اقتصاد توکنی SEI (SEI)

The SEI token is the native asset of the Sei Layer-1 blockchain, which operates as a decentralized Proof-of-Stake (DPoS) network optimized for the exchange of digital assets. The tokenomics are designed to secure the network, incentivize participation, and fund long-term ecosystem growth. The total supply of SEI is capped at 10 billion tokens.

Issuance Mechanism

Sei utilizes a Delegated Proof-of-Stake (DPoS) consensus mechanism, where new SEI tokens are issued primarily to reward validators and delegators for securing the network.

• Maximum Supply: The total supply of SEI is capped at 10 billion tokens.
• Inflationary Rewards: Staking rewards are funded from the Ecosystem Reserve during the initial phase. After this initial period, the ecosystem rewards become inflationary, meaning new tokens are minted to compensate stakers.
• Annualized Inflation: The annualized inflation rate has fluctuated, starting at 3.5% in Q3 2023, spiking to 10.0% in Q1 2024, and declining to 7.7% by Q3 2024.

Allocation Mechanism

The initial distribution of the 10 billion SEI tokens at the time of the mainnet launch was heavily weighted toward community and ecosystem development, with a vesting schedule spanning nine years (2023–2031).

Usage and Incentive Mechanism

The SEI token serves multiple utility functions essential for the network's operation and security, providing incentives for various participants:

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 users delegating to that validator.
• Decentralized Finance (DeFi): SEI can be used as native asset liquidity or collateral within applications built on Sei, including those utilizing Sei’s native Central Limit Order Book (CLOB).
• Trading Fees: SEI can be used to pay fees for exchanges built on the Sei blockchain.

Staking and Security Incentives

• DPoS Validator Staking: SEI holders can delegate their tokens to validators or run their own validator node to secure the network.
• Active Validators: Only the top 39 validators by total stake (self-bonded plus delegated SEI) become "active validators" and earn staking rewards and network transaction fees.
• Rewards: Stakers (validators and delegators) receive SEI rewards. Delegators receive a pro-rata share of rewards minus the validator's commission rate. 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 some staked SEI tokens being burned.
• MEV Capture: The integration of protocols like Skip enables MEV capture mechanisms that redistribute "good" MEV to validators and stakers, which can be used to fund community pools, subsidize gas fees, or increase staking rewards.

Governance

• Voting Power: SEI tokenholders who stake their tokens can vote on governance proposals, with voting power equivalent to their stake.
• Proposals: Governance proposals can affect network parameters, such as minting/distributing SEI, increasing the maximum set of active validators, or implementing native CLOB trading fees.
• Proposal Process: Proposals require a "deposit period" (two days, or one day for expedited proposals) and a minimum deposit threshold (3,500 SEI, or 7,000 SEI for expedited proposals). If the minimum deposit is not met, the proposal is canceled, and deposits are burned.

Locking Mechanism and Unlocking Schedule

The SEI token distribution includes significant vesting periods to ensure a gradual release of tokens into circulation, spanning nine years from the mainnet launch in August 2023 until August 2031.

Locking Mechanism

• Unbonding Period: Users who unstake their SEI tokens are subject to a three-week unbonding period, during which their tokens are locked and cannot be transferred.
• Vesting: Tokens allocated to the Team, Private Sale Investors, and the Ecosystem Reserve are subject to multi-year vesting schedules, often including initial cliffs followed by variable monthly releases. For example, the Team allocation is subject to a one-year cliff followed by five years of variable vesting.

Upcoming Unlock Events

The following table details the next ten scheduled token unlock events for the Sei Network, starting in November 2025:

These monthly unlocks, each releasing approximately 113 million SEI tokens, are projected to increase the circulating supply by about 1.81% each month through August 2026. The overall vesting schedule for all categories is set to conclude in August 2031.