The Protocol: Blockchains Keep Launching, From Sei to Shibarium

SEI HELLO! Sei, a new layer-1 blockchain raised using Cosmos technology, launched to the public, and its native SEI token garnered more than $1 billion in have dealing volume after being listed on crypto exchanges including Gate.io and Binance. The project is notable because it was planned as an application-specific blockchain meant for trading, in contrast to more general-purpose networks like Ethereum that could theoretically reinforce a wider range of use cases. Jay Jog, co-founder of Sei Labs, which led the new blockchain’s development, said that the “solution” to providing faster engagement of decentralized trading applications was a “fundamental rewrite of the underlying infrastructure.” (Sei Labs raised $30 million in funding in April from big-name advocates including Jump Crypto and Multicoin Capital.) After some wild first-day fluctuations, the SEI token had a market capitalization of nearby $343 million, a touch below the nearly $500 million mark predicted by some traders. The much-anticipated launch was blemished by questions and complaints from early adopters who were expecting an immediate airdrop of rewards tokens; the Sei Setting up, which was coordinating the details, declined Wednesday to provide extra info on the likely timing. After the airdrop in actuality began, later in the day, the SEI price tumbled 31% as recipients dumped the tokens on the market, while complaints flooded X (fka Tweeting) about the scantiness of the allocations.