Sei blockchain's native asset set to go live for trading tomorrow

The native crypto asset of the Layer 1 blockchain Sei (not to be confused with Mysten Labs' Sui) is poised to launch tomorrow and become available for trading on centralized exchanges shortly after its mainnet release.

Earlier today, crypto exchanges including Binance, Upbit, and Kucoin took to the social network formally known as Twitter to announce their respective plans to initiate trading for Sei coins at 8 am ET, soon after the mainnet goes live.

Sei is a Cosmos SDK-based proof-of-stake blockchain, designed to be optimized for trading with its ability to execute sub-second blocks. In April 2023, Sei Labs, the core developer of the network, raised $30 million in two strategic funding rounds from venture firms including Jump and Multicoin Capital.

Unlike general-purpose blockchains such as Ethereum and Solana that support all kinds of apps, Sei will be an application-specific network in the Cosmos ecosystem. With functionality that supports fast decentralized trading, Sei targets a specific area where it will compete with other Cosmos chains like Osmosis, Injective and Kujira.

Details on Sei's initial supply

Upon mainnet launch tomorrow, there will be 1.8 billion Sei coins in circulating supply, according to Binance. With a maximum supply of 10 billion tokens, that means that around 18% of the total supply is set to become available upon launch, although the core team of Sei has not officially confirmed that figure.

In addition, 300 million Sei tokens have been allocated to Binance’s launchpad pool as part of an arrangement. Users can stake BNB tokens, along with stablecoins TUSD or FDUSD, to earn Sei tokens during a staking event scheduled to occur between till the end of the August.