Provide a concise narrative that clearly states each of (a)–(e) below.
Sei is an open source, permissionless Layer 1 blockchain designed for the exchange of digital assets. It addresses the throughput, finality, and reliability limits that constrain trading applications and other high performance use cases on general purpose blockchains, targeting sub-second finality and parallel transaction execution. (Source: Sei Tokenomics, Sei Whitepaper, Binance Research Sei Report)
Ongoing protocol development is led by Sei Labs, the open source contributor to the Sei codebase. Ecosystem funding flows from the 48% Ecosystem Reserve allocation, which funds staking rewards, grants, and builder incentives, and from the 9% Foundation Treasury allocation, which funds ongoing operations of the Sei Foundation. The Sei Foundation funded the Sei Development Foundation, a U.S. nonprofit headquartered in Manhattan, to support U.S.-based builders and ecosystem growth. Network security is supported by validators and delegators through delegated proof of stake. (Source: Sei Tokenomics, Sei Staking Guide, Introducing the US-Based Sei Development Foundation)
Sei is a high performance Layer 1 blockchain that launched its pacific-1 mainnet on August 15, 2023. The network originally ran a dual-stack architecture supporting both Cosmos and the Ethereum Virtual Machine (EVM). The SIP-3 governance proposal, approved by the Sei community in May 2025, transitioned Sei to an EVM-only architecture. The transition executed through protocol versions 6.3, 6.4, and 6.5 between January and March 2026, which enabled staking through EVM interfaces, disabled inbound IBC transfers via governance proposals 116 and 120, and replaced Sei's native oracle with Chainlink, API3, and Pyth. Governance proposal 121 disabled outbound IBC transfers on July 31, 2026, completing the closure of the Cosmos IBC layer. The SIP-3 transition clears the path for the Sei Giga upgrade, which targets throughput above 200,000 transactions per second. (Source: SIP-3 Update, The SIP-3 Upgrade, SIP-03 Migration Guide, Sei Giga Overview)
SEI is the native token of the network. SEI pays transaction fees, secures the network through staking and delegation, provides governance voting power when staked, and serves as native collateral and a fee asset inside applications built on Sei. (Source: Token Standards, Binance Research Sei Report, Sei Tokenomics)
Sei's control surface runs through onchain governance. Anyone can submit a proposal with a deposit, voting opens once the minimum deposit is reached, only staked SEI carries voting power, and approved proposals execute automatically at the chain level. The 2026 SIP-3 rollout demonstrated this model in practice, with governance proposals 116, 120, and 121 executing the protocol parameter changes that closed the IBC layer. The official tokenomics disclosure states that the mainnet launch allocation may evolve in accordance with community governance. (Source: General Governance, Governance Precompile Usage, SIP-03 Migration Guide, Sei Tokenomics)
For each existing entity: Labs/DevCo (e.g., Founder, CEO, CTO, COO), Foundation (e.g., President, Executive Director, CFO, COO), and DAO / onchain governance leadership (if applicable) list the: (a) full names, (b) official titles, (c) and prior experience of key team members. For any non-existent entity, explicitly mention it does not exist. External links may be included but they will not factor into the score.
Full Name | Entity | Official Title | Prior Experience |
|---|---|---|---|
Jayendra (Jay) Jog | Labs | Co-Founder, Sei Labs (SIP-3 Announcement) | Jayendra Jog earned a B.S. in Computer Science from UCLA in 2018 and was a 2017 KPCB Engineering Fellow. Before Sei he held engineering roles at SAP, Facebook, Pinterest, and Robinhood, where his work on centralized trading infrastructure shaped the design of an exchange-focused blockchain. He has been named to the Forbes 30 Under 30 list. (Sei $30M Raise, TechCrunch) |
Jeff Feng | Labs | Co-Founder, Sei Labs. Feng is also listed as Chief Executive Officer, Chief Financial Officer, and Secretary of Sei Labs Inc. in California Secretary of State filings. (Sei $50M Ecosystem Fund, California SOS Filing Record) | Jeff Feng earned a B.S. in Business Administration from UC Berkeley and began his career as a TMT investment banker at Goldman Sachs before moving into venture capital at Coatue Management, where he invested in fintech, software, and crypto. He co-founded Sei Labs in 2022 with Jog and has been recognized on the Forbes 30 Under 30 list. (Sei $30M Raise) |
Justin Barlow | Foundation | Executive Director, Sei Development Foundation (Introducing the US-Based Sei Development Foundation) | Justin Barlow holds a bachelor's degree in Political Science and Economics from the University of Southern California. He was an investor at Solana Ventures and an early employee at Solana Labs. Before that he founded a Bitcoin ATM company and served as founder and managing partner of New Block Capital, a crypto liquid fund. (LinkedIn) |
Sei governance has no named officeholders. Governance authority rests with staked SEI holders and validators through the onchain proposal and voting process and the SIP framework. (General Governance, Sei SIPs Repository) | DAO | ||
Blockworks note: The Sei Foundation, the primary foundation entity, has not publicly disclosed a named officer roster. |
Provide a structured description of the DAO's governance, powers, and economic rights. If a DAO does not exist, state so. Address the lettered items below. Even if there is no DAO, there must be an answer to (d).
