With its growing ecosystem and impressive metrics, Sei Network is a new contender in the blockchain industry.
Summary
- Sei Network has garnered attention with its impressive speed and near-perfect transaction rate, outperforming competitors like Ethereum and Solana in its first two weeks.
- Sei has launched a Web3 domain naming service that allows users to register .sei IDs and has announced various platforms built on its network offering various utilities from trading to NFTs.
- Over 300,000 users have provisioned wallets on Sei in the last month and the FDV of the SEI token appears to be over $1 billion, marking it as a promising network in the DeFi space to keep an eye on.
Introducing: A new contender in the DeFi space
Sei Network entered the decentralized finance (DeFi) scene on Aug. 15 with the launch of its public mainnet, Pacific-1. Known for its extensive airdrop program, this fast and secure Layer One blockchain has made impressive progress in just two weeks.
This article looks at Sei’s journey so far, the metrics that set it apart, and the exciting updates introduced to its ecosystem.
Seis key performance indicators: Fast and reliable
According to a report by H4wk on Flipsidecrypto, reported by BSC News on August 23, Sei Network excels in speed. It is the fastest blockchain in the Layer One ecosystem, outperforming established names like Ethereum and Solana. Sei boasts a near-perfect 99.5% success rate with an average of 2077 transactions per minute.
However, it is worth noting that Sei does not process the same volume of transactions as Solana, which can manage up to 11,000 transactions per minute.
The total number of transactions on the Layer 1 blockchain has surpassed the 300 million mark as the protocol prepares to hit the 500 million milestone. In terms of user interaction, over 300,000 users have provisioned their wallets on Sei in the last 30 days, with an active monthly average account rate of over 40,000. The network also has 35 active validators.
$SEI Token: A rollercoaster ride
The $SEI token got off to a dramatic start, rising from its initial listing price of $0.007989 to $0.2736. But like most new tokens, it experienced a price correction.
At the time of writing, the token is down 53.59% from its all-time high and is trading at $0.1268. Despite these fluctuations, the token is listed on major exchanges like Binance and Coinbase, with a 24-hour trading volume of $63.4 million.
Announcements and Updates
After an impressive first few weeks, a lot has happened in the Sei ecosystem. Here are some of the notable highlights:
Be introduces name service
Sei recently launched its Web3 domain name service. Users can now get their own .sei ID, also called SPACE ID, similar to other domain extensions like .ens, .eth and .sat. To get started, users can visit app.space.id.
Growing ecosystem: More than just a blockchain
On August 19-23, Sei Network announced several new platforms built on top of its blockchain. These platforms offer utilities such as perpetual trading, bridging, liquidity pools with Lightning Swaps, and portfolio management. They also include features for NFTs and GameFi.
Top tips from the ecosystem…
Yolee: This is the first role-playing game (RPG) on Sei that is still in the alpha testing phase. The protocol is still in Alpha Test 2 and players can earn rewards in the form of Yolee Tokens.
Dagora NFT Marketplace: Dogara is a multichain NFT marketplace in the industry. The platform added support for Sei Network and shared new collections with the community on August 20th.
Mint scan: Perhaps the most important utility, especially for data analysts, is Mintscan. Developed by Cosmostation, Mintscan is a cross-chain portal that provides data analytics to numerous government networks. Added support for Sei Network on August 16th.
An impressive start
Sei Network had an exciting first two weeks. Its speed, near-perfect transaction success rate, and growing ecosystem indicate that it is a promising player in the DeFi space to keep an eye on.
While its native token has been volatile, the underlying technology and partnerships point to a bright future. BSC News will continue to monitor the progress of the protocol in the industry.
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