Despite not having officially launched or been listed on an exchange yet, the native token of the layer1 blockchain Sei Network (SEI) has begun trading in advance on the derivative platform Aevo.
At the time of writing, the predicted price of SEI is at $0.23 USD, having decreased from its peak of $0.26 USD on the Aevo derivative platform. Notably, Aevo is not employing IOU (I own you) debt contracts like previous projects. Instead, they have introduced a new product called Pre-launch Token Futures. However, both of these products share some common traits.
Specifically, Pre-launch Token Futures enable investors to speculate and trade future contracts of the SEI token before its official listing. After SEI is listed on the Binance exchange, the pre-listing futures contracts will start referencing index prices and calculating fee rates to ensure compatibility with the actual market value at the time of real trading.
Aevo has placed position and contract limits on these markets to test the product’s features. The futures contracts will use the stablecoin USDC for settlement and to maintain margin ratios.
In August, Binance announced that Sei Network will become the 36th Launchpool project and will officially list the SEI token on the exchange on August 15th, with trading pairs including SEI/BTC, SEI/USDT, and SEI/BNB.
After listing on Binance, the total supply of SEI on this exchange will be 1.8 billion tokens, equivalent to 18% of the total supply of 10 billion SEI tokens. Based on the projected price of $0.2 USD on Aevo, the market capitalization of SEI after listing is estimated to be around $360 million USD, placing SEI among the top 100 largest market cap coins.
Sei Network is a layer1 blockchain project focusing on the DeFi sector with the aim of becoming the foundational platform for the future financial system. The project raised $30 million USD through fundraising rounds and was valued at over $800 million USD in April.
Recently, the Sei Foundation also announced plans for an airdrop program for users. However, detailed information has not yet been disclosed. It’s likely that Sei will release information about the airdrop program in the near future.