Crypto News – On leading cryptocurrency exchanges, trading volumes for the new SEI token virtually eclipsed those for market giants like Bitcoin, Ethereum, and XRP.
Newly Launched SEI Token Breaks Records and Achieves Over $1 Million in Trading Volume in Just One Day
Yesterday, the Mainnet beta phase of the recently created layer-1 Sei Network went live, ushering in its brand-new SEI token. On August 15, the token was listed on prestigious exchanges like Binance, Bybit, Huobi, and Kraken. According to data from CoinGecko, the SEI’s first-day’s trading volume was $1.14 billion, with South Korean companies Upbit and Binance leading the way. Only behind the majors of Bitcoin, Ethereum, USDT, and XRP in terms of volume traded on Binance since yesterday, the token was one of the most actively traded tokens.
It should be noted that Upbit listed SEI about 4.5 hours after Binance and had a big impact on the token’s price. With $560 million in trade volume, South Korean-based Upbit accounted for more than half of it.
Coinbase Announces Support for SEI Token
Also announcing support for SEI were the exchanges Bitfinex and Coinbase.
The blockchain was valued at $800 million after the project received $30 million in strategic capital from Jump Crypto, Multicoin Capital, and Flow Traders in April. In addition, CoinGecko reports that the team initially used 18% of the 10 billion tokens that were available. However, not all of these tokens are being traded at the moment.
According to the SEI tokenomics described by Sei Labs, the ecosystem reserves (48%), the SEI Foundation (9%), and airdrop incentives (3% each) allocated the majority of tokens. The team and contributors received the remaining 40%. The airdrop claims for SEI tokens from the circulating supply have not started, and the team has not disclosed who is qualified for the airdrop.