Sei, a popular and quickly growing blockchain in the markets has been a subject of much discussion in my circles with DEVs and CEOs looking strongly at what SEI offers. These conversations inspired me to take a independent walk through on what SEI is all about.
This is what I learned.
SEI is positioned as one of the fastest Layer 1s in blockchain, and has garnered plenty of attention for its commitment to enabling mass adoption of digital assets by deploying an extremely powerful chain, with enormous adoption taking place, but not everything has been bells and whistles for the SEI project.
In this thorough review I will do my best to dive into Sei's features, market dynamics, and assess how it stacks up against other prominent blockchains, including Fantom, and Polygon. I also give you my personal thoughts, and evaluate the possible future for this jet fast chain.
A Deep Dive into SEI
Sei, a layer-1 blockchain built on the Cosmos software development kit, aims to revolutionize decentralized exchanges (DEXs) by enhancing their trading capabilities. In response to pending and recent regulatory crackdowns on centralized exchanges, Sei Labs positioned Sei as the solution for handling increased on-chain volume, making it a crucial player in the evolving landscape of decentralized applications (dApps).
SEI Speed and Efficiency:
Sei claims to be the fastest layer-1 blockchain, boasting a 500ms finality, ten times faster than Solana's average time to finality of five seconds. This remarkable speed positions Sei as a formidable contender in the fast-paced world of blockchain technology. The Sei Network's testnet results showcase its potential, albeit competing with Nano (XNO), which reports an average finality of less than 400ms on the mainnet.
Market Presence:
Sei holds its place among the top 100 cryptocurrencies. With a total supply of 10 billion SEI and only 1.8 billion currently circulating.
Sei's fully diluted market cap is $918.41M at the time of this article's publication. A lower market cap than previously recorded after launching, but a correction of such can imply that the asset is highly undervalued in the markets, as adoption has not failed to remain staunch for growth.
Future Price Predictions:
Based on historical price movements and BTC halving cycles, Sei's yearly low price prediction for 2024 is estimated at $0.32+, while a high of $0.5206+ has been predicted for the next year. These projections extend to 2030, offering a glimpse into Sei's potential growth trajectory, but leaves questions unanswered, as far as the markets themselves and pending regulatory developments.
In an independent review, Sei is perhaps the fastest Layer 1 blockchain, garnering attention for its commitment to mass adoption of digital assets. Despite bumps in its launch, including frustration over an airdrop process, Sei's mainnet launch led to over 3,000% value appreciation in 24 hours.
The SEI Airdrop Controversy:
As with every project, launches can have some serious bumps and hurdles. SEI did face some serious scrutiny and frustration shortly after its launch, with the much-anticipated airdrop of new tokens turning into a moment of extreme FUD and community turmoil.
The promised airdrop to investors who bridged Ethereum (ETH), Solana (SOL), and BINANCE Smart Chain (BNB) to the Sei Network (SEI) led to confusion and disappointment due to a lack of details on the claiming process. Investors faced a so-called "warmup period" announcement before SEI tokens were distributed, adding to the frustration surrounding this aspect of the project. Also, the number of participants were not anticipated to be as high as they were, and sorting out distribution did take some time.
Key Features of Sei
Unparalleled Speed and Scalability: With a transactional throughput of 20,000 operations per second, Sei stands out as the fastest blockchain in the industry.
Security and Integrity: Secured by reputable institutions, Sei prioritizes security, featuring a robust infrastructure safeguarding digital assets.
User-Centric Design: As an open-source platform, Sei provides native frontrunning protection, seamless interoperability, and transaction bundling, ensuring fairness.
Comparing SEI to Leading Blockchains:
A side-by-side analysis of Sei against Bitcoin, Ethereum, Solana, Harmony, Fantom, and Polygon reveals Sei's impressive transactional throughput (20,000 ops) and finality (380 ms), placing it as a competitive option in the market.
SEI's Market and Chain Dynamics
Sei's substantial funding and valuation growth, with achievements like reaching a valuation of $800 million and securing commitments from major investors, underline its strong market presence.
Comparative Analysis of SEI vs. Other Leading Blockchains
Bitcoin:
- Transactional Throughput: 10 tps
- Transactional Finality: 60 min
- Frontrunning Prevention: None
- Processing Style: Sequential
- Sybil Protection: Proof of Work
- Transactional Throughput: 20 tps
- Transactional Finality: 6 mins
- Frontrunning Prevention: None
- Processing Style: Sequential
- Sybil Protection: Proof of Stake
- Transactional Throughput: 10,000 tps
- Transactional Finality: ~2.5 sec
- Frontrunning Prevention: None
- Processing Style: Parallelized
- Sybil Protection: Proof of Stake
Harmony (ONE):
- Transactional Throughput: Varies
- Transactional Finality: Varies
- Frontrunning Prevention: Varies
- Processing Style: Varies
- Sybil Protection: Varies
- Transactional Throughput: 4,000 tps
- Transactional Finality: ~1 sec
- Frontrunning Prevention: None
- Processing Style: Lachesis DAG
- Sybil Protection: Proof of Stake
Polygon (MATIC):
- Transactional Throughput: ~7,000 tps
- Transactional Finality: ~2 mins
- Frontrunning Prevention: None
- Processing Style: Ethereum-compatible
- Sybil Protection: Proof of Stake
SEI SPEEDS:
Transactional Throughput: 20,000 ops
- Transactional Finality: 380 ms
- Frontrunning Prevention: ? (FBA)
- Processing Style: Parallelized
- Sybil Protection: Proof of Stake
- Recent Achievements:
- Foresight Ventures brings Sei Ecosystem Fund to $120 million.
- Sei raises $30 million, reaching a valuation of $800 million.
- Sei Labs secures a $50 million commitment from Bitget and Foresight Ventures.
- Sei Network, with $70 million in ecosystem funding, continues to expand.
Beta's Conclusion:
SEI looks to become a promising blockchain investment, offering unparalleled speed, robust security, and notable market successes. When compared to Solana, Fantom, and Polygon, Sei holds its ground with impressive transactional throughput and efficient finality.
A rough start can lead to a beautiful finish, and how many airdrops have you seen go flawlessly?
Not many...
However, as with any investment, readers are urged to conduct thorough research and consider individual risk tolerance. DYOR!! This is not investment advice!
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Disclaimer: This review is independent, and the author may or may not own tokens of the mentioned blockchains. It is not financial advice, and readers are encouraged to seek professional advice before making any investment decisions.