Sei's onchain governance system does not own or control intellectual property. The Sei protocol codebase is open source and published in the public sei-protocol GitHub organization. The project has not publicly disclosed ownership of trademarks or brand assets by the governance system. (Source: Sei Protocol GitHub)
Sei governance operates onchain. Anyone can submit a proposal with an initial deposit, voting begins once the minimum deposit is reached, and approved proposals execute automatically at the chain level. Proposals pass when quorum and approval thresholds are met without breaching the veto threshold. The EVM governance precompile exposes proposal submission, deposits, voting, and governance queries through the EVM interface. Governance holds protocol parameter authority in practice. Proposals 116 and 120 disabled inbound IBC transfers and proposal 121 disabled outbound IBC transfers on July 31, 2026, each executed as a governance parameter change with no separate activation step. (Source: General Governance, Governance Precompile Usage, SIP-03 Migration Guide)
Only staked SEI provides governance voting power. Delegated SEI counts toward voting power and unstaked SEI carries no voting power. Tokenholders can delegate, undelegate with a 21-day unbonding period, redelegate between validators, and earn proportional staking rewards. Tokenholders decide protocol parameter changes, upgrades, and other matters submitted through the proposal process. Tokenholders do not hold a unilateral right to direct foundation or Sei Labs decisions outside the onchain governance surface. (Source: Governance Precompile Usage, Sei Staking Guide, Sei Validator Operations Guide)
Delegators earn staking rewards proportional to their stake. SEI is used for transaction fees, staking, governance, and native collateral inside applications. Tokenholders do not hold a publicly disclosed direct claim on protocol revenue distributions or on treasury assets held by the Sei Foundation or Sei Labs. (Source: Sei Staking Guide, Token Standards, Sei Tokenomics)
Sei governance operates at the chain level and has no legal wrapper. The project has not publicly disclosed any dissolution or wind-up mechanism for its onchain governance system.
For the Primary Foundation do the following independently. If an entity does not exist, state that explicitly. Items (a)–(f) apply only if that entity exists; state explicitly that the entity doesn't exist. Definitions: The primary Foundation and DevCo can be explained as those entities which are directly involved in the issuance of the native token at launch.
The Sei Foundation is the primary foundation. It describes itself as the independent organization dedicated to the governance and advancement of the Sei protocol. The Sei Foundation has not publicly disclosed its legal form or jurisdiction of incorporation. In April 2025 the Sei Foundation funded a separate entity, the Sei Development Foundation, a U.S. nonprofit headquartered in Manhattan, New York, focused on growth and awareness of the Sei protocol and other open source software initiatives. (Source: Sei Foundation Establishes US Non-Profit, Introducing the US-Based Sei Development Foundation)
The Sei Foundation has not publicly disclosed ownership or control of code repositories, trademarks, or other intellectual property. The Sei Development Foundation operates as a separate U.S. nonprofit funded by the Sei Foundation. (Source: Sei Foundation Establishes US Non-Profit)
The Sei Foundation received 9% of total SEI supply as the Foundation Treasury allocation for its ongoing operations and administers the 48% Ecosystem Reserve for staking rewards, grants, and ecosystem incentives. The foundation has not publicly disclosed formal powers over onchain governance outcomes, token administration, or reward parameters beyond its role as an allocation holder and ecosystem funder. Protocol parameter changes execute through onchain governance. (Source: Sei Tokenomics, General Governance)
The Sei Foundation has not publicly disclosed any direct or indirect powers over decision-making at Sei Labs.
The Sei Foundation has not publicly disclosed any pause, upgrade, or governance-executor authorities, and has not publicly disclosed any multisig thresholds it controls.
