The Crypto GuideStart learning
Menu
Prices: CoinGecko

Sei

SEI · Field entry
Smart-contract platformSmart contractsDeFi

A high-speed, EVM-only Layer 1 blockchain tuned for trading apps

$0.07352.70%Snapshot · October 4, 2026 · updates live
Market cap
$495.45M
24h volume
$57.89M
Rank
#117
Circulating
6.73B SEI
Max supply
No fixed cap
All-time high
$1.14 March 15, 2024

SEI price chart

7-day snapshot. Chart data from CoinGecko.

What is Sei?

Sei is a proof-of-stake Layer 1 blockchain designed for fast, low-cost trading and other high-volume apps. It began as a Cosmos-based chain, added a parallel Ethereum Virtual Machine in 2024, and in 2026 completed its move to an EVM-only design; SEI pays fees and secures the network through staking.

Utility Lens

What Sei actually does

Runs Ethereum-compatible apps, especially trading apps, with fast finality and parallel transaction execution.

Real-world usage
earlyDeFi and trading apps are live, but sustained usage is modest and much activity is incentive- or speculation-driven.
Token necessity
essentialSEI pays all gas fees and is the stake that secures consensus.
Decentralization
moderateA few dozen validators secure the chain and governance is on-chain, but Sei Labs and the Sei Foundation drive most development and hold large allocations.
Track record
developingMainnet since August 2023 and has undergone major architectural changes, including the 2024 EVM addition and the 2026 Cosmos deprecation.

How we rate

What it’s used for

Users trade and lend on Sei-based DeFi apps using standard Ethereum wallets, and holders stake SEI with validators. Exchanges and custodians had to migrate customer holdings to EVM (0x) addresses as Sei retired its Cosmos interfaces in 2026. The ongoing Giga upgrade aims to raise throughput further.

Role of the SEI token:

gasstaking securitygovernance

Evidence of real use

  • Sei told exchanges and custodians to complete migration to EVM addresses before June 15, 2026, ahead of deprecating Cosmos, CosmWasm and IBC functionality. Source
  • The Sei v6.6 release in August 2026 brought the first Giga execution and storage components to mainnet. Source
  • The SIP-3 proposal to make Sei EVM-only was put to the community in 2025. Source

How Sei works

Sei uses proof-of-stake consensus with very short block times. Its key idea is parallel execution: instead of processing transactions one at a time, the chain runs non-conflicting transactions simultaneously and only re-runs those that touch the same data. That helps trading apps handle bursts of activity. Sei also uses optimistic parallel processing, so it does not require developers to declare in advance which data a transaction will touch.

Sei launched as a Cosmos SDK chain, then added a full EVM in 2024 so Ethereum developers could deploy existing contracts. Under SIP-3, it is retiring Cosmos accounts, CosmWasm contracts and IBC, so only EVM (0x) addresses can start transactions. Each old sei1 address has a matching 0x address derived from the same key, so funds do not need to move, but exchanges and wallets had to update their systems by mid-2026.

The Giga upgrade is being rolled out in stages on the live network. It aims to let multiple validators propose transactions at once and to separate ordering from execution, targeting much higher throughput. Parts of this are still on the roadmap and may change. The first execution and storage components shipped with the Sei v6.6 release in August 2026, and the Autobahn consensus testnet is the next stage.

Key moments

  1. 2023Sei mainnet launches in August.
  2. 2024Sei v2 adds a parallelized EVM.
  3. 2025The community weighs and adopts SIP-3, moving Sei toward an EVM-only design.
  4. 2026Cosmos interfaces are deprecated after a June migration deadline, and the first Giga components ship in August.

Supply

SEI's total supply is capped at 10 billion tokens. Large allocations to the team, investors, foundation and ecosystem programs unlock over time, and staking rewards are paid from gas fees plus scheduled emissions from genesis allocations rather than open-ended inflation.

Risks to understand

  • Migration risk: funds held under unassociated sei1 addresses may become hard to access after Cosmos deprecation.
  • Token unlocks for insiders and ecosystem programs add supply over time.
  • Frequent architectural changes increase the chance of bugs or integration problems.
  • Competition from other high-speed EVM chains.

Sei FAQ

Is Sei an Ethereum Layer 2?

No. Sei is its own Layer 1 blockchain that runs the Ethereum Virtual Machine.

What happened to sei1 addresses?

Under SIP-3, Sei retired its Cosmos interfaces in 2026; each sei1 address has a matching 0x address, and holders need to use the EVM side.

Is Sei linked to ISO 20022?

We found no documented ISO 20022 role for Sei.

Sources

  1. What SIP-03 means for exchanges and custodians — Sei
  2. What Is Sei Giga? — Sei Docs
  3. Sei community weighs proposal to deprecate native Cosmos accounts — The Block
  4. SIP-3: Deprecating CosmWasm & Cosmos — Sei Protocol (GitHub)
  5. Sei's Future-Proofed Tokenomics — Sei

Last reviewed October 4, 2026 by The Crypto Guide editorial team. Utility Lens ratings are editorial judgments, not investment advice. Market data from CoinGecko. Spot an error? Request a correction.