The SEI token, the primary token of Sei’s layer-1 Proof of Stake blockchain, grabbed the spotlight in the cryptocurrency market. It surged by 14% overnight, right after being listed on a major cryptocurrency exchange. Its fully diluted market capitalization has now surged to an impressive $2.29 billion.
Based on information from Coingecko, the SEI token achieved a current circulating supply of 1.8 billion tokens on August 15th, its first day of trading.
The 15th of August marked the official launch of the SEI token on prominent cryptocurrency exchanges, namely Binance, Bitfinex, Upbit, and Huobi. This event quickly garnered attention within the market.
Concurrently, the SEI token commenced its trading journey at $0.064 on Binance, promptly surging to an impressive all-time high of $0.48 on the same day.
Currently, the SEI token is trading at $0.221, boasting an impressive overnight gain of 14%. This surge has propelled the market capitalization to an impressive $410 million.
Coinciding with this achievement, the Sei Network generated a significant buzz within the market by initiating the beta phase of its mainnet. As a result of this milestone, the Sei layer blockchain experienced a remarkable influx of over 400 million transactions and the creation of 7.5 million test wallets.
In line with the network’s claims, Sei Network has demonstrated its capability to conclude transactions within a remarkable timeframe of just 0.5 seconds. Furthermore, it has showcased its prowess in handling up to 20,000 transactions concurrently.
Jeff Feng, one of the co-founders of Sei Labs, has expressed that the existing Web 3 infrastructure faces challenges in terms of scalability, congestion, and speed.
He outlined that, “Sei is designed to let apps and other projects scale in a way that no other blockchain can, while also maintaining a user-friendly experience. Sei’s mainnet ushers in a new generation of applications in Web3 that enable the exchange of digital assets to scale to global adoption.”