Layer 1 trading blockchain Sei Network has reached a fully diluted valuation of $1.8 billion on the initial day of token listing.
On Aug. 15, major exchanges such as Binance, Bybit and Bitget jointly listed the network’s native Sei (SEI) token. On Binance, the token opened at $0.064 a piece before surging as high as $0.48. It was trading at $0.18 at the time of publication. The total supply is 10 billion SEI, and the initial supply is 1.8 billion SEI.
The same day, Sei launched the beta phase of its mainnet. Developers claim that during its alpha phase, the blockchain saw over 400 million transactions and 7.5 million test wallets created. Sei claims that its network can finalize transactions within 0.5 seconds and process up to 20,000 transactions at a time.
Built on the Cosmos software development kit, Sei is designed to scale the trading capabilities of decentralized exchanges (DEXs) with its matching engine and order front-run prevention tools.
“Current Web 3 infrastructure is unscalable, congested, and still too slow," said Jeff Feng, co-founder of Sei Labs, while mentioning that 30 Sei applications are scheduled to launch by the end of the year. Among other projects, DEX SushiSwap plans to launch a perpetual futures exchange on the Sei protocol.
Developers building on Sei have access to a $120 million ecosystem development fund, in part due to exchange MEXC Global’s $20 million contribution in January. In April, the firm raised $50 million for its ecosystem fund from Bitget and venture capital firm Foresight Ventures. Just days prior, Sei closed a $30 million round at a valuation of $800 million. The firm held its seed round of $5 million in August 2022.