Sei Labs, a company that builds technology for the open-source layer 1 (L1) Sei blockchain, announced the launch of the beta phase mainnet on August 15.
Sei, which claims to be the fastest L1 blockchain, garnered significant traction during its testnet alpha phase, amassing over 400 million transactions and generating 7.5 million unique testnet crypto wallets.
On the same day, Sei also launched its native token SEI, which was jointly listed on several prominent crypto exchanges, including Binance, Bybit, Bitget, and Coinbase (NASDAQ: COIN).
The token staged a magnificent debut, surging nearly 3,100% over the past 24 hours.
SEI began trading at $0.064 a piece on Binance, before soaring to $0.26 at the time of writing on August 16.
This stellar price increase elevated SEI’s opening market cap of $360 million to more than $465 million, according to data retrieved by Finbold.
What is Sei?
Sei refers to a new sector-specific L1 blockchain that claims to be the fastest in the crypto industry.
Developed on the Cosmos software development kit, Sei aims to scale the trading capabilities of decentralized exchanges (DEXs) through the use of its matching engine and order front-run prevention solutions.
With regulators continuing to crack down on centralized exchanges, decentralized apps (dApps) must prepare for a surge in on-chain activity, Sei explained in the press release.
At the moment, trading platforms encounter significant hurdles in scaling on both L1 and L2 infrastructure. With this in mind, Sei’s objective is to address this scalability challenge by enhancing every layer of the system, presenting an ideal framework for efficient digital asset trading, the press release added.
“Current Web 3 infrastructure is unscalable, congested, and still too slow. Sei is designed to let apps and other projects scale in a way that no other blockchain can, while also maintaining a user-friendly experience.”
– Sei wrote in the press release.
Sei also said that more than 30 live applications are set to launch when the blockchain goes live, with more expected in the second half of the year. This also includes SushiSwap’s long-awaited decentralized perpetual futures exchange, Sei added.
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