Owners of Sei Network’s SEI tokens, which have gained more than 75% for purchasers over the last week and were the top performers on January 1st, 2024, appear to be benefiting from the parallelized EVM story.The Ethereum Virtual Machine, or EVM for short, is a virtual machine that runs all Ethereum apps and smart contracts.An other network that can host these kinds of apps is one that complies with EVM.A relatively recent blockchain technique called parallelization settles several transactions on the network simultaneously.
With support from well-known investors Jump Crypto and Multicoin Capital, Sei Network debuted as a trading-focused blockchain in August.The design prioritized speed, minimal fees, and other features tailored to facilitate specific types of trading applications.Within the first day of release, the network’s SEI tokens earned $400 million in capitalization, but over the following few months, there was little gain due to the lack of on-chain trading activity.But the recent craze for token trading on blockchains like Solana and Avalanche is encouraging speculators to wager on blockchains other than Ethereum, which is usually the favorite, and networks like Sei are reaping the rewards.
According to data, Sei Network’s on-chain metrics are heating up quickly, which supports short-term bullish bets on ecosystem plays.A cult phrase for SEI holders, meme coin SEIYAN, has increased 400% in the last week, acting as a stand-in for the expansion of the Sei ecosystem.
Data shows that as of Tuesday, well over $5.5 million was locked on Sei-based decentralized applications (dapps), with Astroport, a trading service, controlling more than 95% of that amount.SEILOR tokens on the liquid staking protocol Kryptonite have increased in value by 80% over the last day as players get more comfortable with more basic moves.As of Tuesday, there were 228 million unsettled contracts in SEI futures, up from $69 million at the beginning of December. This indicates a significant surge in trading interest in the tokens.
Excitement about Sei may stem from an upcoming update that, according to creators, will make the network the fastest blockchain available. Other capabilities include the ability for project developers to implement parallelization and deploy audited smart contracts from EVM-compatible networks.
“Sei’s major upgrade is nearly code complete right now. Once audits are complete, this upgrade will be released in a public testnet in Q1 2024, and will get deployed to mainnet sometime in H1 2024,” a recent developer update stated.