Nearly four times in two weeks, is Sei the next Solana?

Kaori

2024-01-03 10:27

Read this article in 13 Minutes

What other potential projects are there on Sei?

People are searching for the next Solana, and Sei is considered to be the most promising candidate.

Recently, the price of Sei's native token SEI has attracted attention with a significant increase. Yesterday, SEI reached a new historical high of 0.8 USD, with a nearly four-fold increase in two weeks. The community is wondering why, despite the lack of a large airdrop, the coin price has been lukewarm until the beginning of 2024 when Sei suddenly became popular.

SEI Why is it rising?

Parallel EVM Narrative

On August 15, 2023, Sei mainnet went live. On November 29, Sei released its V2 strategic plan on social media, stating that Sei's Cosmwasm smart contracts, previously written in Rust, needed more flexibility as Sei attracted more developers. To address this, Sei Labs launched the first parallel EVM solution.

Sei is composed of different software components that work together to support blockchain. Some of these components are related to the consensus layer, while others are related to the execution layer. Sei V2 will change the way the execution layer works to support Optimistic parallelism and optimized state storage. In addition, it will create a new component to support EVM smart contracts. These EVM smart contracts will benefit from all the changes made to consensus and parallelism, and will also be able to interact with existing Cosmwasm smart contracts.

Sei officials have stated that the parallel EVM strategy proposal recognizes the current dominant position of EVM and creates a familiar and enhanced environment for most blockchain developers, tools, and libraries. Use Sei to enhance Ethereum and Eth L2 applications. Compared to existing EVM blockchains, this allows applications to support more users and interactions comparable to Web2.

Sei Labs co-founder Jayendra (Jay) posted on social media that Sei v2 will be able to call EVM and Cosmwasm contracts through the use of stateful precompilation and chain-level message scheduling. After the audit is completed, this upgrade will be released on the public testnet in the first quarter of 2024 and deployed on the mainnet in the first half of 2024.

As one of the most anticipated events in the cryptocurrency field in the first quarter of 2024, the Kanban upgrade of Ethereum will also receive more attention and expectations in terms of blockchain performance optimization. The main players of parallel EVM are Monad, Neon, and Sei. Currently, Monad has no plans to issue coins, Neon has received the endorsement of the Solana official team, and its monthly increase is nearly 6 times; while Sei, as a mainstream CEX and a parallel EVM concept coin that can also be traded, it is expected to receive a price pump at this time.

Capital background is strong

Sei collided with Paradigm, who values and emphasizes parallel EVM technology narrative, and has gained a lot of attention.

On December 12, 2023, Paradigm's CTO Georgios Konstantopoulos tweeted that 2024 will be the "year of parallel EVM" and stated that Paradigm is also exploring and designing related technologies internally. He mentioned Monad, Sei, and Polygon in the post, and there were also many crypto KOLs discussing parallel EVM in the comments section.

Although Paradigm did not invest in Sei, Sei's financing background is already very luxurious.

In August 2022, Sei Labs, the team behind Sei Network, completed a $5 million seed round of financing, led by Multicoin Capital with participation from Coinbase Ventures and GSR. In February 2023, Sei announced a $400 million Series A financing round and claimed to have an airdrop plan. In April, Sei Network announced a $300 million financing round at an $8 billion valuation, with participation from Jump Capital, Distributed Global, Multicoin Capital, and Bixin Ventures. The funds from this round will be used for development and market promotion in the Asia-Pacific region. Also in April, Sei Labs' ecological fund completed a new round of financing of $50 million, with participation from Bitget and Foresight Ventures. In November 2023, Circle strategically invested in Sei Network to support the launch of native USDC on the network.

It can be seen that Sei's capital background has expanded from Europe and America to the Asia-Pacific region.

In early August 2023, Binance launched two rare Launchpool projects simultaneously, one of which was Sei (SEI). On August 15th, after the Sei mainnet went live, Binance also opened SEI/BTC, SEI/USDT, and SEI/BNB trading markets at 20:00 on the same day. In the following period, SEI did not experience significant price fluctuations.

In December 2023, Sei sponsored Binance's Maldives event, and it was from that time that Sei began to show signs of price increase. Cryptocurrency KOLs who participated in the Binance event also exclaimed that they had found the wealth password of Binance.

According to CoinGecko data, on January 2nd, the price of SEI rose to 0.8 USD from 0.23 USD on December 18th, 2023, with an increase of 230%. As of the time of writing, the SEI price has fallen to 0.71 USD, with a 24-hour decrease of 4.9%.

What opportunities are available on Sei?

Since Sei has already entered the first wave of price increase and with its V2 upgrade next year, there are still many exciting things to look forward to in the Sei ecosystem. BlockBeats has compiled information on Sei's meme, NFT, and airdrop interactions for readers to reference.

Tool Category

To play memes on Sei, the essential tools are Coinhall and Compass wallets. Coinhall provides real-time prices, charts, swap aggregation, and analysis for all AMM DEX in the Juno, Near, and Cosmos ecosystems, similar to Birdeye in the Solana ecosystem. Compass is like the Phantom wallet in the Solana ecosystem. The largest DEX on the Sei network is Astroport, similar to Raydium in the Solana ecosystem, where meme trading can be conducted.

meme

SEIYAN is currently the most popular Saiyan meme on Sei, because Jay, one of the co-founders of Sei, has a Saiyan as his social media profile picture. According to Coinhall data, as of writing, SEIYAN is priced at $0.05, with a 7-day increase of 113%.

SENSEI is the second most popular meme on Coinhall today, derived from the Romanized pronunciation of the Japanese word "先生" (sensei). According to Coinhall data, as of the time of writing, SENSEI is priced at $0.002 with a 7-day increase of 62%.

NFT

There are two main NFT trading markets on Sei, one is Pallet and the other is Dagora. Due to Pallet's website traffic control measures, there is a certain waiting time to enter the website. The most popular NFT project on Sei is The Colony of Little Ants, followed by Seiyans, which just completed Free Mint last week.

The Colony is an NFT series that is popular among various teams in the Sei network, and holders will also receive airdrops for new projects in the Sei network. According to Pallet market data, as of the time of writing, The Colony's floor price is 2450 SEI, worth approximately $1700.

Seiyans is a collection of NFTs related to the Saiyan race in Sei, which was publicly minted on December 28th. Saiyans (Japanese: サイヤ人; English: Saiyan) are a fictional race in the manga series Dragon Ball by Japanese manga artist Akira Toriyama. Due to 2024 being the Year of the Dragon in Japanese culture, Dragon Ball and Saiyans have also gained hype.

According to Pallet market data, as of the time of writing, the Seiyans floor price is 839 SEI, which is worth approximately 600 US dollars.

DeFi

1. Sei's native DEX Yaka Finance is about to go live, and it is a transparent airdrop project. Currently, you can interact with it on its official website.