Sei ($SEI) is a layer 1 blockchain built for digital asset trading. The SEI Network was created using unique technical breakthroughs, making it one of the fastest blockchains in the world.
The Sei Network Solution
Sei is designed to solve problems facing existing on-chain exchanges. As more trading moves on-chain due to increased monitoring of centralized exchanges by government agencies, the problem of the blockchain trilemma becomes more pronounced. Sei is designed to address scalability problems on DEXs via a layer 1 network optimized for digital asset trading.
One of the technical breakthroughs made by Sei’s developers is the twin-turbo consensus. Consequently, Sei can achieve some of the fastest on-chain finalization. On the lower bound, it can achieve finalization in 300ms. It also features a native matching engine that DEX developers can leverage.
Sei has implemented a mechanism to prevent front running to ensure it is not vulnerable to market manipulation. In short, Sei is designed to be the best network for the exchange of digital assets.
Recent Developments
On November 15, 2023, Sei Labs announced that it was partnering with Circle Ventures. The partnership will see Sei Network integrate Circle’s USDC Stablecoin. It will unlock efficiency and accessibility for USDC while enhancing liquidity in the digital asset markets.
The partnership was amongst the most important in a series of major partnerships in recent weeks. Since its launch in August 2023, Sei has focused on low speed and low cost per transaction. With the USDC integration, it could lead to further growth.
USDC is a popular stablecoin that will help grow liquidity and stability in the Sei ecosystem. That will positively impact the SEI coin, which has experienced massive gains since its launch.
SEI Coin
SEI is the native coin of the Sei ecosystem. It has various use cases within the Sei Network. They include paying transaction fees, staking for rewards, and governance. The total supply of the coins is 10,000,000,000 SEI. Out of this, 2,175,000,000 SEI are in circulation.
SEI Price Performance
Since their launch, SEI coins have had a great run. Since their launch in August, the tokens have risen 3432.75%. As of November 29, 2023, each SEI is worth $0.283, rising 29.67% in the past 24 hours alone. The coin’s price has risen by 155.35% in the past month. The token is trading at a small discount of 0.09% on the all-time-high price of $0.2988, which it achieved on November 29, 2023.
SEI has a market cap of $615,196,337 with a 24-hour trading volume of $758,454,268, which is bigger than its market cap. Most of the trading is on Bithumb, Binance, and Upbit, which account for 73.58% of the volume.
SEI Forecast
SEI has been a favorite amongst South Korean traders who account for most of the volume on local exchanges Upbit and Bithumb. Currently, the price of SEI is around 28 cents per coin. With volume currently exceeding the market cap, it is only a matter of time before SEI’s market cap exceeds a billion dollars. Based on the current trend, SEI could easily hit $0.44 by the end of 2023. In early 2025, the price of SEI could rise to over $0.70.
Should You Buy SEI?
SEI is currently pumping in line with the crypto market. However, its use cases have yet to mature fully, and its ecosystem is relatively small. At some point, traders will start to take profit, which could lead to a major market correction.
However, as a long-term investment, SEI is a great coin. It offers a major value proposition regarding speed and scalability, which will attract many users over time.
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