Sei Network Makes Debut, SEI Token Trading Volume Surpasses $1.6 Billion

The much anticipated Sei network has made its official debut. Thanks to listing on Binance, Kraken, and Coinbase, the SEI token has celebrated over $1.6 billion in trading volumes in the first 24 hours of launch. However, there is huge controversy after many took to X to complain about a delayed airdrop set to be awarded to the early adopters of the Sei network.

On Tuesday, Sei Labs, the company behind the Sei network confirmed the mainnet launch of the trading-focused layer 1 blockchain backed by Jump Crypto and Flow Traders. While most layer 1 blockchain focus on solving technical problems, Sei aims to offer users a simple and transparent way for users to exchange assets. Jeff Feng, co-founder of Sei Labs has clarified that the network is not a DeFi-focused chain as popularly assumed but has more of a focus on social platforms, gaming, and carbon credits.

Compared to other chains, Sei prides itself on speed, boasting transactions 10x faster than Solana. With a successful testnet phase, on launch, Sei had over 200 teams building on it and more than 7.5 million unique wallets.

After its launch, the network has continued to celebrate major success. Data from the first 24 hours of its launch, the SEI token recorded trading of well over $1.6 billion. However, in the last couple of hours, the token has undergone a correction, not only losing around 30 percent of its value to reach $0.815 but also its volume which is now just under $1 billion.

As aforementioned, this came as no surprise since the token is enjoying massive exposure as it’s listed on some of the biggest crypto exchanges including Binance, Coinbase, and Kraken. This has driven the adoption of the token and set it out on a successful path.

Sei Network Controversy

Although things are looking bright for the future of Sei, controversy is brewing under the surface. The team behind the Sei network had promised early adopters of the network an airdrop reward. In a blog post, the network noted, “the airdrop will open for claiming at Public Mainnet launch.”

However, many of these adopters have taken to X to complain that the airdrop has been delayed and with little communication about the process. In an X update, the project noted, “airdrop rewards will be claimable following an initial warmup period.” Little else has been communicated by the now-popular network.

Many involved in the project have remained frustrated by this approach and have openly questioned the commitment of the team to the network and the community involved with it.