Monday, 17 June 2024
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SEI price drops amid distribution of over 27M tokens after fruitful v2 upgrade

SEI price drops amid distribution of over 27M tokens after fruitful v2 upgrade

  • Sei v2 upgrade introduces sub-second transaction finality, enhancing scalability.
  • Sei Foundation implements fairer eligibility criteria for token distribution event.
  • SEI token price drops by 3.91% to $0.5185 amid distribution of 27M tokens post v2 upgrade.

The SEI token has experienced a notable decline in price, dropping by 3.91% in the past 24 hours to $0.5185, at press time, coupled with a decline in trading volume by 19.51% over the past 24 hours.

This downturn comes amidst the distribution of over 27 million SEI tokens following a successful v2 upgrade by the Sei Foundation.

Rewarding active participation in SEI ecosystem

Sei Foundation initiated the distribution of over 27 million tokens through an airdrop event to reward active participation in the ecosystem since the Pacific-1 Mainnet launch.

The second of its kind, this event acknowledges the contributions of Mainnet users, reflecting the foundation’s commitment to fostering community engagement.

The distribution process, however, faced criticisms regarding fairness in light of previous airdrop events. To address this, the foundation implemented eligibility criteria, ensuring a more equitable distribution.

Addresses holding more than 42 SEI or liquid staked tokens, along with those possessing two or more NFTs from the top eight collections by volume, were eligible to receive tokens.

Notably, addresses with exceptionally high SEI holdings or NFT collections were excluded from the distribution, aiming to promote fairness among participants.

Sei’s successful v2 upgrade

The successful upgrade to v2 marks a significant milestone for Sei network, introducing sub-second transaction finality and enhanced scalability.

With transactions now confirmed and completed in under one second, the network aims to enhance user experience and compete effectively with other parallelized EVM networks such as Monad and Neon.

DevilK, a Sei Foundation executive, expressed optimism about the upgrade, highlighting its potential to unlock new opportunities for users and developers alike.

As the distribution of tokens continues and the network evolves with the v2 upgrade, stakeholders remain vigilant, assessing both the technological advancements and market dynamics shaping the cryptocurrency’s ecosystem.

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