Two arrangements are publicly disclosed. First, 9% of total SEI supply was allocated to the Foundation Treasury for ongoing operations of the Sei Foundation. Second, the Sei Foundation funded the Sei Development Foundation, the U.S. nonprofit established in April 2025. No other governance-approved, contractual, or programmatic mechanism directing protocol resources to the Sei Foundation is publicly disclosed. (Source: Sei Tokenomics, Introducing the US-Based Sei Development Foundation)
For the Primary DevCo do the following independently. If an entity does not exist, state that explicitly. Items (a)–(f) apply only if that entity exists; state explicitly that the entity doesn't exist. Definitions: The primary Foundation and DevCo can be explained as those entities which are directly involved in the issuance of the native token at launch.
The primary DevCo is Sei Labs Inc., a stock corporation registered with the California Secretary of State on June 7, 2022, with its principal address in San Francisco, California. Jay Jog and Jeff Feng co-founded Sei Labs, and California filings list Jeff Feng as Chief Executive Officer, Chief Financial Officer, Secretary, and registered agent. Sei Labs is the primary contributor to the open source Sei blockchain. (Source: California SOS Filing Record, SIP-3 Announcement)
Sei Labs builds open source technology for the Sei blockchain, and the protocol code is published publicly in the sei-protocol GitHub organization. Sei Labs has not publicly disclosed formal ownership of trademarks, registered brand assets, or subsidiary entities. (Source: Sei Protocol GitHub, Sei Labs LinkedIn)
Sei Labs authors protocol releases and submits upgrade proposals, including the SIP-3 EVM-only architecture proposal, but those changes take effect only after approval through onchain governance. Sei Labs has not publicly disclosed any unilateral powers over the treasury, protocol-controlled resources, or token administration. (Source: SIP-3 Announcement, The SIP-3 Upgrade, General Governance)
Sei Labs has not publicly disclosed any direct or indirect powers over decision-making at the Sei Foundation.
Sei Labs has not publicly disclosed any pause, upgrade, or governance-executor authorities, and has not publicly disclosed any multisig thresholds it controls. Protocol upgrades authored by Sei Labs execute only through onchain governance approval. (Source: The SIP-3 Upgrade)
Sei Labs raised 35 million dollars across three rounds of equity investment, and a total of 2 billion SEI (20% of total supply) was designated for distribution to those equity investors. The rounds were a 5 million dollar round announced in August 2022 led by Multicoin Capital and 30 million dollars across two strategic rounds announced in April 2023 at an 800 million dollar post-money valuation from investors including Jump Crypto, Distributed Global, Multicoin Capital, Asymmetric Capital Partners, Flow Traders, Hypersphere Ventures, and Bixin Ventures. Circle Ventures made a strategic investment in Sei in November 2023 with an undisclosed amount. The Team allocation of 20% of total supply covers Sei Labs contributors. There was no ICO or community sale of SEI. (Source: Binance Research Sei Report, Sei $5M Raise, Sei $30M Raise, CoinDesk, Circle Ventures Investment, Sei Tokenomics)
Disclose launch and initial supply details in a single initial allocation schedule covering the token's launch.
Sei issued 10,000,000,000 SEI at mainnet launch on August 15, 2023. At TGE, 1,800,000,000 SEI (18% of total supply) was unlocked and 8,200,000,000 SEI (82% of total supply) was locked. The full unlock schedule was reviewed and is posted on CoinMarketCap. (Source: CoinMarketCap Token Unlocks, Binance Research Sei Report)
The initial allocation splits total supply across five recipient categories. The 51% community share comprises the 48% Ecosystem Reserve and the 3% Binance Launchpool bucket, and the 3% Season 1 airdrop rewards pool sits inside the airdrops and incentives component of the Ecosystem Reserve. (Source: Sei Tokenomics, Binance Research Sei Report) | Recipient Category | Allocation | Publicly Described Use | | ----- | ----- | ----- | | Ecosystem Reserve | 48% of total supply (4,800,000,000 SEI) | Staking rewards, ecosystem initiatives, grants and incentives for contributors, builders, validators, and other network participants, milestone-based project grants, and airdrops and incentives including the Season 1 rewards pool. (Sei Tokenomics) | | Team | 20% of total supply (2,000,000,000 SEI) | Compensation for Sei Labs founders, employees, and core contributors, subject to lockup and vesting. (Binance Research Sei Report) | | Private Sale Investors | 20% of total supply (2,000,000,000 SEI) | Distribution to the equity investors in Sei Labs' three funding rounds, subject to lockup and vesting. (Binance Research Sei Report) | | Foundation Treasury | 9% of total supply (900,000,000 SEI) | Ongoing operations of the Sei Foundation. (Sei Tokenomics) | | Binance Launchpool | 3% of total supply (300,000,000 SEI) | Distribution to Binance users who farmed SEI by staking assets in the Binance Launchpool program that began August 2, 2023. (Binance Research Sei Report) |
