Chain dissection. Sei

The best all-in-one trading tool or another dead venture toy?

In the first episode we dissected Cosmos chain, mentioning Sei as one of the groundbreaking projects, that can revive the Cosmos ecosystem. Seems like something went wrong. Today, let’s dive into Sei.

You will learn about:

– One of the worst launches

– SEI tokenomics

– How is Sei different from other trading-specific chains?

Structure and specifics

Ignoring a regular marketing nonsense about the fastest blockchain, Sei can be described a trading specific or DeFi specific chain. Most blockchains can be classified into two categories: general purpose or application specific. The first ones for permissionless innovation and the others for permissioned and specific use cases. While Sei is trying to build something in between: it is more general but focused on the specific sector, providing the infrastructure for DeFi apps and serving as the liquidity hub for them.

Key architecture solutions:

• Parallel order execution allows apps to process orders in parallel, which is later accepted or rejected by consensus;
• Built-in order book logic optimizes order placement and matching for every app, as it is in TradFi services.
• Native order matching engine makes trades to will be filled with Frequent Batch Auctions, which allow Sei to aggregate market orders and execute them at the same time and price.

SEI tokenomics

• Standard: a native coin
• Circulating supply: 1.8 billion
• Total supply: 10 billion
• Current Market Cap: ~ $275 million
• Current price: ~ $0.15
• Allocation: Ecosystem Reserve — 48%; Team — 20%; Private Sale — 20%; Foundation — 9%; Launchpool — 3%.

At the moment of writing, inflation ratio remains unclear, as well as unlocking schedule.

Interesting Fact: $ATOM stakers did not get the $SEI airdrop, as they used to when launching any project in the Cosmos ecosystem. Apparently, the era of mass airdrops in Cosmos has come to an end.

This is how you should NOT launch the Mainnet

We don’t know if it was the result of bad marketing, poor management or lack of money, but it definitely shouldn’t be done that way. Here is the story about the launch failure:

1. Everyone is expecting airdrop, and Sei team is indulging expectations in every possible way;
2. Suddenly, Sei team announces the listing on Binance launchpad and keeps quiet about airdrop until the last minute. A couple of hours before the launch, they posted a link to check for the airdrop eligibility; the site is down.
3. Then, the team makes a statement that “Airdrop rewards will be claimable following an initial warmup period while the Sei Ecosystem gets prepared”. This causes a huge laugh and and hatred to them.
4. Eventually, Sei team gives up the opportunity to claim the airdrop. On average, it is turned out to be $4–15 dollars per account, which increases the laughter and hate against them even more.

Output

Basically, Mainnet’s hideous launch will not stop Sei from finding its user base if the team actually delivers on what it promises. But there’s nothing interesting in the Sei ecosystem at the moment, because nothing is actually ready yet.