Sei Network faces tough start as token value and airdrop fall short
Crypto community members are criticizing the blockchain network's for the amount of its airdrop.
SEI, the token of a newly launched blockchain with the same name, tops CryptoSlate’s top losers’ 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 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 raised $120 million for its ecosystem fund ahead of its launch.
Its mainnet launched on Aug. 15, with the native token becoming available for trading on several exchanges, including Binance, Kraken, and Binance.
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.
Concerns about airdrop
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.
Due to these issues, disgruntled users have camped their frustrations in the replies of the blockchain network’s official X handle.
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.
Although the Sei Foundation claims that the airdrop is now live, complaints persist. The Foundation further stated 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.
However, some early users complain they are ineligible despite running validator nodes and earning points.