Sei (SEI): how it works, supply and reviews
In short
- Type
- General-purpose Layer 1 blockchain designed for trading
- Staking rewards
- Validators and delegators are rewarded from gas and genesis token unlocks; validators keep a commission
- Risks and caveats
- IBC transfers are disabled in both directions since 31 July 2026; IBC assets on Sei cannot be bridged back to their origin chains.
- Checked
- 31 October 2026
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Key facts
- Ticker
- SEI
- Official site
- sei.io
Key facts checked on 31 October 2026 against official sources.
What is Sei
Sei is a parallelized EVM Layer 1 blockchain built for trading, with about 400 ms finality and full Ethereum tooling compatibility. SEI is its native token, used for gas, staking and governance.
Network and consensus
| Parameter | Details |
|---|---|
| Type | General-purpose Layer 1 blockchain designed for trading |
| Consensus | Twin Turbo Consensus: a heavily tuned Tendermint BFT engine with delegated proof of stake, targeting about 400 ms finality |
| Smart contracts | EVM; standard Solidity contracts and Ethereum tools work unmodified. New CosmWasm contracts can no longer be deployed (Proposal 115) |
| Chain IDs | Sei Mainnet: EVM chain ID 1329, Cosmos chain ID pacific-1 |
| Launched | Mainnet launched in 2023 |
| Upgrade path | Sei Giga, a multi-proposer EVM design with Autobahn consensus, is rolling out as in-place upgrades to the live network |
Supply and issuance
| Parameter | Details |
|---|---|
| Staking rewards | Validators and delegators are rewarded from gas and genesis token unlocks; validators keep a commission |
| Unbonding | Unstaked SEI is locked for a 21-day unbonding period without rewards |
| Decimals | Gas is paid in SEI with 18 decimals on the EVM side |
What SEI is used for
- Paying transaction fees (gas)
- Staking with validators in delegated proof of stake
- Voting on on-chain governance proposals
Who develops and governs Sei
- Developer
- Sei Labs, Inc. builds Sei Network and the Monaco trading product; it authored the Sei whitepaper
- Foundation
- Sei Foundation is an independent organisation for the governance of the protocol; it funded the US Sei Development Foundation in 2025
- Legal entity
- Sei Development Foundation: a US 501(c)(4) nonprofit headquartered in Manhattan, New York
- Governance
- Cosmos SDK governance: 3-day voting, 33.4% quorum, more than 50% approval, 33.4% veto threshold
- Open source
- Protocol changes are documented as Sei Improvement Proposals in the public sei-protocol/sips repository
History
| Date | Event |
|---|---|
| 2023 | Sei mainnet launches. |
| 2 April 2025 | Sei Foundation announces the US-based Sei Development Foundation. |
| June 2026 | Sei Giga whitepaper v2.0 is published. |
| 31 July 2026 | Under SIP-03, governance Proposal 121 disables outbound IBC; IBC is now closed in both directions and Sei moves to EVM-only use. |
Security and audits
- Sei's docs state that IBC assets still on Sei (USDC.n, USDT.kava, ATOM, WBTC) can no longer be redeemed on their origin chains after SIP-03.
- Users of Cosmos-style wallets are told to move assets from native sei1 addresses to EVM 0x addresses.
Security incidents
Further incidents are reported by third parties (press, incident databases) but are not confirmed in the company’s own channels, so they are not listed here.
Risks and caveats
- IBC transfers are disabled in both directions since 31 July 2026; IBC assets on Sei cannot be bridged back to their origin chains.
- Staked SEI is subject to a 21-day unbonding period and to slashing if a validator misbehaves.
- Sei Giga is still being rolled out; its throughput figures come from an internal devnet and roadmap targets.
Official links
- Website: www.sei.io
- Docs: docs.sei.io
- Whitepaper: github.com/sei-protocol/sei-chain/blob/main/whitepaper/Sei_Whitepaper.pdf
- Source code: github.com/sei-protocol
- Blog: blog.sei.io
- Block explorer: seiscan.io
- Staking dashboard: dashboard.sei.io
Questions and answers
What is Sei?
Sei is a parallelized EVM Layer 1 blockchain designed for trading, with about 400 ms finality and full Ethereum tooling compatibility.
What is SEI used for?
SEI pays gas, is staked with validators and is used to vote on governance proposals.
What is the total supply of SEI?
Sei's REST API reported a total supply of about 9.24 billion SEI on 31 October 2026.
Does Sei still support IBC and Cosmos wallets?
No. Under SIP-03, IBC was disabled in both directions on 31 July 2026, and users of Keplr or Leap are told to move assets to EVM addresses.
Who develops Sei?
Sei Labs, Inc. develops the network, while the Sei Foundation supports protocol governance.
Sources
- Sei — Home
- Sei Docs — llms.txt overview
- Sei Docs — Learn
- Sei Docs — Twin Turbo Consensus
- Sei Docs — Staking guide
- Sei Docs — General governance
- Sei Docs — Sei Improvement Proposals
- Sei Docs — SIP-03 migration guide
- Sei Docs — What is Sei Giga
- Sei Docs — Token standards
- Sei Labs — Whitepaper
- Sei Labs — Home
- Sei Blog — Introducing the US-based Sei Development Foundation
- Sei REST API — total supply
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