[Crypto projects](https://revain.org/projects/) › Sei

# 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

## Key facts

- **Ticker**: SEI
- **Official site**: [sei.io](https://www.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](https://www.sei.io/)
- Docs: [docs.sei.io](https://docs.sei.io/)
- Whitepaper: [github.com/sei-protocol/sei-chain/blob/main/whitepaper/Sei_Whitepaper.pdf](https://github.com/sei-protocol/sei-chain/blob/main/whitepaper/Sei_Whitepaper.pdf)
- Source code: [github.com/sei-protocol](https://github.com/sei-protocol)
- Blog: [blog.sei.io](https://blog.sei.io/)
- Block explorer: [seiscan.io](https://seiscan.io/)
- Staking dashboard: [dashboard.sei.io](https://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](https://www.sei.io/)
- [Sei Docs — llms.txt overview](https://docs.sei.io/llms.txt)
- [Sei Docs — Learn](https://docs.sei.io/learn.md)
- [Sei Docs — Twin Turbo Consensus](https://docs.sei.io/learn/twin-turbo-consensus.md)
- [Sei Docs — Staking guide](https://docs.sei.io/learn/general-staking.md)
- [Sei Docs — General governance](https://docs.sei.io/learn/general-governance.md)
- [Sei Docs — Sei Improvement Proposals](https://docs.sei.io/learn/sips.md)
- [Sei Docs — SIP-03 migration guide](https://docs.sei.io/learn/sip-03-migration.md)
- [Sei Docs — What is Sei Giga](https://docs.sei.io/learn/sei-giga.md)
- [Sei Docs — Token standards](https://docs.sei.io/learn/dev-token-standards.md)
- [Sei Labs — Whitepaper](https://github.com/sei-protocol/sei-chain/blob/main/whitepaper/Sei_Whitepaper.pdf)
- [Sei Labs — Home](https://www.seilabs.io/)
- [Sei Blog — Introducing the US-based Sei Development Foundation](https://blog.sei.io/introducing-the-us-based-sei-development-foundation/)
- [Sei REST API — total supply](https://rest.sei-apis.com/cosmos/bank/v1beta1/supply/usei)

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Page updated: 2026-10-31

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Source: https://revain.org/projects/sei/