Did you know that the SEI token, freshly minted by the Sei Network, managed to achieve a trading volume that topped $1B in just one day? This exciting development occurred as the Sei Network unveiled its Mainnet beta phase, introducing the world to the SEI token. Major exchanges such as Binance, Bybit, Huobi, and Kraken welcomed the token into their listings on the 15th of August.
The Astonishing Trading Volume
On its inaugural trading day, the SEI token racked up a trading volume of $1.14 billion, as per CoinGecko data. This impressive feat was largely driven by South Korean-based Upbit and Binance. Binance saw $240 million worth of SEI tokens exchanged, making it one of the most traded tokens of the day, only surpassed by heavyweights like Bitcoin, Ethereum, USDT, and XRP.
Interestingly, Upbit, despite listing the SEI token around 4.5 hours after Binance, had a significant impact on the token’s price. More than half of the token’s trading volume, amounting to $560 million, was on Upbit. The token even traded at a premium on Upbit, peaking at $0.64 compared to $0.45 on other exchanges.
Additional Support for SEI
Other major exchanges like Coinbase and Bitfinex also threw their weight behind the SEI token. Coinbase announced its support for the Sei Network’s SEI token, cautioning users against sending the asset over other networks to avoid potential losses.
The Sei Network, a layer-1 blockchain built on Cosmos SDK, is specifically designed for high-frequency trading applications. It boasts a faster transaction speed than even Solana. The project has managed to raise $30 million from Jump Crypto, Multicoin Capital, and Flow Traders in a strategic funding round in April, bringing the blockchain’s valuation to $800 million.
Details on SEI’s Tokenomics
According to CoinGecko, the team initially deployed 18% of the total supply of 10 billion tokens. Not all of these tokens are currently being traded on the market, though. Binance clarified that the circulating supply includes launch pool rewards, private sale tokens, and ecosystem and foundation tokens.
The SEI tokenomics, as outlined by Sei Labs, have allocated a majority of tokens to ecosystem reserves (48%), the SEI Foundation (9%), and airdrop incentives (3%). The remaining 40% is allocated to the team and contributors. However, the airdrop claims for SEI tokens haven’t begun yet, and the team hasn’t announced who is eligible for the airdrop.
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The Sei Network has announced that over 30 applications are slated to launch on the network. As of yesterday, 7.5 million unique wallets had sent over 400 million testnet transactions. With the SEI token topping $1B in one day, it’s clear that the interest in this new token is high, and the future looks promising.
