SEI HELLO! Sei, a new layer-1 blockchain built using Cosmos technology, launched to the public, and its native SEI token garnered more than $1 billion in trading volume after being listed on crypto exchanges including Gate.io and Binance. The project is notable because it was designed as an application-specific blockchain meant for trading, in contrast to more general-purpose networks like Ethereum that could theoretically support 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 performance of decentralized trading applications was a “fundamental rewrite of the underlying infrastructure.” (Sei Labs raised $30 million in funding in April from big-name backers including Jump Crypto and Multicoin Capital.) After some wild first-day fluctuations, the SEI token had a market capitalization of about $343 million, a touch below the nearly $500 million mark predicted by some traders. The much-anticipated debut was blemished by questions and complaints from early adopters who were expecting an immediate airdrop of rewards tokens; the Sei Foundation, which was coordinating the details, declined Wednesday to provide extra info on the likely timing. After the airdrop actually began, later in the day, the SEI price tumbled 31% as recipients dumped the tokens on the market, while complaints flooded X (fka Twitter) about the scantiness of the allocations.
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