Recently, there has been a remarkable development in the blockchain world. While stablecoin exporter Circle made a name for itself with its investment in the blockchain project, this development caused Solana rival Sei Network (SEI) to suddenly rise. SEI, which claims to have surpassed Solana, draws attention with its new layer 1 blockchain. Here are the details…
Sei Network (SEI), a fast blockchain that is shown as Solana’s rival, achieved a significant gain in value following the news that stablecoin issuer Circle invested in the blockchain project. Circle decided to invest in the SEI network to expand the usage areas of USDC, a digital asset pegged to the dollar, opening the doors for this new blockchain project.
SEI increased its value by more than 110%, from $0.118 to $0.250, upon Circle’s announcement on November 10. This was recorded as the highest level the altcoin price has reached since August. This sudden rise reflects SEI’s investor confidence in blockchain technology and its potential for use.
Circle’s investment in the SEI network could further intensify competition in the stablecoin market. USDC’s goal of reaching a wide range of users appears to be supported by SEI’s fast and efficient blockchain. This could accelerate innovation in the cryptocurrency world and increase diversity in the digital asset market.
However, after this rise, there was a slight retreat among investors. SEI is currently trading at $0.239. While the volatile nature of the altcoin market has normalized such declines, investors continue to closely monitor future developments.
Here’s the following from SEI: explanation came:
“SEI was specifically designed to address cryptocurrency’s primary use case: the exchange of digital assets. This blockchain is not only fast; the fastest has a final time to result of 390 ms and is unparalleled in speed.
“Through integration with SEI, USDC will provide developers and entrepreneurs around the world with something they have never had before: the ability to build products and commerce on an open platform globally, quickly and cheaply, with instant transaction payment.” According to SEI, its trading-focused blockchain network is faster than Solana’s based on certain key data.
SEI claims that blockchain transaction finality is 500 milliseconds, while Solana’s transaction finality is around 2.5 seconds.
You can follow the current price movement here.