SEI currency has surged fourfold in the past two weeks. What is the reason? What other potential opportunities are there for the Sei platform?

People are looking for the next Solana, and Sei is considered to have the best chance of becoming its potential stock.

Recently, the price increase of SEI, Sei’s native token, has been eye-catching. Yesterday, SEI broke through a record high, reaching $0.8, an increase of nearly four times in two weeks. The community can’t help but wonder, since there aren’t many airdrops and the currency price has been tepid, why did Sei become so popular at the beginning of 2024?

Why does SEI currency rise?

Parallel EVM Narrative

On August 15, 2023, the Sei mainnet was officially launched. Subsequently, on November 29, Sei released the V2 strategic plan. According to officials, Sei previously used Cosmwasm smart contracts written in Rust, but as Sei attracts more developers, the execution environment supported by Sei needs to be improved in order to provide greater flexibility. To this end, Sei Labs launched a new solution and successfully created the first parallel EVM.

Sei is a system of different software components that collaborate with each other to support blockchain technology. Some of these components are related to the consensus layer, which is responsible for handling consistency among the various nodes in the network. Other components are related to the execution layer and are responsible for executing smart contracts and storing states. In Sei V2, the way the execution layer works will change to support Optimistic parallelization and optimized state storage. This means that by improving the way parallel processing and state storage can improve the performance and scalability of the system. In addition, Sei V2 will also introduce a new component to support EVM smart contracts. This will enable existing Cosmwasm smart contracts to interact with EVM smart contracts and benefit from consensus and parallelization improvements. Through these changes and optimizations, Sei V2 will be able to better support the development and deployment of blockchain applications, providing higher performance and better user experience.

Sei officially acknowledged the current dominance of EVM and proposed a parallel EVM strategy to create a familiar and enhanced environment for most blockchain developers, tools and libraries. The purpose of this strategy is to use Sei to enhance the functionality of Ethereum and Eth L2 applications. By comparison with existing EVM blockchains, applications are able to support more users and provide an interactive experience comparable to Web2.

Lianchuang Jayendra (Jay) of Sei Labs posted on social media that Sei v2 will realize the mutual calling of EVM and Cosmwasm contracts by using stateful pre-compilation and chain-level message scheduling. The upgrade is scheduled to be reviewed in the first quarter of 2024 and will be released on the public testnet. It is expected to be deployed on the mainnet in the first half of 2024.

The first quarter of 2024 will usher in Ethereum’s Cancun upgrade, which is considered one of the most anticipated events in the crypto space. What follows is concern and expectations for blockchain performance optimization. Among them, the main players of parallel EVM include Monad, Neon and Sei. Monad has not yet announced its currency issuance plan, and Neon’s price has increased nearly 6 times in a month due to the clear support of Solana’s official team. As a parallel EVM concept currency that mainstream CEX provides for trading, Sei is relatively expected to see a price increase during this period. These developments will further promote the development and application of parallel EVM.

Strong capital background

And Sei bumped into Paradigm, which values ​​​​the narrative of parallel EVM technology, and also attracted a lot of attention.

On December 12, 2023, Paradigm CTO Georgios Konstantopoulos tweeted that 2024 will be the "year of parallel EVM" and said that Paradigm is also exploring and designing related technologies internally. He mentioned Monad, Sei, and Polygon in his post, and there were also several crypto KOLs discussing parallel EVM in the comment area.

Although Paradigm did not invest in Sei, Sei’s financing background is already very luxurious.

In August 2022, Sei Labs, the team behind Sei Network, completed a US$5 million seed round of financing, led by Multicoin Capital, with participation from Coinbase Ventures, GSR and others. In February 2023, Sei announced that it was raising $400 million in Series A financing and said it had airdrop plans. In April, Sei Network announced the completion of US$30 million in financing at a valuation of US$800 million. Jump Capital, Distributed Global, Multicoin Capital, Bixin Ventures, etc. participated in the investment. This round of funds was used for development and market promotion in the Asia-Pacific region. In the same month, Sei Labs Ecological Fund completed a new round of financing of US$50 million, with Bitget and Foresight Ventures participating. In November 2023, Circle made a strategic investment in Sei Network to support the network’s launch of native USDC

It can be seen that Sei’s capital background has expanded from Europe and the United States to the Asia-Pacific.

