In this article we take a look at the recent launch of the SEI crypto and the airdrop released to early users of the blockchain.
All those who have used the layer-1 testnet and some active users in the Ethereum, Binance Smart Chain, Arbitrum, Solana, Polygon and Osmosis networks are eligible to claim the airdrop of the SEI token.
Despite the free cryptocurrencies, many community users have shown their disappointment to the SEI team for a token airdrop in which Binance traders benefited more than ecosystem supporters.
Let’s look at all the details below.
Summary
What is the Sei crypto project
The Sei crypto project involves an open source layer-1 blockchain whose purpose is to offer users a better infrastructure than other blockchains out there, capable of handling a higher volume of transactions while meeting high security standards.
Specifically, this L1 Proof-of-Stake handles 200 times the throughput of Bitcoin, 100 times that of Ethereum, and twice that of the very fast Solana chain.
Even in the realm of execution speed we are on other levels since on average a transaction on Sei is executed in 500ms, while it takes about 60 minutes on Bitcoin, 6 minutes on Ethereum and 2.5 seconds on Solana.
Sei’s network is based on Cosmos SDK and uses the “Central Limit Order Book” (CLOB) to handle decentralized finance transactions.
Being compatible with the inter-blockchain communication (IBC) all dApps that are based on Cosmos can easily land on Sei as well.
On the interoperability front, the cryptographic network thus seems to be well established, able to open its doors to a myriad of decentralized applications.
As for CLOB, which is a completely unique innovation in the DeFi field but already present on some CEXs, this method of order optimization manages to match buy and sell prices based on price and time priority.
The result is transaction optimization and transparency on the slippage front, as well as achieving prevention against frontrun attacks by MEV bots.
On 15 August, SEI, the native infrastructure token, was officially launched in the mainnet through a launchpool on Binance accompanied by the listing of major cryptocurrency exchanges such as Kucoin, Kraken, Bithumb, Bybit, Huobi and Bitget.
The chain team, in parallel with the coin’s listing on the exchanges, announced the conduct of an airdrop dedicated to early users of the network in testnet and other active users in other blockchains.
SEI’s airdrop eligibility criteria: check if you are eligible to receive free crypto
The much-discussed airdrop of the L1 Sei blockchain provides a set of rewards for two distinct groups of users in the world of decentralized finance.
The first concerns all those individuals who participated in the “Incentivized Testnet Atlantic 2” event: this is an initiative in which the Six team pushed its community to testnet the crypto network by promising a financial return.
Those who completed all Atlantic 2 tasks and those who were awarded the “top ambassador” rank got a higher allocation as a reward.
To redeem the airdrop it is necessary to go to Sei’s official website and click on the “rewards” item.
However, to check whether you have been selected you must first install the “Compass” wallet and import the account with which you participated in the testent (probably Kepler wallet)
Once this is done, connect the decentralized wallet and check if you have received a reward: to be safe, connect the Discord account as well.
Another group of users eligible for the SEI airdrop concerns all those who are considered active users of the Ethereum, Arbitrum, Optimism, Solana, Polygon, Binance Smart Chain and Osmosis networks.
In particular, all users who have processed Wormhole bridged tokens such as arbUSDC, opUSDC, maticUSD, solUSDC as well as those who have used the IBC and Axelar have been rewarded.
About 1.5 million addresses were found to be eligible to redeem airdrop tokens, including those who had nothing to do with Sei.
To check one’s eligibility, it is necessary to go to the official Layer 1 website and click on the “Airdrop” item.
Here again you need to install the Compass wallet and log in with a Sei address since the airdrop is cross-chain: this means that if you have been an active user in one of the networks just mentioned in the past via a MetaMask or Trustwallet, you will get the airdrop on the Compass wallet on the Sei network.
Once you have connected both of your wallets, by following the directions you will be able to claim the Sei airdrop.
Negative community feedback after the token launch:
The launch of the SEI token and the associated airdrop for testnet users and active addresses of other layer-1 blockchains triggered a shitstorm against the crypto project team, considering the low rewards and the way it was handled.
The disappointment of the Sei community was so great that it caused the hashtag #SeiScam, through which many users commented on the disastrous airdrop, to become a trending topic.
In just over two days since the launch of the decentralized infrastructure, there have already been more than 40 thousand Twitter posts in which this hashtag has been mentioned.
The users’ disappointment is motivated by two identifiable factors: first, the SEI team preferred to prioritize Binance traders over its own community by launching the token on the exchange before the doors were opened to the airdrop claim.
This came within 48 hours of the listing on Binance, causing everyone who was ready to withdraw their allocation to lose patience and had to wait two full days.
Those who participated in the exchange’s launchpool, on the other hand, were able to withdraw their bags much more quickly.
The second reason that led to widespread user anger (and probably the main one) relates to the very low token allocation dedicated to both testnet users and the second group of eligible users.
Consider that those who spent a year of their time testing the Atlantic testnet and reached the Ambassador milestone earned only about 79 SEI, or about $15.
In general, the airdrop allocation was designed as a mockery of the entire community.