No fixed offering price was set at TGE. There was no ICO or community sale of SEI. Public distribution occurred through the Binance Launchpool farming program and through airdrops, and the initial market price was set by price discovery on exchange listings beginning August 15, 2023. (Source: Sei Tokenomics, Binance Research Sei Report)
The ticker is SEI. (Source: CoinMarketCap, Binance Research Sei Report)
Total supply is 10,000,000,000 SEI and maximum supply is 10,000,000,000 SEI. Circulating supply is 7,460,000,000 SEI as of August 24, 2026, per CoinMarketCap, and this live figure must be re-pulled at publication. Staking rewards are funded from the Ecosystem Reserve allocation rather than issuance above the cap. The official tokenomics disclosure states that the mainnet launch allocation may evolve in accordance with community governance. (Source: CoinMarketCap, Binance Research Sei Report, Sei Tokenomics)
The full unlock schedule was reviewed and is posted on CoinMarketCap. At TGE on August 15, 2023, 18% of total supply was unlocked, covering the Binance Launchpool allocation, testnet and airdrop rewards from the Ecosystem Reserve, and Foundation Treasury tokens. The Team allocation (2,000,000,000 SEI) and the Private Sale Investors allocation (2,000,000,000 SEI) were fully locked at TGE under a one-year lockup, began unlocking in late August 2024, and vest linearly on a monthly basis thereafter. The Ecosystem Reserve vests linearly on a long-dated schedule, with approximately 5.63% of total supply in remaining Ecosystem Reserve tokens continuing to vest beyond August 2030. The Foundation Treasury allocation of 900,000,000 SEI is fully unlocked. (Source: CoinMarketCap Token Unlocks, Binance Research Sei Report)
Address each of the following sub-items based on the project's airdrop status. If a sub-item does not apply to the project's situation, state that explicitly.
Planned but not yet executed airdrop: Not applicable. Sei completed its TGE and has executed three publicly documented distribution campaigns. No pending or unexecuted initial TGE airdrop exists for which a forward-looking recipient wallet list commitment would apply.
Executed airdrop: Sei has executed its airdrops, across three publicly documented distribution campaigns.
Covered user segments and allocation method:
The first Sei airdrop at mainnet launch targeted active users of selected chains. Whitelisted users were required to register and bridge qualifying assets into Sei to receive their allocation.
Atlantic Rewards targeted incentivized testnet participants, with larger rewards for top ambassadors and task completionists, and applied filtering to remove bots and Sybil clusters.
Airdrop 2, the Sei Community Airdrop, rewarded SEI staking, liquid staking, and membership in top NFT communities using a points system with published snapshot criteria.
Per-address source: Partially available. Genesis account balances, including airdrop and testnet reward allocations distributed at mainnet launch, are embedded per address in the public pacific-1 genesis.json file hosted in the sei-protocol testnet repository on GitHub. This satisfies the per-address source requirement for the genesis distribution. Sei has not published separate per-address CSV, JSON, or Merkle dump files for the Atlantic Rewards and Airdrop 2 distributions that followed the genesis distribution.
Sources: pacific-1 genesis.json, sei-protocol/testnet Repository, The Sei Airdrop, Atlantic Rewards, The Sei Community Airdrop, Seinami Incentivized Testnet
No airdrop planned or conducted: Not applicable. Sei has conducted airdrops, as described in (b).
Blockworks note: This is the strongest per-address disclosure among filings reviewed in this batch. The genesis.json file embeds per-address allocations in a machine-readable form hosted in a public repository, which satisfies the framework requirement directly for the genesis tranche rather than by inference.
The coverage gap is scope, not format. Genesis balances capture allocations distributed at mainnet launch. Atlantic Rewards and Airdrop 2 were distributed after genesis and are not represented in that file, and no equivalent per-address source has been published for either. A complete remedy would require allocation files for those two campaigns specifically, not a replacement for the genesis file.
