Blockchain Sei (SEI) activated: Crypto counters are exploding!

400 million dollars transacted and 7.5 million authentic crypto wallets… Quite an achievement for the “high-performance” blockchain Sei. No sooner had the alpha Testnet phase ended than the Sai Labs team announced the successful deployment of the beta phase of its mainnet. Will it succeed in delivering on its promise to contribute to the democratization of cryptocurrencies? Time will tell.

Sei launches its mainnet!

A mainnet it’s a device required for the proper functioning of a blockchain. Without the mainnet, it will be difficult for users to carry out transactions on the blockchain.

Generally speaking, a testnet precedes a mainnet. Once the testnet has been declared successful, the mainnet is deployed.

Such is the case with Sei. The crypto media reported the deployment of Sei’s mainnet in mid-afternoon.

EXCLUSIVE: Sei Labs, the company behind layer 1 blockchain Sei, has announced that its mainnet is now live after a successful testnet phase. Sei’s native token SEI went live today on exchanges such as Binance, Kraken and Huobi. @LedesmaLyllah reportshttps://t.co/EcqN5DBxra

— CoinDesk (@CoinDesk) August 15, 2023

The article published on PR Newswire stated that with this initiative, Sei is making history as a next-generation blockchain. As an open source layer 1, it this network enables in particular:

• optimized cryptocurrency exchanges ;
• the creation of NFT marketplaces;
• game savings;

This marks the beginning of an long voyage, transitioning web2 experiences to web3 applications, with lightning fast time to finality.

Note: Atlantic and Airdrop rewards will be claimable following an initial warmup period while the Sei Ecosystem get prepared.

The Sei…

— Sei 🚢 (@SeiNetwork) August 15, 2023

How does Sei differ from other blockchains?

Firstly, Sei is built on the Cosmos software development kit. Its matching engine, coupled with tools to prevent upstream order execution, will help decentralized exchanges (DEXs) increase their trading capacity.

Secondly, Sei aims to solve the problem of scalability of exchange applications on existing layer 1 and 2 infrastructures.

Sei also features a high degree of decentralization, with nodes in 12 countries on three continents. As a result, no power failure will affect the blockchain’s smooth operation.

Jeff Feng, co-founder of Sei Labs, explains:

“Most layer 1s look to solve a technical problem, whereas our mission is to solve the problem with exchanging assets easily. There is a misconception that Sei is a decentralized finance (DeFi) focused chain, but we have more of a focus on social platforms, gaming, and carbon credits. There are plenty of other places to trade DeFi assets,” Jeff Feng said on CoinDesk.

The icing on the cake is that Sei is faster than other blockchains: 10 times faster than Solana, claims co-founder Jay Jog. Thanks to this unique blockchain, users can complete a single transaction in just 250 milliseconds. And all this with a 100-millisecond buffer to guarantee the protocol’s stability.

Important quantitative and qualitative data

Sei currently has 200 teams. Since the launch of the testnet, the project has registered over 7.5 million unique crypto wallets and around $400 million in transactions.

Following the success of the mainnet rollout, the Sei blockchain is expecting a rush of applications. At least thirty of them will integrate it in the second half of 2023. These include Sushiswap, Pyth, Compass Levana, Tatami…

Another important point: Sei has a native token, the SEI. In parallel with the deployment of Sei Network, this cryptocurrency has been listed on a number of well-known crypto exchanges. These include Binance, Bitget and Bybit.

SEI, whose total supply is limited to 10 billion coins, was trading at $0.064 a coin at the time of its launch. Shortly afterwards, it was valued at $0.48, before dropping to $0.17 at the time of writing.

SEI’s initial offer is for 1.8 billion coins, Cointelegraph points out.

Please note that Sei Network (SEI) has nothing to do with Sui Network (SUI). The latter avoided a hack last June thanks to an initiative by Certik.