Sei Network, a Layer 1 trading blockchain, reached a valuation of about $1.8 billion on the initial day of token listing, stated Cointelegraph.
Sources revealed that on August 15, 2023, crypto exchanges such as Binance, Bybit and Bitget, among others listed the network’s native Sei (SEI) token. On Binance, the token is expected to be opened at $0.064 a piece. Supposedly, it was trading at $0.18 at the time of publication. The total supply is believed to be about 10 billion SEI, and the initial supply is 1.8 billion SEI, Cointelegraph added.
According to Cointelegraph, Sei is built on the Cosmos software development kit and can help to scale the trading capabilities of decentralised exchanges (DEXs) with its matching engine and order front-run prevention tools.
Furthermore, it is believed that the “Current Web 3 infrastructure is unscalable, congested, and still too slow,” Jeff Feng, co-founder, Sei Labs, concluded.
(With insights from Cointelegraph)