REPORT: Sei Network's First Two Weeks

Summary

• Sei Network has gained attention with its impressive speed and near-perfect transaction rate, outperforming rivals like Ethereum and Solana in its first two weeks.
• Sei has launched a web3 domain naming service, allowing users to register .sei IDs, and has announced various platforms building on its network, offering diverse utilities, from trading to NFTs.
• Over 300K users have deployed wallets on Sei in the last month, and the SEI token's FDV appears to be holding strong above $1 billion, marking it as a promising network to watch in the DeFi space.

Introduction: A New Contender in the DeFi Space

Sei Network burst onto the Decentralized Finance (DeFi) scene on August 15 with the launch of its public mainnet, Pacific-1. Known for its massive airdrop program, this fast and secure Layer One blockchain has made impressive strides in just two weeks. 

This article delves into Sei's journey so far, the metrics that set it apart, and the exciting updates that have rolled out in its ecosystem.

Sei's Performance Metrics: Fast and Reliable

According to a report by H4wk on Flipsidecrypto, later covered by BSC News on August 23, Sei Network stands out for its speed. It is the fastest blockchain in the Layer One ecosystem, beating out established names like Ethereum and Solana. Sei boasts a near-perfect Successful Transaction Rate of 99.5%, with an average of 2077 transactions per minute.

However, it's worth noting that Sei doesn't handle the same transaction volumes as Solana, which can manage up to 11K transactions per minute. 

The total number of transactions on the layer one blockchain has surpassed the 300 million mark as the protocol prepares to reach the 500 million milestone. In terms of user interaction, over 300K users have deployed their wallets on Sei in the last 30 days, with an active monthly average account rate of over 40K. The network also boasts 35 active validators.

$SEI Token: A Rollercoaster Ride

The $SEI token had a dramatic start, surging to $0.2736 from its initial listing price of $0.007989. But like most new tokens, it underwent a price correction. 

As of the time of this article, the token has dropped by 53.59% from its all-time high and is trading at $0.1268. Despite these fluctuations, the token is listed on major exchanges like Binance and Coinbase, with a 24-hour trading volume of $63.4M.

Announcements and Updates

After an impressive first few weeks, a lot has happened in the Sei ecosystem. Here are some of the notable highlights: 

Sei Launches Naming Service

Sei recently launched its Web3 domain naming service. Users can now get their own .sei ID, also known as SPACE ID, similar to other domain extensions like .ens, .eth, and .sat. To get started, users can visit app.space.id.

Growing Ecosystem: More Than Just a Blockchain

On August 19 and 23, Sei Network announced several new platforms building on its blockchain. These platforms offer utilities like perpetual trading, bridging, liquidity pools with lightning swaps, and portfolio management. They also include features for NFTs and GameFi.

Top Picks from the Ecosystem...

Yolee: This is the first Role-Playing Game (RPG) on Sei, still in its Alpha testing phase. The protocol’s Alpha Test 2 is ongoing, and Players can earn rewards in the form of Yolee tokens.

‍Dagora NFT Marketplace: Dogara is a multichain NFT marketplace in the industry. The platform added support for Sei Network and shared new collections with the community on August 20.

Mintscan: Perhaps the most crucial utility, especially for data analysts, is Mintscan. Created by Cosmostation, Mintscan is an interchain portal providing data analytics for numerous sovereign networks. It added support for Sei Network on August 16. 

An Impressive Start

Sei Network has had an exciting first two weeks. Its speed, near-perfect transaction success rate, and growing ecosystem indicate it is a promising player to watch in the DeFi space. 

While its native token has been volatile, the underlying technology and partnerships suggest a promising future. BSC News will continue to monitor the protocol’s progress in the industry.