In early August 2023, Binance rarely launched two Launchpool projects at the same time, one of which was Sei (SEI). On August 15, after the Sei mainnet was launched, Binance also opened the SEI/BTC, SEI/USDT, and SEI/BNB trading markets at 20:00 that day. In the subsequent period, SEI did not experience significant price fluctuations.

In December 2023, Sei sponsored Binance’s Maldives event. It was also from that time that Sei began to show signs of rising in price. Crypto KOLs who participated in Binance events also directly claimed that they had found Binance’s wealth password.

According to CoinGecko data, on January 2, the price of SEI rose to $0.8 from $0.23 on December 18, 2023, an increase of 230%. At press time, SEI price was back down to $0.71, a 24-hour drop of 4.9%.

What opportunities are there on Sei?

Now that Sei has reached the first wave of price increases, combined with its V2 upgrade next year, there is still a lot to look forward to in the future Sei ecosystem. BlockBeats has compiled content about memes, NFTs, and airdrop interactions on Sei for readers’ reference.

Tools

To play memes on Sei, the necessary tools are Coinhall and Compass wallets. Coinhall provides real-time prices, charts, and swaps for all AMM DEX in the Juno, Near, and Cosmos ecosystems. Period aggregation and analysis, its role is equivalent to Birdeye of Solana ecosystem, and Compass is like Solana’s Phantom wallet. The largest DEX on the Sei network is Astroport, which is equivalent to Raydium in the Solana ecosystem. Meme transactions can be conducted on it.

meme

SEIYAN is currently the most popular Saiyan meme on Sei because Jay, the co-founder of Sei, has a Saiyan avatar on his social media account. According to Coinhall data, as of writing, SEIYAN price is $0.05, with a 7-day increase of 113%.

SENSEI is the second most popular meme on Coinhall today, which is derived from the homophone of the Romaji for "Mr." in Japanese. According to Coinhall data, as of writing, the SENSEI price is $0.002, with a 7-day increase of 62%.

NFT

There are two main NFT trading markets on Sei, one is Pallet and the other is Dagora. Due to Pallet's website throttling measures, it will take some waiting time to enter the website. The most popular NFT project on Sei is TheColony, followed by Seiyans who just completed Free Mint last week.

The Colony is an NFT series that is popular among major teams in the Sei network, and holders will also receive airdrops for new projects in the Sei network. As of this writing, The Colony floor is priced at 2450SEI, which is worth approximately $1700, according to Pallet Market Data.

Seiyans is Sei’s last collection of Saiyan-related NFTs, released mint on December 28th. Saiyans (Japanese: サイヤ人; English: Saiyan) are the fictional race of people in the famous work "Dragon Ball" by Japanese cartoonist Akira Toriyama. Since 2024 is the Year of the Dragon, Dragon Ball and Saiyans in Japanese culture are also getting some hype space.

As of this writing, the Seiyans floor is priced at 839 SEI, which is worth about $600, according to Pallet Market Data.

DeFi

1. Sei’s native DEX Yaka Finance is about to go online. It is a well-known airdrop project and can currently be interacted with on its official website;

2. Kryptonite is a decentralized AMM and staking protocol based on Sei. Users can participate in its SEI liquidity staking activities;

3. Users can participate in the staking center (Staking Hub) Staking SEI, the APR is 4.68%. Referring to the style of airdrops issued by Cosmos projects, the first step to obtain airdrops for future projects in the Sei ecosystem is to pledge SEI.

New public chains are rising

Today, Bankless issued a document to include parallel EVM on the watch list for 2024. The battle for parallel EVM is ongoing on Ethereum L2 and the new L1. As an early parallel EVM player, Sei is bound to have a place in the 2024 encryption cycle.

In addition to Sei, other new public chains are also slowly emerging. Celestia, which focused on modularization some time ago, and Sui, another new public chain, have also made significant progress in their ecology. DeFiLlama data shows that Sui’s TVL has soared since October last year, and its current TVL is $225 million. As the main force of the Move language department, Sui is also involved in parallel computing.

Although parallel EVM is not a new concept, as long as there is narrative space, there will definitely be something to play in 2024.

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