The rise in popularity of EVM-compliant blockchains and the parallelization process is driving the growth of the Sei Network’s SEI token, which has gained over 75% in the past week. Sei Network launched in August as a trading-focused blockchain backed by prominent investors Jump Crypto and Multicoin Capital. It was designed with a focus on speed, low fees and other features tuned to support certain kinds of trading apps. The network’s SEI tokens reached a $400 million capitalization within the first 24 hours after issuance, but gained little in the next few months as on-chain trading behavior remained subdued. However, the recent token trading frenzy in blockchains such as Solana and Avalanche is driving speculators to bet on blockchains other than Ethereum, the usual favorite, and networks such as Sei are benefiting.
