What is going on with SEI crypto token? Is it a scam?
A number of days after its launch, the most recent cryptocurrency challenge to development on Crypto Twitter (X) has been deemed a “fiasco” amid huge frustration associated to a promised airdrop of recent tokens to buyers who bridged Ethereum (ETH), Solana (SOL), and Binance Good Chain (BNB) to the Sei Community (SEI).
The corporate behind the challenge, Sei Labs, announced the mainnet launch on August 15, and in the future later SEI registered over 3,000% worth appreciation in 24 hours. Being listed in main exchanges equivalent to Binance, Bybit, Bitget, and Coinbase (NASDAQ: COIN).
In addition to the listings, the group promised to reward “pioneering customers of blockchain know-how from throughout many ecosystems”, so as to make “a really cross-chain airdrop”, as posted.
Nevertheless, the dearth of particulars on how the claiming course of would work, triggered frustration to come up when buyers’ expectations weren’t fulfilled — going through a further announcement of a “warmup interval”, earlier than SEI tokens have been actually distributed.
Is SEI a rip-off?
A number of fanatics try to know what is occurring with SEI. Sieve has given a number of the reason why it has been referred to as a rip-off (or a rug pull).
“The rationale SEI launch is being referred to as a rip-off is as a result of the airdrop is a large letdown. The Sei Community group additionally locked down their discord beginning yesterday morning, on the day of a token launch. By no means seen that occur earlier than.”
— Sieve (@SieveIntel)
Some have called it the “Worst L1 Blockchain Airdrop distribution mechanism ever seen”. Additionally calling Sei Community the “first Meme Blockchain”. Listing Sei’s airdrop between a sequence of dangerous information for the week, calling it a “fiasco”, however not a rip-off.
What’s Sei?
Sei is a layer-1 blockchain that goals to scale the buying and selling capabilities of decentralized exchanges (DEXs) by way of using its matching engine and order front-run prevention options. Constructed on the Cosmos software program improvement equipment.
With regulators persevering with to crack down on centralized exchanges, decentralized apps (dApps) “have to be able to deal with a rise in on-chain quantity”, Sei Labs explained within the press launch.
On this similar press launch, SEI claims to be “the quickest layer 1”, with a 500ms finality as uncovered on the challenge’s official website, in line with testnet outcomes. Making it ten occasions sooner than Solana’s time to finality of 5 seconds on common, according to Crypto Analysis, thought-about one of many quickest layer-1s facet by facet with Avalanche (AVAX), estimated to succeed in round 1.5 seconds to finality.
This may make Sei Community one of many quickest layer-1, if the outcomes might be replicated on the manufacturing community. Though nonetheless loosing to sooner networks like Nano (XNO), with a reported common of lower than 400ms finality, by the unbiased community explorer, NanoLooker, on the mainnet.
SEI value evaluation
SEI is altering palms for $0.1772 by press time, exhibiting realized losses of 8.59% within the final 24 hours, with a market cap of $318.99 million, sitting among the many prime 100 cryptocurrencies in line with CoinMarketCap.
The Sei Community is programmed to have a complete provide of 10 billion SEI, of which only one.8 billion (18%) are already circulating. This makes SEI’s totally diluted market cap to be over $1.77 billion in present costs.
Disclaimer: The content material on this web site shouldn’t be thought-about funding recommendation. Investing is speculative. When investing, your capital is in danger.