Projects must disclose all material terms of market-making arrangements that affect token liquidity. If the project has no agreements or deals with market makers, state that explicitly; doing so earns full credit. For each market maker, include in a table:
If the project has no agreements or deals with market makers, state that explicitly; doing so earns full credit. If no native tokens were loaned or allocated to market makers, state that explicitly; cash/fiat retainers or fees are not required for this item.
Blockworks note: Sei has not publicly disclosed any market maker agreements, token loans to market makers, or token allocations to market makers. Trading firms Flow Traders and Hudson River Trading are disclosed as equity investors in Sei Labs, and no market-making arrangement with either firm is publicly disclosed. (Source: Sei $30M Raise, Sei Labs LinkedIn)
Projects must disclose all material terms of centralized or decentralized exchange listings that affect token liquidity. For each listing, include in a table:
If the project has no agreements or deals with CEX or DEX, state that explicitly; doing so earns full credit; cash/fiat fee amounts are not required for this item.
Blockworks note: One exchange arrangement is publicly disclosed. Sei allocated 300,000,000 SEI (3% of total supply) to the Binance Launchpool program, which began on August 2, 2023, ahead of the Binance listing at mainnet launch. Those tokens were fully unlocked at TGE and distributed to Launchpool participants. No other exchange listing agreements, listing fees paid in native tokens, or committed listing allocations are publicly disclosed. (Source: Binance Research Sei Report, Sei Tokenomics)
Disclose all prior token sales by the Project — including fundraising rounds, any material OTC sales to investors, and any discounted market-maker sales. For each sale, provide:
If no prior sales occurred, state that explicitly (e.g., "No prior fundraising, OTC, or discounted MM sales have occurred.").
Blockworks note: Sei Labs raised 35 million dollars across three rounds of equity investment, and a total of 2,000,000,000 SEI (20% of total supply) was designated for distribution to those equity investors as the Private Sale Investors allocation. Circle Ventures made a subsequent strategic investment of an undisclosed amount. There was no ICO or community sale of SEI. The per-round split of the 2 billion SEI investor allocation and the specific investment instruments used are not publicly disclosed. (Source: Binance Research Sei Report, Sei Tokenomics)
If any, list prior exploits or incidents that directly affected the token, token supply, tokenholder balances, token contract, minting controls, burn mechanics, or custody of token supply. This question is not asking about general protocol, application, or smart contract exploits unless the incident directly affected the native token itself. If no prior incidents, state this explicitly (e.g., "No exploits affecting tokenholders or protocol funds as of YYYY-MM-DD").
No exploits affecting Sei protocol funds, the SEI token, or SEI tokenholders at the base layer have been publicly disclosed as of 2026-08-24. The GitHub security overview for the canonical sei-chain repository shows no published advisories. Sei maintains an active bug bounty on Immunefi and a confidential vulnerability disclosure process, and the repository security policy states that some security fixes require a governance-linked network upgrade.
No exploits affecting Sei protocol funds, the SEI token, or SEI tokenholders at the base layer have been publicly disclosed as of 2026-08-24.
No exploits affecting Sei protocol funds, the SEI token, or SEI tokenholders at the base layer have been publicly disclosed as of 2026-08-24.
No exploits affecting Sei protocol funds, the SEI token, or SEI tokenholders at the base layer have been publicly disclosed as of 2026-08-24.
No exploits affecting Sei protocol funds, the SEI token, or SEI tokenholders at the base layer have been publicly disclosed as of 2026-08-24.
(Source: Sei Bug Bounty on Immunefi, Sei Chain Security Overview, Security Policy)
Blockworks note: One application-level incident occurred on the network. In January 2026, an attacker used a flash loan to drain approximately 240,000 dollars in WSEI from the third-party Synnax contract on Sei after a mistaken transfer from an unrelated wallet seeded liquidity in that contract. Security firm BlockSec attributed the incident to the mistaken transfer rather than a flaw in the Sei protocol. The incident did not affect Sei protocol funds, the SEI token contract, or base-layer operations. (Source: KuCoin News Report)
Describe material risk factors across the three categories below. Each category includes prompts to address at a minimum.
(a) Regulatory, Legal & Tax Risks — Describe how evolving laws and regulations could affect the project by answering, at a minimum, questions like:
Impact of Regulatory Change on TGE and Listings: (If applicable) How could evolving or conflicting laws and regulations affect your ability to complete the TGE, deliver tokens to purchasers, and list or maintain the token on trading venues in key jurisdictions?
