Why is the SEI rising?

People are looking for the next Solana, and Sei is considered the most likely project to be the next Solana.

Recently, the price increase of Sei’s native token SEI has been eye-catching. Yesterday, the SEI broke through a new all-time high, reaching $0.8, nearly quadrupling in two weeks. The community can’t help but wonder, since there are not many airdrops and the currency price is tepid, why will Sei become so popular in early 2024?

Why is the SEI rising?

Parallel EVM narrative

On August 15, 2023, the Sei mainnet was launched. On November 29, Sei released the v2 strategic plan on social media. Officially, Sei previously used Cosmwasm smart contracts written in Rust. As Sei attracts more developer interest, the execution environment supported by Sei needs to be more flexible. To this end, Sei Labs launched its first 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 officials said the Parallel EVM strategy proposal recognizes EVM’s current dominance and creates a familiar and enhanced environment for most blockchain developers, tools and libraries, powering Ethereum and Eth L2 applications using 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 parallel EVM logic and narrative”

Sei Labs co-founder Jayendra (Jay) posted on social media that Sei v2 will also be able to implement mutual calls through the use of stateful precompilation and chain-level message scheduling. Once the review is completed, the upgrade will be released on the public testnet in the first quarter of 2024 and deployed to the mainnet in the first half of 2024.

The Ethereum Cancun upgrade is one of the most anticipated events in the crypto field in the first quarter of 2024, and narratives related to blockchain performance optimization will also receive more attention and expectations. The main players in parallel EVM are Monad, Neon and Sei. Currently, Monad has no plans to issue coins. Neon is supported by the official team of Solana and has grown nearly 6 times every month; and Sei, as a parallel EVM concept currency, can also be traded on mainstream CEX, and it is natural to get price increases at this time.

Strong capital background

Sei met Paradigm, which focused on the narrative of parallel EVM technology, and attracted a lot of attention.

On December 12, 2023, Paradigm CTO Georgios Konstantopoulos said on Twitter 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 his post, and several cryptocurrency influencers discussed 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 US$5 million seed round of financing, led by Multicoin Capital, followed by Coinbase Ventures, GSR and others. In February 2023, Sei announced that it had raised US$400 million in Series A financing and stated that it had airdrop plans. In April, Sei Network announced the completion of US$30 million in financing, with a valuation of US$800 million. Jump Capital, Distributed Global, Multicoin Capital, Bixin Ventures, etc. participated in the investment. This round of funds will be used for development and marketing in the Asia-Pacific region. In the same month, Sei Labs Ecological Fund completed a new round of financing of US$50 million, with Bitget and Foresight Ventures participating. In November 2023, Circle made a strategic investment 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 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 show obvious price fluctuations.

In December 2023, Sei sponsored Binance’s Maldives event. Since then, Sei has started to show signs of rising prices. Cryptocurrency KOLs who participated in Binance events also directly claimed to have found Binance’s wealth password.

CoinGecko data shows that on January 2, the SEI price rose from $0.23 on December 18, 2023 to $0.8, an increase of 230%. At press time, SEI price was back down to $0.71, a 24-hour drop of 4.9%.

What opportunities do Sei have?

Now Sei has ushered in the first wave of price increases. Combined with next year’s V2 upgrade, there is still a lot to look forward to in the Sei ecosystem in the future. 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 live prices, charts, swap summaries and analytics for all AMM DEXs in the Juno, Near and Cosmos ecosystems. Its role is equivalent to Birdeye in the Solana ecosystem. 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, and meme trading can be carried out on it.

Meme

SEIYAN is currently the most popular Saiyan meme on Sei, as Sei’s co-founder Jay has a Saiyan avatar on his social media accounts. According to Coinhall data, SEIYAN is trading at $0.05 at the time of writing, with a seven-day gain of 113%.

SENSEI is the second most popular meme on Coinhall today and is derived from the Roman word for “sir”. Japanese. According to Coinhall data, as of writing, the price of SENSEI is $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 limiting measures, it takes a certain amount of waiting 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 popular among major teams on the Sei Network, and holders will also receive airdrops for new projects on the Sei Network. As of this writing, The Colony flooring is selling for 2450SEI, which is worth about $1700 according to Pallet Market Data.

Seiyans is Sei’s final collection of Saiyan-related NFTs, released on December 28. Saiyans (Japanese: サイヤ人; English: Saiyan) are a 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 also get some room for hype.

As of this writing, Seiyans flooring is selling for 839 SEI, which according to Pallet Market Data is worth about $600.

Decentralized Finance

1. Sei’s native DEX Yaka Finance will be launched soon, and brand airdrop projects can currently be carried out on its Official website affect.

1. Kryptonite is a decentralized AMM and staking protocol based on Sei, and users can participate in its SEI liquidity staking activities;

2. Users can stake SEI on its Stajing Hub, with a 4.68% APR. Referring to the airdrop method of the Cosmos project, the first step for future projects in the Sei ecosystem to obtain airdrops is to stake SEI.

New public chains continue to rise

Today, Bankless published an article adding parallel EVM to its 2024 watch list. The parallel EVM battle 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 crypto cycle.

In addition to Sei, other new public chains are also slowly emerging. Celestia, which focuses on modularization, and the Sui ecosystem, another new public chain, have also made significant progress some time ago. DeFiLlama data shows that Sui’s TVL has been surging since October last year and currently stands at $225 million. As the main force of Move language department, Sui is also involved in the field of parallel computing.

While parallel EVM is not a new concept, as long as there is room for narrative, there will definitely be something to play with in 2024.

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