SEI Crypto Network's Native Token, SEI, Recently Hit a New All-Time High

Coin Canary Capital is applying for a new crypto ETF, this time focused on investing in Southeast Asian crypto startup, Sei Network’s native token, SEI. The move comes as SEI’s Total Value Locked (TVL) hit a new all-time high.

The new record in TVL showcases the fast-growing DeFi ecosystem in the Southeast Asian crypto startup. Moreover, the stellar crypto price action is forming a falling wedge, a technical setup that often primes for a bullish breakout.

It’s price is now indicated to be trading at $0.19 to $0.21.

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Canary Capital Applies for a Staked SEI ETF

The SEC is getting another application for a crypto ETF. This time, it’s for an ETF that will invest in Southeast Asian crypto startup, Sea Network’s native token, SEI.

The application was filed by cryptocurrency firm Canary Capital. The firm is known for applying for several other crypto ETFs, including Bitcoin ETFs that are currently being reviewed by the SEC.

Canary Capital is applying to list the ETF on the New York Stock Exchange and plans to use the "stk" prefix in the ticker. The exact ticker is still to be announced.

The SEC has already approved several Bitcoin ETFs from other providers, and they are set to start trading soon.

The new development comes as SEI recently hit a new all-time high in Total Value Locked (TVL). As of Wednesday, the dollar value of assets locked in SEI’s Layer 1 blockchain was over $500 million.

This is a significant milestone for the startup, which launched its testnet in 2022. SEI is a Layer 1 blockchain specifically tailored for high-frequency trading and DeFi use cases. It aims to offer the speed and efficiency of web2 platforms with the openness and security of web3 technology.

The startup’s goal is to revolutionize the digital asset market with its advanced technology and deep liquidity. Its Layer 1 blockchain is designed to handle the rapid execution and complex strategies used in today’s financial markets.

Its ecosystem is rapidly expanding, with 21.1 million addresses already on its EVM. Its performance isнозових уровнях. A recent report by ChainArgon notes that SEI’s Layer 1 is capable of reaching 5 gigas throughput with its Giga upgrade and Autobahn consensus.

This pushes the boundaries of blockchain performance, and puts SEI in a unique position to handle the increasing demand for decentralized financial services.

The startup is also a plaintiff in a lawsuit against the SEC over the agency’s stance on crypto. The case is still ongoing.

The new ETF application comes as interest in cryptocurrencies among institutional investors is rapidly growing. Several institutions have recently launched their own crypto funds and products.

As the crypto industry continues to evolve and mature, we can expect to see even more innovative products and services being developed to meet the diverse needs of investors.

GIGA Upgrade Awaits

The upcoming GIGA upgrade is a key milestone for SEI. It is expected to significantly boost the Layer 1’s throughput, enabling it to process transactions at speeds comparable to web2 platforms.

Currently, SEI's Layer 1 blockchain is renowned for its low latency and high throughput, even at an impressive scale.

Its Layer 1 is specifically designed for efficient execution of high-frequency trading strategies, which require minimal latency and rapid processing times. This makes SEI an ideal blockchain for advanced DeFi protocols and institutions that demand speed and reliability in their transactions.

However, as the DeFi ecosystem on SEI expands and more users join the network, the demand for throughput is also increasing.

The upcoming GIGA upgrade is poised to propel SEI’s Layer 1 to new heights of performance. With this upgrade, SEI’s throughput is set to soar by a factor of 50x.

This will render SEI capable of handling vast volumes of transactions with ease, placing it in a league of its own among Layer 1 blockchains in terms of speed and scalability.

Moreover, the GIGA upgrade will introduce new capabilities and optimizations to further enhance SEI's Layer 1.

It will also integrate cutting-edge technologies to sustain SEI’s performance and security as the network continues to grow.

The startup is a plaintiff in a lawsuit against the SEC over the agency’s stance on crypto. The case is still ongoing.

New Record High in TVL

The new record in TVL comes as SEI’s ecosystem continues to expand rapidly.

Earlier this year, Canary Capital applied for the approval of several Bitcoin ETFs. The SEC is currently reviewing these applications.

If approved, the ETFs would allow retail investors to gain exposure to Bitcoin through their brokerage accounts.

The new record in TVL is a testament to the trust that users have in