People are looking for the next Solana, and Sei is considered to have the best chance of becoming its potential stock.
Recently, the price increase of Seis native token SEI has been eye-catching. Yesterday, SEI broke a record high, reaching $0.8, an increase of nearly four times in two weeks. The community cant help but wonder, since there arent many airdrops and the currency price has been tepid, why did Sei become so popular at the beginning of 2024?
Why is the SEI rising?
Parallel EVM Narrative
On August 15, 2023, the Sei mainnet was launched. On November 29, Sei released its V2 strategic plan on social media. Officials stated that Sei previously used Cosmwasm smart contracts written in Rust. As Sei attracts the interest of more developers, the execution environment supported by Sei requires higher flexibility. . To this end, Sei Labs launched a first-of-its-kind solution, creating the first parallel EVM.
Sei is made up of different software components that work together to support the blockchain. Some of these components are related to the consensus layer, others to the execution layer. Sei V2 will change the way the execution layer works to support Optimistic parallelization and optimized state storage. Additionally, it will create a new component to support EVM smart contracts. These EVM smart contracts will benefit from all changes made to consensus and parallelization, and will also be able to interact with existing Cosmwasm smart contracts.
Sei officially stated that the parallel EVM strategic proposal recognizes the current dominance of EVM and creates a familiar and enhanced environment for most blockchain developers, tools and libraries. Powering Ethereum and Eth L2 applications with Sei. This enables applications to support more users and more interactive experiences comparable to Web2 compared to existing EVM blockchains.
Related Reading:Detailed explanation of Sei V2’s parallel EVM logic and narrative》
Sei Labs co-founder Jayendra (Jay) posted on social media that Sei v2 will also be able to call each other through the use of stateful pre-compilation and chain-level message scheduling. After the review is completed, the upgrade will be released in the public testnet in the first quarter of 2024 and deployed to the mainnet in the first half of 2024.
Ethereums Cancun upgrade is one of the most anticipated events in the encryption field in the first quarter of 2024, and the narrative related to blockchain performance optimization will also receive more attention and expectations. The main players of parallel EVM are Monad, Neon and Sei. Currently, Monad has no currency issuance plan. Neon has received support from Solana’s official team and has increased by nearly 6 times every month; while Sei, as a parallel EVM concept currency that can also be traded on mainstream CEX, Getting a price pump is par for the course at this point.
Strong capital background
And Sei bumped into Paradigm, which values the narrative of parallel EVM technology, and also attracted a lot of attention.
On December 12, 2023, Paradigm CTO Georgios Konstantopoulos tweeted that 2024 will be the year of parallel EVM and said 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 comment area.
Although Paradigm has not invested in Sei, Seis financing background is already very luxurious.
In August 2022, Sei Labs, the team behind Sei Network, completed a US$5 million seed round of financing, led by Multicoin Capital, with participation from Coinbase Ventures, GSR and others. In February 2023, Sei announced that it was raising $400 million in Series A financing and said it had an airdrop plan. In April, Sei Network announced the completion of US$30 million in financing at a valuation of US$800 million. Jump Capital, Distributed Global, Multicoin Capital, Bixin Ventures, etc. participated in the investment. This round of funds was used for development and market promotion in the Asia-Pacific region. In the same month, Sei Labs Ecological Fund completed a new round of financing of US$50 million, with participation from Bitget and Foresight Ventures. In November 2023, Circle strategically invested in Sei Network to support the network’s launch of native USDC
It can be seen that Sei’s capital background has expanded from Europe and the United States to the Asia-Pacific.
In early August 2023, Binance rarely launched two Launchpool projects at the same time, one of which was Sei (SEI). On August 15, after the Sei mainnet went online, Binance also opened the SEI/BTC, SEI/USDT, and SEI/BNB trading markets at 20:00 that day. In the subsequent period, SEI did not experience significant price fluctuations.
In December 2023, Sei sponsored Binance’s Maldives event. From that time on, Sei began to show signs of rising prices. Crypto KOLs who participated in Binance events also claimed that they had found Binance’s wealth password.
According to CoinGecko data, on January 2, the price of SEI rose to $0.8 from $0.23 on December 18, 2023, an increase of 230%. As of press time, the SEI price fell back to $0.71, a 24-hour drop of 4.9%.
What opportunities are there on Sei?
Now that Sei has reached the first wave of price increases, combined with its V2 upgrade next year, there is still a lot to look forward to in the future Sei ecosystem. BlockBeats has compiled content on memes, NFTs, and airdrop interactions on Sei for readers’ reference.
Tools
To play memes on Sei, the necessary 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. Its role is equivalent to Birdeye in the Solana ecosystem. And Compass is like Solana’s Phantom wallet. The largest DEX on the Sei network is Astroport, which is equivalent to Raydium in the Solana ecosystem. Meme transactions can be conducted on it.
meme
SEIYAN is currently the most popular Saiyan meme on Sei because Jay, the co-founder of Sei, has a Saiyan avatar on his social media account. According to Coinhall data, as of the time of writing, the price of SEIYAN is US$0.05, with an increase of 113% in 7 days.
SENSEI is the second most popular meme on Coinhall today, which is derived from the homophonic romaji for Mr. in Japanese. According to Coinhall data, as of the time of writing, the price of SENSEI is $0.002, with an increase of 62% in 7 days.
NFT
There are two main NFT trading markets on Sei, one is Pallet and the other is Dagora. Due to Pallets website traffic limiting measures, it takes a certain amount of time to enter the website. The most popular NFT project on Sei is The Colony, followed by Seiyans, which just completed Free Mint last week.
The Colony is an NFT series that is popular among major 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 this writing, the floor price for The Colony is 2,450 SEI, which is worth approximately $1,700.
Seiyans is Sei’s last Saiyan-related NFT collection,which was mint publicly on December 28. Saiyans (Japanese: サイヤ人; English: Saiyan) are the fictional race of people in the famous work Dragon Ball by Japanese cartoonist Akira Toriyama. Since 2024 is the Year of the Dragon, Dragon Ball and Saiyans in Japanese culture have also gained room for hype.
According to Pallet Market Data, as of this writing, the Seiyans floor is priced at 839 SEI, which is worth approximately $600.
DeFi
1. Sei’s native DEX Yaka Finance is about to go online, and the brand airdrop project can currently be carried out on it.Official websiteinteract;
2、Kryptonite It is a decentralized AMM and staking protocol based on Sei, and users can participate in its SEI liquidity staking activities;
3. Users canStaking HubFor staking SEI, the APR is 4.68%. Referring to the style of airdrops issued by Cosmos projects, the first step to obtain airdrops for future projects in the Sei ecosystem is to pledge SEI.
New public chains are rising
Today, Bankless issued an article to include parallel EVM on the watch list for 2024. The battle for parallel EVM is ongoing on Ethereum L2 and the new L1. As an early parallel EVM player, Sei is bound to have a place in the 2024 encryption cycle.
In addition to Sei, other new public chains are also slowly emerging. Celestia, which focused on modularization some time ago, and Sui, another new public chain, have also made significant progress in their ecology. DeFiLlama data shows that Sui’s TVL has soared since October last year, and its current TVL is $225 million. As the main force of the Move language department, Sui is also involved in parallel computing.
Although parallel EVM is not a new concept, as long as there is narrative space, there will definitely be something to play in 2024.
