Overview
Sei is a Layer 1 blockchain built for trading, founded by Jeff Feng and Jay Jog, with its main network launched in August 2023. It was originally built with the Cosmos SDK.
In 2024, Sei added a parallelized EVM, letting Ethereum apps run on it with faster, parallel processing. In 2025, the community approved SIP-3, moving Sei to become EVM-only by mid-2026, dropping its Cosmos-based smart contracts and IBC connections.
How it works
- Transactions are processed in parallel, with finality in under a second.
- The planned Sei Giga upgrade separates ordering from execution, targeting over 200,000 transactions per second and finality under 400 milliseconds.
- Validators stake SEI to secure the network.
Canary Capital filed for a staked SEI ETF, updating its filing in September 2026; it had not been approved.
The SEI token
| SEI at a glance | |
|---|---|
| Maximum supply | 10 billion SEI |
| In circulation (Oct 2026) | about 6.7 billion |
| Price (29 Oct 2026) | about $0.052 |
| All-time high | about $1.14 (March 2024) |
| Market cap | about $350 million (#129) |
Risks
- Low usage. Only about $28 million in DeFi on Sei (DeFiLlama).
- Transition. Removing Cosmos features may lose some users and apps.
- Unlocks. Team and investor tokens continue to be released.
- Competition. Solana, Monad, Hyperliquid and others target the same high-speed trading market.
Sei vs. the competition
| Sei | Solana | Injective | |
|---|---|---|---|
| Focus | Trading | Trading, apps | Finance |
| EVM | Parallelized, EVM-only | No | Yes (since 2025) |
| DeFi (Oct 2026) | ~$28 million | ~$5.9 billion | Small |
Our verdict
Sei has strong technology and a clear plan, but very little activity so far, and SEI has lost about 95% of its value. SEI is a very high-risk investment: invest only what you can afford to lose.
This review is for information only and is not financial advice.