Sei (SEI) is a Layer 1 blockchain platform designed to optimise trading and decentralised finance (DeFi) applications. It aims to enable high-speed, scalable, and secure transactions, addressing the specific needs of decentralised exchanges (DEXs), non-fungible token (NFT) marketplaces, and Web3 gaming platforms. It does this using a unique parallelised Ethereum Virtual Machine (EVM) and Twin-Turbo Consensus mechanism.
Note
Luno does not currently support sending or receiving SEI, but you can still buy or sell it like any of our other cryptocurrencies. This decision has been made in order to ensure there are appropriate controls in place to maintain the highest standards of investor protection. Learn more about why you can't send or receive SEI.
Who created Sei?
Jeff Feng and Jay Jog co-founded Sei. Jeff Feng has a background in product management and strategy, having worked at Goldman Sachs and Coatue Management. Jay Jog previously served as a software engineer at Robinhood and Airbnb, bringing extensive experience in building scalable technology solutions. Together, they established Sei to address the limitations of existing blockchain platforms in handling high-frequency trading and complex financial applications.
How does Sei work?
Sei operates on a Twin-Turbo Consensus mechanism, a specialised variation of Delegated Proof of Stake (DPoS) that enhances network security and efficiency by allowing token holders to delegate their staking power to validators. Twin-Turbo Consensus optimises the block propagation and transaction ordering processes, enabling faster and more reliable transaction finality. This innovation helps validators receive and process blocks more efficiently, streamlining the consensus process and enhancing overall network performance.
Additionally, Sei’s parallelised Ethereum Virtual Machine (EVM) allows for concurrent transaction processing, significantly improving throughput and scalability. The Sei Database (SeiDB), an advanced database solution, further supports high-speed data storage and retrieval, which is crucial for a high-performance blockchain.
What is the native cryptocurrency of Sei?
The native cryptocurrency of the Sei network is SEI. It serves multiple purposes within the ecosystem. Users pay SEI tokens as fees for on-chain activities, ensuring the network's sustainability. SEI tokens can also be staked to secure the network, with validators receiving rewards for their participation. Additionally, SEI holders can engage in governance decisions, influencing the network's future development and policies.
Security incidents
Sei has experienced NO security incidents.
The above list of incidents may not be exhaustive. As always, it’s important that you do your own research to ensure you’re comfortable with an asset’s associated risks before investing in it.
Token supply and concentration
SEI has a maximum supply of 10.00 billion. As of February 2024, approximately ~5.96 billion SEI (~59.63% of the maximum supply) are staked in the Bonded Tokens Pool.
Visit this external link to see the distribution among SEI’s top token holders.
Tip
Keen to explore Sei a bit more? You can learn about SEI basics and get all the latest cryptocurrency news on Luno Discover.
Want to know how to buy and sell SEI? We’ve got answers in the following help articles:
This information is not intended to be nor does it constitute financial, tax, legal, investment or other advice; nor is it a call to trade. The information is intended as general market commentary for information purposes only. Before making any decision or taking any action regarding your finances, you should consult a qualified Financial Advisor.