Sei Labs, a company that builds technology for the open-source layer 1 (L1) Sei blockchain, announced the launch of the beta phase mainnet on August 15.
Sei, which claims to be the fastest L1 blockchain, garnered significant traction during its testnet alpha phase, amassing over 400 million transactions and generating 7.5 million unique testnet crypto wallets.
On the same day, Sei also launched its native token SEI, which was jointly listed on several prominent crypto exchanges, including Binance, Bybit, Bitget, and Coinbase (NASDAQ: COIN).
The token staged a magnificent debut, surging nearly 3,100% over the past 24 hours.
SEI began trading at $0.064 a piece on Binance, before soaring to $0.26 at the time of writing on August 16.
SEI 1-day price chart. Source: CMC
This stellar price increase elevated SEI’s opening market cap of $360 million to more than $465 million, according to data retrieved by Finbold.
What is Sei?
Sei refers to a new sector-specific L1 blockchain that claims
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