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Sei surges 13% amid launch of mainnet beta v2 - 1
Daily Cryptex - Crypto News, Articles and Insights > Crypto News > Sei Surges 13% Following Mainnet Beta v2 Launch
Crypto NewsDecentralized Finance (DeFI) News

Sei Surges 13% Following Mainnet Beta v2 Launch

Burhaan Al Amin
Last updated: July 10, 2024 8:30 am
Burhaan Al Amin Published July 10, 2024
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SEI, the native token of Layer 1 blockchain Sei, has surged 13% following the launch of the beta version of its Sei v2 mainnet, which it hailed as the "most performant EVM blockchain ever built."

At the time of writing, Sei was up 12.5% in the last 24 hours, exchanging hands at $0.3422, per data from CoinMarketCap. The crypto asset also saw a daily trading volume of $211 million. Over the past day, this represents a 48.2% increase in value for the sector-specific Layer 1 blockchain, designed exclusively for trading to offer exchanges a "competitive edge."


Sei surges 13% amid launch of mainnet beta v2 - 1
SEI 24-hour price chart | Source: CoinMarketCap

SEI’s recent surge in market value coincides with the Sei team’s announcement of the official release of the "Sei v2 mainnet beta," which they claim to be "the most performant EVM blockchain ever built."

Phase 2 is now complete ✅

Sei v2 mainnet beta is officially here and It’s the most performant EVM blockchain ever built.

The future starts here, read more about the Sei vision and the journey ahead here: https://t.co/KKsuBclMgr

One thing is clear since the recent launch of… pic.twitter.com/Fo344nV8qf

— Sei 🔴💨 (@SeiNetwork) July 9, 2024

The network, known for facilitating swift and cost-effective crypto trading, has recently enhanced its system by integrating Geth.

This popular Ethereum software is extensively utilized by developers to create decentralized applications (dapps) and other web3 solutions on Ethereum, the second-largest blockchain by market cap.

Previously, Sei’s v1 beta mainnet, built using the Cosmos SDK, was launched in August 2023 following two successful funding rounds that garnered $30 million from investors, including Jump Trading and Multicoin Capital.

The phase 2 completion of Sei v2 comes on the heels of the Sei Foundation’s announcement of a new $10 million grant fund to fuel growth in NFT and Social projects.

The foundation explained that this initiative is designed to support a broad spectrum of creators and builders, focusing on collections, applications, infrastructure, content creation, and in-real-life (IRL) events.

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