Developers of the L1 blockchain Sei Network began distributing native tokens, but recipients were dissatisfied with the meagre rewards.
One user on X (formerly Twitter) said he participated in all four testnets of the project and promoted the protocol for 10 months. However, he was credited with only 1.39 SEI — $0.25 at today’s rate.
3% of the total supply — 300 million SEI — was allocated for rewards. Initially this amount was supposed to be distributed among 500,000 addresses, but later, due to “hot demand,” their number увеличили до 1,5 млн.
According to Sei representatives, this was a “true cross-chain airdrop,” hence participants from Ethereum, Polygon, Arbitrum, BNB Chain, Solana, Optimism and Osmosis networks took part.
The blogger under the pseudonym CryptoTelugu highlighted several major drawbacks of the airdrop. Among them, he named the small number of tokens distributed, “whitelists” for testers, opaque tokenomics and unclear criteria for receiving coins.
Users were so disappointed by the small rewards that they launched the hashtag #SeiScam.
After listing on August 15, the SEI price reached a peak of $0.28, but at present has fallen about 20% — to $0.18. According to CoinGecko, the asset’s market capitalisation stands at $322 million.
After raised funding of $30 million at a valuation of $800 million, the Sei team reminded readers about the financing.
Earlier, SushiSwap announced plans to launch a decentralised exchange for futures trading on the blockchain.