SEI (SEI) טוקנומיקה

The SEI token is the native utility and governance asset of the Sei Network, an integrated Layer-1 blockchain designed for high-speed digital asset exchange. Launched in August 2023, the tokenomics are structured to incentivize network security, support ecosystem growth, and facilitate decentralized governance.

Issuance and Supply Mechanism

The SEI token has a fixed maximum supply of 10,000,000,000 (10 billion) tokens. The issuance is designed to be gradual, with the total supply expected to be fully unlocked by August 2031.

• Initial Circulating Supply: At launch, the circulating supply was approximately 1.80 billion tokens.
• Inflationary Rewards: While the total supply is capped, the network utilizes an inflationary mechanism to fund staking rewards. Initially, these rewards are drawn from the Ecosystem Reserve; however, as the reserve is utilized, the rewards transition to a purely inflationary model to ensure long-term network security.
• Fee Burning: To balance issuance, the network can implement mechanisms where a portion of transaction fees or penalties (slashing) results in tokens being burned, though the primary supply control is the fixed cap and vesting schedule.

Allocation Mechanism

The initial distribution of the 10 billion SEI tokens was divided among several key stakeholder groups to balance immediate liquidity with long-term ecosystem stability:

The Ecosystem Reserve is further subdivided to fund staking rewards, ecosystem initiatives (grants for builders and contributors), and community airdrops. For instance, 3% of the total supply was specifically allocated to "Season 1" airdrops for early users.

Usage and Incentive Mechanism

The SEI token serves multiple critical functions within the Sei ecosystem:

• Network Fees: SEI is used to pay for transaction fees on the blockchain. Users can also pay an additional "tip" to validators to prioritize their transactions.
• Staking and Security: As a Delegated Proof-of-Stake (DPoS) network, SEI is staked to secure the chain. Users can either run their own validator (requiring hardware and self-bonded SEI) or delegate their tokens to one of the active validators (limited to the top 39 by total stake).
• Governance: Staked SEI grants voting power. Tokenholders can propose and vote on network parameters, such as minting rates, validator set sizes, and software upgrades like the transition to Sei V2.
• Native Collateral and Liquidity: SEI serves as native liquidity or collateral for decentralized applications (dApps) built on the network, particularly those utilizing Sei’s built-in central limit order book (CLOB).
• MEV Redistribution: Through integrations like the Skip protocol, the network captures "good" MEV (Maximal Extractable Value) and redistributes it to validators and stakers, enhancing the overall yield.

Locking and Unlocking Mechanism

Sei employs a multi-year vesting and locking strategy to prevent market oversaturation and ensure stakeholder alignment.

Staking Lock-up

Users who stake their SEI tokens are subject to a three-week (21-day) unbonding period. During this time, tokens are locked and do not earn rewards, providing a buffer against rapid capital flight and enhancing network stability.

Vesting and Unlock Schedule

The 10 billion tokens are released according to specific timelines for each category:

• Ecosystem Reserve: 27% was available at genesis, with the remaining 73% vesting over nine years.
• Team: Subject to a one-year cliff followed by five years of variable vesting.
• Private Sale Investors: These tokens unlock incrementally over several years, with significant increases beginning in mid-2024.
• Foundation: 22% was available at genesis, with the remaining 78% vesting over two years.
• Binance Launchpool: These tokens were fully vested early in the project's lifecycle.

Projected Unlock Data

Based on current metrics, the monthly unlock volume is highest during the 2024–2025 period, often exceeding 150 million to 200 million tokens per month as various cliffs expire. By 2026 and 2027, the monthly unlock rate is projected to stabilize at a lower, consistent level (approximately 112 million to 132 million tokens per month) as the Foundation and early investor allocations conclude, leaving the Team and Ecosystem Reserve as the primary remaining vesting categories.