Sei Network and Farming SEI on Binance Launchpool

Sei, the 36th project on Binance Launchpool has started farming on the 2nd of August and will run until the end of the month (31st August at 23:59 UTC). It may sound a little late but there is still time. 21 days left to earn SEI for free if you already have the supported assets to stake. _{[Not a Financial or Investment Advice].}

Do note that only eligible Binance users (KYC-verified) are allowed to participate in farming SEI.

Sei Network, A Brief Introduction

Sei is the fastest, general purpose, open-source Layer 1 blockchain that offers the best infrastructure for the exchange of digital assets.¹ Sei is built by Sei Labs using the Cosmos SDK and Tendermint Core.

Accordingly, Sei is designed to "address the scalability and user experience issues that stop Web3 applications from growing to mainstream adoption. One of its key highlight is its Single Slot Finality which gives faster response times and preventing user transactions from being reverted."²

SEI (token)

This is the native utility token of the Sei Blockchain.

• Ticker: SEI

• Total Supply: 10 billion SEI

Allocation & Vesting Schedule

• Private Sale (Investors): 2 billion SEI (20% of the Total Supply or TS)

• Binance Launchpool: 300 million SEI (3%)

• Team: 2 billion SEI (20%)

• Foundation: 900 million SEI (9%)

• Ecosystem Reserve: 4.8 billion SEI (48%)

Except for the above graph, I have not been able to find the details on how the allocated tokens are unlocked.

Per Binance, the remaining Ecosystem Reserve tokens will continue to vest beyond August 2030.

SEI Use Cases

According to Binance Research the current use cases of the token include the following:

• Network Fees: Used to pay for transaction fees.

• DPoS Validator Staking: SEI holders can delegate their holdings to validators or stake SEI to run their own validator nodes.³

• Governance: SEI holders can vote on future DAOs.⁴

• Native Collateral: "SEI can be used as native asset liquidity or collateral to applications built on the Sei blockchain."⁵

• Fee Markets: Users can use SEI to pay "tips to validators to get their transactions prioritized, which can be shared with users that are delegating to that validator."⁶

• Trading Fees: SEI can be utilized as fees for exchanges built on Sei blockchain.⁷

How to Farm SEI on Binance Launchpool

Keeping your BNB on the BNB Vault will automatically makes you eligible to share from the Launchpool rewards without doing anything. Earnings are distributed to your Spot Wallet daily until the farming ends.

Another way to farm is by manually staking any of the 3 supported assets on their corresponding pools and share or earn rewards. 10 million SEI are allotted every day and shared amongst the 3 pools in different percentage. Details below.

👉BNB Pool

240 million SEI or 80% of the total launchpool rewards. Users who stake in this pool will share 8 million SEI each day proportionate to their BNB staked amount.

At the time of this writing, a total of 6,997,446 BNB is staked.

👉TUSD (TrueUSD) Pool

A total of 45 million SEI or 15% of the total rewards have been allotted to this pool (or 1.5 million daily).

A sum of 432,343,705 TUSD is currently staked.

👉FDUSD (First Digital USD) Pool

A total of 15 million SEI or 5% to be shared amongst the users who stake in this particular pool (500k each day).

144,210,243 FDUSD are staked to date.

SEI Launchpool Details:

• Launchpool Token Rewards: 300 million SEI (3% of total token supply)

• Initial Circulating Supply: 1.8 billion SEI (18% of the total token supply)

Hourly Hard Cap per User:

• 33,333.33 SEI in BNB pool
• 6,250 SEI in TUSD pool
• 2,083.33 SEI in FDUSD pool

Token Listing

Binance will list SEI (on the Innovation Zone )on the 15th August at 12:00 UTC and open trading with the following pairs:

• SEI/BTC
• SEI/USDT
• SEI/BNB

Summary

• Sei is a Layer 1 blockchain that is said to have been optimized for the exchange of digital assets. The Mainnet is expected to launch this Q3 of 2023.

• SEI, the blockchain's native utility token is currently available for farming in Binance Launchpool and ends on 31st August. Users can farm the token by staking BNB, TUSD or FDUSD.

• SEI will be listed on Binance this 15th August.

_{For infotainment only. Info from Binance / Launchpool / Sei / Docs}

_{Lead image created on Canva. Other photos linked to their sources. 11082023/09:25ph}