SEI, the native cryptocurrency of the Sei Network, is about to go live on a number of well-known exchanges. The mainnet launch of Sei, a layer-1 blockchain created specifically for trade apps, will be quickly followed by the start of trading activity.
In conjunction with the mainnet’s go-live, Binance, Upbit, and Kucoin announced on social media that they would start SEI coin trading at 8 am ET on the same day. On the other hand, Bitfinex had previously reaffirmed its plan to start accepting SEI deposits at 10:00 AM UTC and to start trading at 12:00 PM UTC.
With proof-of-stake implementation and sub-second block timings, Sei, built with the Cosmos SDK, aims to improve trading capabilities. Because of its intentional construction and management, it competes with other Cosmos chains like Osmosis, Injective, and Kujira in a particular area of decentralized trading.
With the mainnet launch, Binance disclosed that roughly 1.8 billion Sei coins—or about 18% of the total maximum supply of 10 billion tokens—will be in circulation. The Sei core team has not, however, formally endorsed this number.
Binance’s launchpad pool has been given a second allotment of 300 million Sei tokens. During a staking event that lasts through the end of August, users can stake BNB tokens along with the stablecoins TUSD or FDUSD to obtain Sei tokens.
Due to its intense concentration on trade, Sei sets itself apart from general-purpose blockchains like Ethereum and Solana. This is highlighted by the Twin-Turbo Consensus technique, which allows for quick processing. The project, which is scheduled to debut in 2022, received $30 million in fundraising through two rounds earlier this year.
A complete approach to Sei’s native coin is indicated by the release from many exchanges together, offering traders and liquidity providers a variety of access points. Sei is positioned as a specialized blockchain in a crowded market with to its clear focus on trading applications, such as NFT marketplaces and decentralized exchanges. In order to evaluate SEI’s integration and influence within decentralized financial and trading platforms, it will be critical to track its success and uptake after its introduction.