The SEI token has increased in value by more than thrice since its launch on crypto exchanges

On August 15, Sei Blockchain announced the beginning of its mainnet’s beta testing phase.

Over 400 million transactions and 7.5 million unique testnet crypto wallets were generated during Sei’s alpha period of development, giving credence to the blockchain’s claim that it is the fastest L1 blockchain.

Sei’s native token, SEI, was released with the platform and simultaneously listed on the cryptocurrency exchanges Binance, Bybit, Bitget, and Coinbase (NASDAQ: COIN).

The coin had a spectacular first day on the market, increasing in value by around 3,100%. On August 16, a single SEI was worth $0.26, having started the day at $0.064.

According to information gathered by Finbold, SEI’s market cap jumped from its beginning level of $360 million to more than $465 million as a result of this exceptional price growth.

Sei is short for “Sei,” which is shorthand for a new L1 blockchain that boasts the quickest transaction speeds in the crypto industry.

Sei is a matching engine and order front-run avoidance solution built on the Cosmos software development kit with the goal of increasing the trading volume on decentralised exchanges (DEXs).

Decentralized applications (dApps) need to brace for a boom in on-chain activity, as Sei highlighted in the press release, as authorities continue to clamp down on centralised exchanges.

Scaling on both L1 and L2 infrastructure is now a major challenge for trading platforms. According to the news release, Sei’s goal is to solve the scalability problem by improving all aspects of the system and providing the best possible environment for the swift and secure trading of digital assets.

More than thirty active apps, according to Sei, will go online when the blockchain does, and more are anticipated in the second part of this year. Decentralized perpetual futures exchanges like SushiSwap are also included, Sei said.

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