The buzzy blockchain project’s SEI token saw a flurry of trading as it debuted on numerous crypto exchanges, however there was much confusion over the status of a promised token “airdrop” to early adopters of the network.
SEI, a new trading-focused blockchain backed by Jump Crypto and Multicoin Capital, went live Tuesday, setting off a flurry of trading for the project’s just-launched SEI token and pressing its first-day market capitalization to more than $400 million.
Trading volume for SEI has actually topped $1.6 billion in the past 24 hours according to CoinMarketCap, with major crypto trading venues like Coinbase, Binance and Kraken all listing SEI in tandem with the network’s debut.
Nevertheless, posters on X (formerly Twitter) lobbed complaints about evident delays in the token’s hotly-anticipated airdrop— a planned free gift of tokens to early users and community members.
SEI team initially said in a blog post that “the airdrop will open for declaring at Public Mainnet launch.” When the network launched on Tuesday, nevertheless, users were not able to claim tokens– fueling discontent and confusion amongst early Sei adopters excited to claim their share.
The status of the airdrop stayed vague in the 24 hours following Sei’s mainnet launch. In an X post on Wednesday– a day after the network’s launch– Sei Labs clarified that “airdrop benefits will be claimable following an initial warmup period,” but it failed to supply a concrete timeline. It wasn’t until later on that day– after the SEI airdrop had actually currently been called a “fiasco” by some observers– that the airdrop claim process eventually opened to users.
By then, the incident had currently pertained to illustrate the messiness fundamental to crypto airdrops: a popular, albeit problem-prone approach for bring in network users.
Sei’s mainnet release came alongside the official announcement for an “airdrop” of the SEI token, the property that will be utilized for network fees and proof-of-stake security.
Airdrops are a popular technique for blockchains to bring in users and bootstrap liquidity– rewarding some allocation of a network’s tokens to early adopters and network testers.
Although airdrops have ended up being a pillar of the blockchain-launch playbook, they’re generally ruined by legal, operational, and technical snafus. The SEI airdrop was no exception.
The SEI airdrop, according to Sei Labs, was configured to allow users of popular blockchains like Ethereum, Solana, and Binance Smart Chain to claim an allotment of SEI tokens upon “bridging” assets over to the brand-new network– an incentive scheme developed to entice over users from these incumbent platforms. Users of Sei’s test network were also poised to get a provision of SEI tokens.
After Sei Labs revealed its main plans for a SEI airdrop– some users discovered issues claiming their allotment of tokens and reported problem understanding the exact eligibility requirements. Users have actually also had difficulty accessing Sei’s main Discord server– the messaging platform that community members utilize to communicate and share updates.
On Wednesday, around 5 hours before the SEI airdrop eventually opened to users, a Sei Foundation representative wrote in an emailed response to questions from CoinDesk: “The airdrop is not postponed. While numerous assumed the airdrop would happen on Mainnet launch, token dispersals are dealt with by the Sei Foundation, which has actually never specified the timing of the airdrop.”
The criteria for eligibility for the airdrop will be offered when it occurs, wrote the representative.
“While the Sei Foundation is aware the community’s aggravation due to the misconstruing about the connection in between the mainnet launch and the Atlantic benefits and airdrop, we encourage the neighborhood to remain patient as we await the last environment partners and worldwide distributed validators finish their work to guarantee their decentralized applications function efficiently for the Sei neighborhood on mainnet beta launch,” the spokesperson said.
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