The newly launched layer-1 Sei Community went dwell yesterday with its Mainnet beta part, ushering in its model new SEI token.
Main exchanges like Binance, Bybit, Huobi, and Kraken listed the token on August 15.
The SEI buying and selling quantity on day one reached $1.14 billion, in response to CoinGecko information, with South Korean-based Upbit and Binance main the pack.
On Binance, the token was one of many high traded tokens with $240 million traded since yesterday, solely behind the majors in Bitcoin, Ethereum, USDT, and XRP.
Notably, Upbit listed SEI round 4.5 hours later than Binance and had a big affect on the token’s value.
South Korean-based Upbit made up greater than half of its buying and selling quantity at $560 million.
The token traded at a premium on Upbit, peaking at $0.64, in comparison with $0.45 on different exchanges. Moreover, Coinbase and Bitfinex exchanges additionally introduced assist for SEI.
Sei Community is a layer-1 blockchain constructed on Cosmos SDK specialised for high-frequency buying and selling functions which supply sooner transaction pace than the likes of Solana.
The undertaking raised $30 million from Leap Crypto, Multicoin Capital, and Movement Merchants in a strategic funding spherical in April, valuing the blockchain at $800 million.
SEI airdrop delayed
In keeping with CoinGecko, the staff initially deployed 18% of the full provide of 10 billion tokens. Not all of those tokens are presently being traded in the marketplace, nonetheless.
Binance mentioned that the circulating provide consists of “launch pool rewards, the personal sale tokens, and the ecosystem and basis tokens.”
Sei Labs has not launched the main points of the emission. The staff hasn’t responded to Decrypt’s questions instantly.
The SEI tokenomics outlined by Sei Labs allotted a majority of tokens to ecosystem reserves (48%), the SEI Basis (9%), and airdrop incentives (3%). The remaining 40% went towards the staff and contributors.
From the circulating provide, the airdrop claims for SEI tokens haven’t begun and the staff hasn’t introduced who’s eligible for the airdrop.
The SEI Labs staff member introduced of their Discord that the “airdrop is prepared” however they’re ready for “ecosystem companions to finish their work” earlier than enabling claims.
The staff mentioned that over 30 functions are “slated to launch” on the community.
In keeping with an announcement yesterday, 7.5 million distinctive wallets despatched over 400 million testnet transactions.
Keep on high of crypto information, get every day updates in your inbox.
