recent market uptrend.
While the recent crypto frenzy is attracting users to bet on other blockchain ecosystems than Ethereum, Sei Network has emerged as a new favorite for traders. Several onchain data metrics show that onchain activity in the Sei ecosystem has rapidly increased in a very short time.
With the surge in network activity, the SEI price has also spiked from $0.47 to $0.74 in the past 7 days, while it has gained nearly 200% during the past month, according to data from Coinmarketcap.
In addition, the open interest for SEI futures has also increased from $69 million at the start of December to the current $236 million, per Coinglass data.
Launched in August, Sei Network is an on-chain trading-focused layer 1 blockchain that is backed by prominent crypto VCs, including Jump Crypto and Multicoin Capital. It offers high-speed and low-cost executions, along with a number of other features specifically designed for trading applications.
Also Read: Tellor’s (TRB) 150% Surge & Crash Spark Manipulation Concern
