Thanks to the parallelization process and growing popularity of EVM-compliant blockchains, the Sei Network’s SEI token has gained over 75% in the last week. The Sei Network is a trading-focused blockchain that was introduced in August 2023 and is supported by well-known investors including Jump Crypto and Multicoin Capital. It is built with qualities that assist trading apps, like speed and minimal fees.
The Sei Network’s on-chain metrics are heating up as ecosystem plays like SEIYAN and SEILOR tokens are expanding and SEI futures open interest is rising, all of which point to growing interest in the network. The Ethereum Virtual Machine, or EVM for short, is a virtual machine that runs all Ethereum apps and smart contracts. An other network that can host these kinds of apps is one that complies with EVM. A relatively recent blockchain technique called parallelization settles several transactions on the network simultaneously.
Networks like Sei are profiting from speculators’ bets on blockchains other than Ethereum, the conventional favourite, as a result of the current token trading frenzy in blockchains like Solana and Avalanche. According to data, Sei Network’s on-chain metrics are heating up quickly, which supports short-term bullish bets on ecosystem plays. Meme currency SEIYAN, which is a stand-in for the expansion of the larger Sei ecosystem, has increased 400% in the last week. Right now, the most valuable Sei-based coin is SEIYAN.
The trading service Astroport possesses more than 95% of the just over $5.5 million that was locked on Sei-based decentralised applications (dapps) as of Tuesday, according to data. As users get more comfortable with more fundamental bets, SEILOR tokens on the liquid staking protocol Kryptonite have increased in value by 80% over the last day. The quantity of unsettled contracts in SEI futures, or open interest, rose to $228 million on Tuesday from $69 million at the beginning of December, indicating a significant increase in trading interest in the tokens. Excitement about Sei may stem from an upcoming update that, according to creators, will make the network the fastest blockchain available. Other capabilities include the ability for project developers to implement parallelization and deploy audited smart contracts from EVM-compatible networks.
