{"id":350749,"date":"2023-08-17T14:40:26","date_gmt":"2023-08-17T13:40:26","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=350749"},"modified":"2023-08-17T14:51:46","modified_gmt":"2023-08-17T13:51:46","slug":"sei-network-faces-tough-start-as-token-value-and-airdrop-fall-short","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/sei-network-faces-tough-start-as-token-value-and-airdrop-fall-short\/","title":{"rendered":"Sei Network faces tough start as token value and airdrop fall short"},"content":{"rendered":"<p><a href=\"https:\/\/cryptoslate.com\/coins\/sei\/\">SEI<\/a>, the token of a newly launched blockchain with the same name, tops <em>CryptoSlate's\u00a0<\/em>top losers' list for Aug. 17, plunging by nearly 30% in the last 24 hours to $<span class=\"holepunch holepunch-coin_price_usd\">0.17599 as of press time.<\/span><\/p>\n<p>During the period, several community members have also complained about the miserly amount of its airdrop.<\/p>\n<h2>What is Sei Network<\/h2>\n<p>Sei Network positions itself as a trading-focused blockchain network built with Cosmos SDK, with the network meant for a single purpose as the place for speedy and cheap transactions. It <a href=\"https:\/\/www.bloomberg.com\/press-releases\/2023-04-12\/foresight-ventures-brings-sei-ecosystem-fund-to-120-million-catalyzing-web3-growth-and-innovation\">raised<\/a> $120 million for its ecosystem fund ahead of its launch.<\/p>\n<p>Its mainnet <a href=\"https:\/\/cryptoslate.com\/sei-token-to-launch-aug-15-on-bitfinex-binance-and-more\/\">launched<\/a> on Aug. 15, with the native token becoming available for trading on several exchanges, including Binance, Kraken, and Binance.<\/p>\n<p>The token recorded over $1 billion in trading volume in the 24 hours following its launch, with the market cap crossing $400. However, its price has dropped by more than 86% since peaking on Aug. 15.<\/p>\n<h2>Concerns about airdrop<\/h2>\n<p>The drop in SEI value is likely due to concerns about its airdrop. Sei Network had promised an airdrop with the mainnet launch. But early adopters who used the Sei testnet claim they have yet to be able to claim the airdrop.<\/p>\n<p>Due to these issues, disgruntled users have camped their <a href=\"https:\/\/twitter.com\/OlimpioCrypto\/status\/1691806262080807419?s=20\">frustrations<\/a> in the replies of the blockchain network's official X handle.<\/p>\n<p>There have also been complaints about the unclear eligibility criteria for the airdrop and the need for more communication channels with the Sei Discord currently inaccessible.<\/p>\n<p>Although the Sei Foundation <a href=\"https:\/\/twitter.com\/Sei_FND\/status\/1691920541555335508?s=20\"><span class=\"s6\">claims<\/span><\/a> that the airdrop is now live, complaints persist. The Foundation further <a href=\"https:\/\/x.com\/sei_fnd\/status\/1692070808783368592?s=46&t=aw6ZR-6aD050XLPVXY8AQA\">stated<\/a> that it increased the number of eligible wallets for the cross-bridge airdrop to 1.5 million from 500,000 on Polygon, Ethereum, and other blockchain networks.<\/p>\n<p>However, some early users <a href=\"https:\/\/twitter.com\/Dwisetyawan30\/status\/1691927606583804403?s=20\"><span class=\"s6\">complain<\/span><\/a> they are ineligible despite running validator nodes and earning points.<\/p>\n<p>Meanwhile, eligible community members also <a href=\"https:\/\/twitter.com\/gameofbitcoin\/status\/1691929331222696220?s=20\">complain<\/a> about the amount of airdropped tokens. One user <a href=\"https:\/\/twitter.com\/airdrop_adv\/status\/1691928836362125322?s=46&t=aw6ZR-6aD050XLPVXY8AQA\"><span class=\"s6\">got<\/span><\/a> 1.86 SEI, while <a href=\"https:\/\/twitter.com\/darl_victor\/status\/1691930731113586897?s=20\"><span class=\"s6\">another<\/span><\/a> got 0.23 SEI.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>SEI, the token of a newly launched blockchain with the same name, tops CryptoSlate&#8217;s\u00a0top losers&#8217; list for Aug. 17, plunging by nearly 30% in the last 24 hours to $0.17599 as of press time. During the period, several community members have also complained about the miserly amount of its airdrop. What is Sei Network Sei [&hellip;]<\/p>\n","protected":false},"author":720,"featured_media":350752,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[76736],"tags":[78791],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Sei Network faces tough start as token value and airdrop fall short<\/title>\n<meta name=\"description\" content=\"SEI&#039;s value dropped by nearly 30% in the last 24 hours to top CryptoSlate&#039;s top losers&#039; list for Aug. 17.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/sei-network-faces-tough-start-as-token-value-and-airdrop-fall-short\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sei Network faces tough start as token value and airdrop fall short\" \/>\n<meta property=\"og:description\" content=\"SEI&#039;s value dropped by nearly 30% in the last 24 hours to top CryptoSlate&#039;s top losers&#039; list for Aug. 17.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/sei-network-faces-tough-start-as-token-value-and-airdrop-fall-short\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2023-08-17T13:40:26+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-08-17T13:51:46+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/08\/sei-red.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Oluwapelumi Adejumo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Oluwapelumi Adejumo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/sei-network-faces-tough-start-as-token-value-and-airdrop-fall-short\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/sei-network-faces-tough-start-as-token-value-and-airdrop-fall-short\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#person\",\"name\":\"Oluwapelumi Adejumo\",\"url\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"caption\":\"Oluwapelumi Adejumo\"},\"jobTitle\":\"Senior Reporter\",\"description\":\"Oluwapelumi values Bitcoin's potential. 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