SEI (SEI) -rahakkeen tokenomiikka

The native token of the Sei network is SEI, which operates on a decentralized Proof-of-Stake (DPoS) blockchain. The tokenomics are designed to secure the network, incentivize participation, and facilitate governance and transactions. The maximum token supply is capped at 10 billion SEI.

Issuance Mechanism

The SEI token supply is fixed at a maximum of 10 billion tokens. The issuance mechanism is primarily driven by the release of tokens from various pre-allocated reserves through a vesting schedule that spans nine years, from the mainnet launch in August 2023 until August 2031.

The network also utilizes an inflationary mechanism for staking rewards, which are initially funded by the Ecosystem Reserve. Once this initial funding phase is complete, the ecosystem rewards become inflationary. As of Q3 2024, the annualized inflation rate was approximately 7.7%, having peaked at 10.0% in Q1 2024.

Allocation Mechanism

The total supply of 10 billion SEI tokens was distributed across five main categories at the time of the mainnet launch. The majority of the tokens (51%) were allocated to the community and projects building on Sei.

Usage and Incentive Mechanism

The SEI token serves multiple utility functions within the network, primarily focused on securing the chain and facilitating decentralized exchange activities:

1. Network Utility and Fees

• Network Fees: SEI is used to pay for transaction fees on the Sei blockchain.
• Fee Markets: Users can pay an additional "tip" to validators to prioritize their transactions. This tip can be shared with delegators.
• Decentralized Finance (DeFi): SEI can be used as native token liquidity or collateral on applications built on Sei's central limit order book (CLOB). Protocols can also implement SEI as their fee token.

2. Staking and Security Incentives

Sei uses a Delegated Proof-of-Stake (DPoS) mechanism to secure the network.

• Validator Staking: Users can stake SEI to run a validator node. Only the top 39 validators by total stake become "active validators" and earn staking rewards and network transaction fees.
• Delegating Stake: Tokenholders can delegate their SEI to an existing validator to help secure the network and earn a pro-rata share of the rewards, minus the validator's commission rate.
• Rewards: Staking rewards are funded by the Ecosystem Reserve and, eventually, through inflation. As of February 5, 2024, the advertised Annual Percentage Rate (APR) for staking was approximately 4.46%.
• Slashing: Validators who misbehave can incur economic penalties known as "slashing," resulting in a portion of their staked SEI being burned.

3. Governance

• SEI holders who stake their tokens can vote on governance proposals, with voting power equivalent to their stake.
• Proposals can affect network parameters such as minting SEI, increasing the maximum number of active validators, or implementing native trading fees.
• The governance process involves a "deposit period" (two days, or one day for expedited proposals) where a minimum deposit of 3,500 SEI (or 7,000 SEI for expedited) must be met for the proposal to move to an onchain vote. If the minimum deposit is not met, all deposits are burned.

Locking Mechanism and Unlocking Schedule

Locking Mechanism

The primary locking mechanism is staking for network security.

• Unbonding Period: Users who unstake their SEI are subject to a three-week unbonding period, during which their tokens are locked and cannot be transferred.
• No Minimums/Maximums: There are no stated minimums or maximums related to the amount of SEI staked or the number of delegators.

Unlocking Time and Vesting

The total supply of 10 billion SEI tokens is subject to a long-term vesting schedule that concludes in August 2031. The unlocking process is gradual, with different allocations having distinct vesting periods:

• Team Allocation (20%): Subject to a one-year cliff followed by five years of variable vesting.
• Foundation Allocation (9%): The remaining 78% (after 22% was available at genesis) is subject to variable vesting over two years.
• Ecosystem Reserve (48%): The remaining 73% (after 27% was available at genesis) is subject to nine years of variable vesting.
• Binance Launchpool (3%): This allocation was fully vested relatively early in the timeline.

The token unlock schedule shows a high volume of token releases in the early years, particularly in 2025, before stabilizing at a reduced rate in 2026 and 2027. For instance, monthly token unlocks are projected to be well above 150 million SEI in 2025, with the Ecosystem Reserve being the largest contributor. This activity then sharply reduces in 2026, where the Team and Foundation allocations become the dominant sources of unlocks.

The cumulative unlock data shows the progression toward the maximum supply:

• By August 15, 2024, approximately 3.38 billion SEI (33.84% of the total supply) had been cumulatively unlocked.
• By August 15, 2025, the cumulative unlocked amount is projected to reach approximately 5.91 billion SEI (59.14% of the total supply).
• The final unlocks are scheduled for July 15, 2032, when the cumulative unlocked amount reaches the maximum supply of nearly 10 billion SEI.