One such token that has recently made waves in the market is SEI, the native token of the Sei blockchain. With its debut on multiple major exchanges, it has quickly gained traction and climbed into the top 100 crypto ranking.
The Launch of SEI and the Mainnet Beta Phase
On August 15, Sei Labs, the company behind the network, announced the launch of the beta mainnet phase after a successful alpha phase. Built on the Cosmos software development kit, Sei network is a layer 1 blockchain that aims to provide a scaling solution for decentralized exchanges (DEXs). With its matching engine and order front-run prevention tools, the network offers a promising platform for seamless and secure transactions.
During the alpha phase, the developers of the network witnessed remarkable engagement, with over 7.5 million unique wallets and 400 million transactions registered on the testnet. This enthusiastic response laid a solid foundation for the beta mainnet phase and generated significant anticipation within the crypto community.
SEI Breaks Into Top 100 Crypto Ranking – Price Overview
Following its listing on major exchanges such as Binance, Bybit, Bitget, Kucoin, and Kucoin, SEI experienced an astonishing surge in price. Within just one hour, the token’s value skyrocketed by more than 650%. On Binance, the network opened trading at around $0.0639 and reached a high of $0.4812.
However, as with any volatile market, the token underwent a slight price correction after its initial surge. Currently, the token is traded at $0.2669, which represents a 44% decline from its recent high. Despite this correction, SEI still demonstrates its resilience with a substantial 16% price jump in the past hour.
According to CoinGecko data, the token has witnessed a massive surge in market activity, with a trading volume of $1,074,696,599. This remarkable increase amounts to a staggering 5,156.5% within the last 24 hours. Additionally, the market cap of the token has steadily risen over the past day, reaching approximately $445.4 million and securing the 92nd position on CoinGecko’s crypto ranking.
It is worth noting that traders had already anticipated SEI’s impressive performance prior to its listing on various exchanges. Pre-listing futures data from DEX Aevo indicated that the token could potentially achieve a market cap of nearly half a billion dollars upon its debut on centralized exchanges.
The Cross-Chain Airdrop – Connecting Whitelisted Users
In an effort to foster engagement and incentivize participation in the Sei network, the Sei Foundation has announced an upcoming “cross-chain” airdrop for whitelisted users. This airdrop will be available to users who bridge qualifying assets into the network. Notably, popular tokens such as USDC, ETH, WBTC (Wrapped Bitcoin), and others are eligible for participation.
To ensure widespread participation, the foundation has extended the invitation to active users on select blockchains, including Solana, Ethereum, Arbitrum, Polygon, Binance Smart Chain, and Osmosis. The cross-chain airdrop will be open for claiming at the public mainnet launch, providing an opportunity for users across various networks to benefit from the ecosystem.
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