Key Takeaways:
- Binance announced the introduction of a new project called Sei on Binance launchpool
- Users will be able to farm SEI crypto by staking BNB.
NEW DELHI (CoinChapter.com) — Binance announced the inclusion of a new project, Sei, to its Launchpool platform.
As per Binance’s announcement, the Sei Network will be the 36th project on the Launchpool platform. The Binance Launchpool allows users to stake crypto tokens to earn new tokens.
Binance shared that with the Sei project on Binance Launchpool, users can farm SEI by staking BNB, TUSD, and FDUSD.
However, SEI farming would begin on August 2 at 00:00 hrs (UTC). Moreover, the crypto exchange has stated that it will list SEI tokens for spot trading. Binance would list SEI/BTC, SEI/USDT, and SEI/BNB trading pairs for trading on Aug 15, 2023, at 12:00 (UTC).
What Is The SEI coin?
Sei is a ‘sector specific‘ layer-1 blockchain built using the Cosmos SDK that aims to provide traders with faster transaction finality of 600 ms and throughput of 22,000 orders per second.
At present, the Sei Network’s mainnet has not launched. However, Sei developers have hinted at an imminent launch of the mainnet.
The hype around the SEI coin is likely to increase, given the potential of an airdrop for early adopters.
The Sei Network aims to become the chain of choice for new decentralized exchanges (DEX). Furthermore, developers claim that the Sei network would serve as a multipurpose blockchain for the entire DEX ecosystem.
The Sei Network claims to be faster than Solana. Additionally, the Sei network has partnered with several other protocols, such as Coinbase, Delphi Protocol, etc., to maximize its interoperability.
The network also offers an asset-agnostic order book, which means “the matching engine does not require tokens to be traded.”
The Sei Network token has a total supply of 10 billion SEI coins. Out of the total supply, SEI on Binance Launchpool would include 300 million SEI coins in rewards. Initially, the total circulating supply would be 1.8 billion SEI coins or 18% of the total token supply.
