Sei Blockchain’s Native Token SEI Rises Amid v2 Mainnet Beta Launch

Sei Blockchain’s Native Token SEI Rises Amid v2 Mainnet Beta Launch

SEI, the native token of the Layer 1 blockchain Sei, experienced a significant surge of 13% following the beta release of its Sei v2 mainnet, which it has proclaimed as the “most performant EVM blockchain ever built.”

As of the latest data from CoinMarketCap, SEI has risen 12.5% in the past 24 hours, trading at $0.3422. The cryptocurrency also recorded a daily trading volume of $211 million. Over the past day, this marks a 48.2% increase in value for the sector-specific Layer 1 blockchain, tailored exclusively for trading to give exchanges a “competitive edge.”

The recent uptick in SEI’s market value aligns with the Sei team’s announcement of the official release of the “Sei v2 mainnet beta,” which they claim to be “the most performant EVM blockchain ever built.”

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The network, renowned for its swift and cost-effective crypto trading capabilities, has recently upgraded its system by incorporating Geth.

This widely-used Ethereum software is favored by developers for building decentralized applications (dapps) and other web3 solutions on Ethereum, the second-largest blockchain by market cap.

Sei’s initial v1 beta mainnet, constructed with the Cosmos SDK, was launched in August 2023 after two successful funding rounds that secured $30 million from investors, including Jump Trading and Multicoin Capital.

The completion of phase 2 of Sei v2 follows the Sei Foundation’s announcement of a new $10 million grant fund aimed at fostering growth in NFT and social projects.

The foundation stated that this initiative is intended to support a wide range of creators and builders, focusing on collections, applications, infrastructure, content creation, and real-life events (IRL).