In the volatile world of cryptocurrency, the Sei Airdrop has stirred up a storm, raising more eyebrows than funds. The bold initiative, intended to democratize wealth and breathe life into the stagnant crypto sphere, has instead received mixed feelings from users.
Is this a case of a promising vision tripping over reality or simply growing pains for a nascent protocol? The jury is still out, and as the drama unfolds, users are sitting on the edge of their seats, bracing for the next update. Buckle up, because this rollercoaster ride is far from over.
‘Sei Scam’ Becomes a Trending Hashtag in Crypto Twitter
On August 15, 2023, the SEI token opened to a wild trading session across major exchanges. However, the hype turned sour shortly after the launch when users realized they were not getting the long-awaited testnet rewards.
Despite getting listings on Upbit and Binance, users have expressed their disappointment at the team for failing to keep their promise and stalling.
The Sei Mainnet, dubbed ‘Pacific-1’ is optimized for trading and is specifically designed to handle the stress of huge volumes and liquidity issues associated with trading volatile assets.
Sei Network Valuation Stands at $1.8 Billion After Exchange Listings
The Layer 1 trading blockchain that exists on Cosmos architecture reached a fully diluted valuation of $1.8 billion on the initial day of token listing. However, it has, since then, been crashing.
One user on X noted that
“In the history of Binance Launchpad. No one project achieved the lowest volume with Launchpad hype.”
Users went ahead to trash the protocol, from its Indian developers to its Binance affiliations – calling out Binance for having listed SEI tokens on their platform.
At the time of the launch, the Sei website was not available. While masses of testnet users waited eagerly to claim their airdrop, the team went ahead to announce that there would be a (unspecified duration of) ‘warmup period’ before users can claim their tokens.
It remains to be seen how Sei will salvage the situation, given that the token’s price has already dropped by a significant percentage.