Sei Network’s SEI token experienced a significant increase of over 75% last week, driven by the growing popularity of EVM-compatible Blockchains and the adoption of parallelization processes. Launched in August 2023 as a trading-focused blockchain, Sei Network attracted attention with its speed, low fees and investor support from leading names such as Jump Crypto and Multicoin Capital. Meanwhile, a tweet from the Solana founder boosted an altcoin project.
SEI token value increased
The rise in Sei’s token value is closely tied to the narrative surrounding EVM (Ethereum Virtual Machine) compatibility and the relatively new parallelization process. EVM-compatible Blockchains that can run Ethereum applications are gaining attention as an alternative to the traditional Ethereum network. Parallelization, a process in which multiple transactions are performed simultaneously on the network, has further contributed to Sei Network’s appeal.
On-chain metrics for Sei Network show promising signs; Ecosystem games like SEIYAN and SEILOR tokens are witnessing significant growth. SEI tokens in particular outperformed other assets on the first day of 2024, marking a significant success for the Sei Network. SEIYAN, a meme coin associated with SEI holders, saw a staggering 400% increase last week, reflecting the broader growth of the Sei ecosystem. Liquid staking protocol Kryptonite’s SEILOR tokens have also experienced an 80% increase in the last 24 hours. Sei-based decentralized applications (dapps) are notable for having locked in over $5.5 million, mainly due to the popularity of trading service Astroport.
SEI upgrade expected
The prospect of Sei’s major upgrade is contributing to increased interest in the network. Developers are on the verge of completing a major upgrade that promises to make Sei the fastest blockchain on the market. The update will also introduce features that allow project developers to deploy audited smart contracts from EVM-compatible networks and include parallelization. Public testing is planned for the first quarter of 2024, with mainnet deployment in the first half of 2024.
Solana founder’s tweet boosted this coin
As another bullish development, the tweets of Solana co-founder Anatoly Yakovenko attracted attention. Because on January 2, Yakovenko responded to the dragon picture emoji under the tweet “Solana New Meme Coin LFG”. Subsequently, the value of the LFG token increased by more than 50%, reaching the price of $0.00008871. Reports say that the airdrop of Solana’s new meme currency LFG for Ethereum users is now open for applications. This marks the first Solana ecological airdrop specifically targeting Ethereum users, with the total LFG token supply set at 1 trillion. Sixty percent of this resource will be used for airdrops.
To be eligible for the first airdrop, Ethereum users must have an address that spends at least $4,269 in gas fees and interacts with at least one public Ethereum protocol. Authorities expect a total of 400 billion LFG tokens to flow to 387,000 wallet addresses. Wallet holders will have one month to claim their tokens, and the unclaimed LFG set will be destroyed after that period. The second airdrop will be distributed to the wallets of airdrop recipients participating in liquidity pools (LP). However, users are advised to invest rationally, noting that meme token prices can fluctuate greatly.
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