Sei, the native token of Layer 1 blockchain Sei, has experienced a significant surge of 13% following the launch of the beta version of its Sei v2 mainnet. This surge has been attributed to the network’s claim that it is the “most performant EVM blockchain ever built.” As of the latest data from CoinMarketCap, Sei is up 12.5% in the last 24 hours, trading at $0.3422 with a daily trading volume of $211 million.
The recent increase in Sei’s market value coincides with the official release of the Sei v2 mainnet beta by the Sei team. This new version of the blockchain is said to be the most performant EVM blockchain ever built, marking a significant milestone for the project. The network is known for its ability to facilitate swift and cost-effective crypto trading, and the integration of Geth, a popular Ethereum software, has further enhanced its capabilities.
Sei’s journey to this point began with the launch of its v1 beta mainnet in August 2023, which was built using the Cosmos SDK. The project successfully raised $30 million from investors, including Jump Trading and Multicoin Capital, in two funding rounds. The completion of phase 2 of Sei v2 comes as the Sei Foundation announces the launch of a $10 million grant fund to support growth in NFT and Social projects. This initiative aims to support creators and builders in various areas such as collections, applications, infrastructure, content creation, and in-real-life events.
Overall, the surge in Sei’s market value and the launch of the Sei v2 mainnet beta signal a promising future for the project. With its focus on performance and innovation, Sei is poised to make a significant impact in the blockchain and cryptocurrency space.