A few days after its launch, the newest cryptocurrency project to trend on Crypto Twitter (X) has been deemed a “fiasco” amid massive frustration related to a promised airdrop of new tokens to investors who bridged Ethereum (ETH), Solana (SOL), and Binance Smart Chain (BNB) to the Sei Network (SEI).
The company behind the project, Sei Labs, announced the mainnet launch on August 15, and one day later SEI registered over 3,000% value appreciation in 24 hours. Being listed in major exchanges such as Binance, Bybit, Bitget, and Coinbase (NASDAQ: COIN).
Besides the listings, the team promised to reward “pioneering users of blockchain technology from across many ecosystems”, in order to make “a truly cross-chain airdrop”, as posted.
Sei Network testnet results. Source: Sei Labs (registered on August 17, at 17h UTC)
This would make Sei Network one of the fastest layer-1, if the results can be replicated on the production network. Although still loosing to faster networks like Nano (XNO), with a reported average of less than 400ms finality, by the independent network explorer, NanoLooker, on the mainnet.
Nano live network data. Source: Nanolooker (registered on August 17, at 17h UTC)
SEI price analysis
SEI is changing hands for $0.1772 by press time, showing realized losses of 8.59% in the last 24 hours, with a market cap of $318.99 million, sitting among the top 100 cryptocurrencies according to CoinMarketCap.
SEI economics and price data. Source: CoinMarketCap
The Sei Network is programmed to have a total supply of 10 billion SEI, of which only 1.8 billion (18%) are already circulating. This makes SEI’s fully diluted market cap to be over $1.77 billion in current prices.
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