Sei Network & Meme Coin SEIYAN: The Latest Crypto Sensations

• Growth Surge of Sei Network's SEI Token
• On-Chain Metrics Show Promise
• Impact of Parallelized EVM on SEI Tokens
• Sei Network's Successful Launch
• The Sei Network Ecosystem Thrives
• SEILOR Tokens Gain Momentum
• About Sei Update

Growth Surge of Sei Network's SEI Token

The escalating popularity of EVM-compliant blockchains and the process of parallelization is fuelling the expansion of the Sei Network's SEI token. In the past week alone, the SEI token has made a more than 75% gain. Inaugurated in August 2023, the Sei Network is a trading-centric blockchain underpinned by esteemed investors and engineered for rapid transactions, minimal fees, and other functionalities that facilitate trading applications.

On-Chain Metrics Show Promise

On-chain metrics for the network are demonstrating an uptick, with the expansion of ecosystem entities like SEIYAN and SEILOR tokens, and a rise in the open interest of SEI futures pointing to growing interest in the network.

Impact of Parallelized EVM on SEI Tokens

The narrative of parallelized EVM seems to be favoring holders of Sei Network's SEI tokens, providing gains of over 75% for buyers in the span of a week, and setting a record as the best performers on the first day of 2024. EVM, an acronym for Ethereum$2,315 -2.42% Virtual Machine is a virtual computer where all smart contracts and Ethereum applications are deployed.

An EVM-compliant blockchain is another network where these applications can run. Parallelization, on the other hand, is a relatively recent blockchain process which settles multiple transactions simultaneously on the network.

Sei Network's Successful Launch

The Sei Network was launched in August as a trading-focused blockchain underwritten by prominent investors Jump Crypto and Multicoin Capital. The network was designed with an emphasis on speed, low fees, and other features tailored to support specific types of trading applications.

The SEI tokens of the network achieved a $400 million capitalization within the first 24 hours post-issuance. Despite the initial success, the tokens saw minimal gain in the months that followed due to subdued on-chain trading behavior. Nonetheless, the recent frenzy in token trading in blockchains like Solana$104 5.03% and Avalanche is propelling speculators to bet on blockchains other than Ethereum, the usual go-to, with networks like Sei reaping the benefits.

The Sei Network Ecosystem Thrives

Data suggests that on-chain metrics are quickly increasing for the Sei Network, favouring bullish bets on ecosystem plays in the short term. Meme coin SEIYAN - apparently a term of endearment for SEI holders - has made a 400% gain in the past week, acting as an indicator of the growth of the wider Sei ecosystem.

Currently, SEIYAN tokens hold the highest value of any Sei-based token. As of Tuesday, over $5.5 million is locked on Sei-based decentralized applications (dapps), with trading service Astroport holding more than 95% of that.

SEILOR Tokens Gain Momentum

In addition, the SEILOR tokens of the liquid staking protocol Kryptonite have made an 80% gain in the past 24 hours as users gravitate towards more fundamental plays. SEI futures open interest has risen from $69 million at the start of December to $228 million on Tuesday, indicating a significant increase in trading interest for the tokens.

About Sei Update

The hype surrounding Sei could be attributed to an upcoming update that the developers claim will make the network the fastest blockchain on the market. In addition to this, the update will introduce other features that allow project developers to launch audited smart contracts from EVM-compatible networks and introduce parallelization. The major upgrade to Sei is almost code complete at the moment. Once audits are finalized, the upgrade will be released in a public testnet in Q1 2024, and deployed to mainnet sometime in H1 2024, according to a recent developer update.

Edited by Jonathan Stoker