SEI's Binance Debut, What Should Traders Expect?

SEI’s Binance Debut, What Should Traders Expect?

Time Stamp: August 14, 2023 8:58 AM
Source Node: 2212506
  • Binance lists SEI Network’s SEI token Aug.15; 1.8B supply, $486M market cap.
  • Aevo’s pre-listing futures shift to perpetual swaps post-SEI’s Binance listing

Binance, a dominant cryptocurrency exchange, is set to list SEI Network’s native token, SEI, on August 15th. Preceding its debut, data from Aevo’s decentralized exchange’s pre-listing futures market indicates that SEI is expected to trade at 26 cents.

Moreover, SEI Network plans to launch its mainnet and showcase SEI token listings on various exchanges, including Bybit, Kucoin, Bitgetglobal, MEXC, Gate.io, Kraken, and others. This move follows effective funding rounds that propelled SEI to the 36th position on Binance Launchpool, raising $35 million.

Meanwhile, upon its listing, SEI’s circulating supply will comprise 1.8 billion tokens, out of a total supply of 10 billion. This distribution equates to an early market capitalization of $486 million, positioning it among the top 100 cryptocurrencies. And Sei will be airdropping 1% of the total supply to testnet participants.

Also, The pre-listing futures market on Aevo, designed for tokens, awaits exchange listing. It will transition to perpetual swaps after SEI’s debut on Binance. These swaps will serve as reference points for the index price. And will introduce funding rates, facilitating payments between bullish long and bearish short positions. This mechanism aims to ensure alignment between perpetual and spot prices.

Moreover, sources indicate that the futures contracts will use the dollar-pegged stablecoin USDC for margining and settlement.

Finally, As the crypto community awaits SEI Network’s token listing, the involvement of prominent exchanges like Binance underscores the evolution of cryptocurrency trading practices.

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