Daily Selection of the Most Important Blockchain News, First-hand Interviews
Join the official Telegram of “WEB3+”
Sei Mainnet is Online! What’s the Significance?
Sei Mainnet, a blockchain designed specifically for high-speed transactions, officially launched yesterday (15th). The native token of the blockchain, SEI, will also be listed on exchanges such as Binance, Kraken, Huobi, and Bitget, and trading will be open at 20:00 on August 15th (Taiwan time).
According to Binance, after the mainnet launch, the circulating supply of SEI tokens in the market will reach 1.8 billion, with a maximum supply of 10 billion tokens. This means that the tokens will account for approximately 18% of the total supply.
Among them, 300 million SEI tokens will be allocated to Binance’s Launchpad, where users can earn SEI tokens by staking BNB tokens and stablecoins such as TUSD or FDUSD in activities before the end of August.
SEI tokens are currently listed on Binance.
What Makes Sei Blockchain Special, 10x Faster Than Solana?
Sei Labs, the core developer of the Sei network, was founded by Jeff Feng, a former technology investment banker at Goldman Sachs, and Jay Jog, a former software engineer at Robinhood. In April 2023, Sei Labs raised $30 million in two strategic financing rounds from venture capital firms such as Jump and Multicoin Capital.
Sei Mainnet is officially online.
Sei is a proof-of-stake blockchain based on the Cosmos SDK framework, tailored for transaction needs, specifically for decentralized exchanges (DEX), and capable of processing blocks in a very short time.
The development team behind the blockchain stated that the focus of Sei is to establish a chain that allows users to easily exchange assets. Whether it’s social media platforms, games, or NFT assets, Sei aims to provide the smoothest experience.
According to co-founder Jay Jog, Sei’s transaction speed is 10 times faster than Solana, which can be considered one of the fastest and lowest-cost platforms. It can confirm final transactions within just 250 milliseconds (after which they cannot be altered or reversed), with a 100-millisecond buffer to ensure protocol stability.
Sei Labs co-founder Jeff Feng stated that most Layer 1 blockchains (independent networks that safeguard user funds and execute transactions in the same place) aim to solve technical problems, while Sei’s mission is to “solve problems through easy asset exchange.”
Jeff added that many people misunderstand Sei as a chain mainly focused on decentralized finance (DeFi), but in fact, Sei is also equally interested in social platforms, games, and carbon credits.
The Sei Network ecosystem already has over 200 partner projects, including decentralized exchanges, infrastructure, wallets, and cross-chain bridges.
Six Major Uses of SEI Tokens
Sei Labs recently released the tokenomics of SEI tokens, which have the following six major uses:
Network Fees: Paying transaction fees on the Sei blockchain.
DPoS Validator Staking: SEI holders can choose to delegate tokens to validators or stake SEI tokens to run validator nodes themselves to ensure network security.
Governance: SEI holders can participate in future protocol governance.
Native Collateral: SEI can be used as asset liquidity or collateral for applications built on the Sei blockchain.
Fee Market: Users can pay fees to validators for prioritized processing of transactions.
Exchange Fees: SEI can be used as fees for establishing exchanges on the Sei blockchain.
Furthermore, according to the latest official token distribution data, 48% of the tokens will be allocated to the entire ecosystem, 20% to the team, 20% to investors, 9% to the foundation, and the remaining 3% will be allocated to Binance Launchpool.
Among the 48% of tokens allocated to the ecosystem, they will be used for staking rewards, ecosystem initiatives, and airdrops.
How to Claim the Airdrop?
According to the official statement, this is a cross-chain airdrop, which serves as a reward for users of multiple ecosystem blockchains.
Therefore, active users of six major networks, Solana, Ethereum, Arbitrum, Polygon, BNB Chain, and Osmosis, will have the opportunity to be whitelisted and apply for the airdrop. Although the official definition of “active users” is not defined, the official website states that the airdrop will be available for claiming at the launch of the mainnet. Users can check their eligibility and participate in the cross-chain airdrop at the provided link.
However, although the mainnet is already online, as of the time of writing, the website seems to be unable to query or operate the airdrop claim. Clicking the link will redirect to the staking page.
Since the airdrop has not started yet, everyone still has the opportunity to claim it. If users meet the requirements, they first need to install and create a wallet on the Sei network, such as Compass Wallet. After that, by performing a cross-chain asset transfer and completing the transaction, they can receive SEI token airdrops.
Here is the official list of cryptocurrencies available for cross-chain trading:
Wormhole
Ethereum: USDC, ETH, WBTC
Arbitrum: USDC.e (arbUSDC)
Polygon: USDC (maticUSDC)
Optimism: USDC (opUSDC)
Solana: USDC (solUSDC)
BNB: USDT (bnbUSDT)
IBC (Osmosis)
ATOM
OSMO
Axelar
Ethereum: axlUSDC
Arbitrum: axlUSDC
Polygon: axlUSDC
BNB Chain: axlUSDC
Daily Selection of the Most Important Blockchain News, First-hand Interviews
Join the official Telegram of “WEB3+”
References:
The Block, coindesk, Crypto Bulls Club
Proofread and Edited by: Gao Jingyuan