SEI Token Rocks Altcoin Market With 50% Surge: What’s Driving The Momentum?
20 Dezember 2023 - 4:00AM
NEWSBTC
Turning the tide in the altcoin race, Sei Network’s SEI token has
experienced an extraordinary 50% surge in the last 24 hours,
outperforming the top 100 cryptocurrencies. This surge has pushed
the token’s current trading price to $0.3638. Attracting
Global Attention? According to CoinGecko data, Sei Network’s
blockchain, explicitly built for trading, has optimized every layer
of its stack to provide infrastructure for trading apps of all
types. Sei claims to outperform other Layer 1 blockchain,
such as Solana and Aptos, by offering a native order-matching
engine in Layer 1. This engine enables exchange apps built on
top to scale more efficiently than ever. One of the standout
features of the protocol is its speed, with a lower bound time to
the finality of 300ms, making it the fastest chain in existence.
This speed is achieved by implementing the Twin Turbo consensus,
consisting of intelligent block propagation and optimistic block
processing. According to CoinGecko, these innovations reduce the
time required to achieve consensus securely and reliably. Related
Reading: Crypto Analyst Predicts XRP 1,500% Move Against Bitcoin,
What Are The Terms? Moreover, Sei’s market-based parallelization
sets it apart by offering a specialized kind of parallelization
that differs from other leading blockchains. Additionally, Sei
implements order batching to prevent frontrunning, enhancing the
fairness and efficiency of its trading ecosystem. On the other
hand, the Sei blockchain, launched on August 16, has amassed a
market cap exceeding $380 million and a 24-hour trading volume
surpassing $1 billion. Notably, the blockchain has witnessed a
surge in new user registrations, with over 40,000 new users joining
in the past two days. This influx of new users has further
propelled the token’s market cap and trading volume, underscoring
the growing interest in the Sei blockchain. Sei v2 Proposes
Seamless EVM Integration Sei Labs co-founder Jayendra Jog recently
unveiled the first “parallelized” Ethereum Virtual Machine (EVM),
combining the aspects of Solana and Ethereum. According to
Jayendra, this “hyper-optimized” execution layer leverages the
tooling and mindshare surrounding the EVM, addressing a major pain
point for developers. As announced, Sei v2 introduces EVM
support by integrating go-ethereum and enabling seamless deployment
of contracts from other EVM chains. This compatibility allows
developers to leverage existing Ethereum-based tooling and
resources without additional effort. Furthermore, optimistic
parallelization eliminates the need for developers to define
dependencies explicitly, enabling the chain to handle
parallelization autonomously. This enhancement reduces developer
friction and guarantees maximum parallelization of transactions
whenever possible. Related Reading: Ethereum Bearish Falling
Wedge Pattern Appears, How Low Can Price Go? Sei Labs’ co-founder
stated that Sei v2 boasts orders of magnitude greater throughput
with Sei’s speed than Ethereum’s Layer 1 or Layer 2
solutions. The protocol’s upper bound of 12.5k transactions
per second (TPS) is supported by early load tests, which have
already observed over 5k TPS. Sei v2 will launch on a public
testnet in the first quarter 2024. As Sei Network continues to
garner attention from developers and traders alike, the future
looks promising for this open-source Layer 1 blockchain.
Featured image from Shutterstock, chart from TradingView.com
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