Entity-Level Regulatory Impact: (If applicable) How could regulatory or legal changes impact your core entities (Foundation, DevCo, DAO, affiliated service providers), including enforcement actions, licensing requirements, or forced changes to structure or operations?
Tokenholder Tax Treatment: (If applicable) What uncertainties exist around how tokenholders may be taxed, and make clear that tokenholders are responsible for understanding their own tax obligations?
Jurisdictional & User Access Restrictions: (If applicable) If the project restricts access for certain jurisdictions or user types (e.g., U.S. persons, sanctioned countries, retail vs. professional), what are those restrictions and what risks do they create for users and for the project?
(b) Protocol, Technology & Security Risks — Describe risks to network and contract reliability, correctness, and safety by answering, at a minimum, questions like:
Bugs and Design Flaws: (If applicable) What bugs, design flaws, or implementation errors could exist in your core protocol code, smart contracts, and any bridges, rollups, or oracles that you depend on, and how could these lead to loss of funds or disruption of the protocol?
Security Measures & Their Limitations: (If applicable) What security measures have you taken (audits, formal verification, bug bounties), and what types of failures might these measures still fail to detect or prevent?
(c) Token Economics, Unlocks & Incentive Risks — Describe how the token's economic design and supply schedule could affect holders by answering, at a minimum, questions like:
Critical Economic Assumptions: (If applicable) Which economic assumptions (e.g., staking yields, fee revenue, liquidity incentives, MEV capture, demand for blockspace) are critical for protocol security, utility, and governance, and what happens if those assumptions fail?
Governance Control over Monetary Policy & Rewards: (If applicable) To what extent can governance change monetary policy, fee parameters, or reward allocations (e.g., inflation rate, treasury flows, incentive programs), and how could such changes adversely affect tokenholders?
The TGE is complete and SEI trades on major exchanges, so regulatory risk now centers on entity operations and market access rather than token delivery. Sei's core entities include Sei Labs Inc., a California stock corporation, and the Sei Development Foundation, a U.S. nonprofit headquartered in Manhattan, and both operate under U.S. law, so adverse U.S. legislative, enforcement, or licensing changes could force changes to their structure, operations, or ecosystem funding activity. The Sei Foundation's undisclosed jurisdiction creates additional uncertainty about which regulatory regimes govern its treasury and operations. The absence of an ICO or community sale narrows the public record around issuer-led sale mechanics but does not remove regulatory risk for ecosystem entities, exchange listings, or institutional partnerships involving RWAs and USDC. Tokenholders are responsible for understanding their own tax obligations, and Sei has not published protocol-specific tax guidance. Sei has not publicly disclosed jurisdictional or user-type access restrictions. (Source: California SOS Filing Record, Introducing the US-Based Sei Development Foundation, Circle Ventures Investment, Sei Tokenomics)
Sei's architecture spans Twin Turbo consensus, parallel execution, governance precompiles, and validator operations, so implementation defects or coordination failures in those systems could disrupt chain operation, governance execution, or applications that depend on finality and oracle data. The 2026 SIP-3 migration concentrated technical risk in a single execution environment and removed hundreds of thousands of lines of code, and the closure of inbound and outbound IBC transfers means Cosmos-native assets such as USDC.n that were not migrated before the cutoffs lost their redemption paths, with the IBC precompile permanently non-functional. The Sei Giga upgrade introduces further protocol change risk as it rolls out. Security measures include an Immunefi bug bounty, a repository security policy for confidential disclosure, and third-party oracle providers Chainlink, API3, and Pyth, but these measures do not guarantee that every vulnerability will be detected before affecting users or applications, as the January 2026 application-level Synnax incident on the network demonstrated. (Source: Sei Whitepaper, SIP-03 Migration Guide, Sei Giga Overview, Sei Bug Bounty on Immunefi, Security Policy, KuCoin News Report)
SEI utility depends on demand for blockspace, staking participation, validator economics, and ecosystem distribution programs funded from the Ecosystem Reserve, so weaker blockspace demand, weaker validator economics, or poorly targeted incentive programs could reduce token utility and network participation. Supply overhang is a live risk factor. Roughly 25% of total supply remained locked as of August 2026, Team and Private Sale Investor allocations continue vesting monthly, and remaining Ecosystem Reserve tokens vest beyond August 2030, so ongoing unlocks add continuous sell-side supply per the schedule posted on CoinMarketCap. Governance can change protocol parameters, reward allocations, and related economic settings through the onchain proposal process, and the 2026 IBC shutdown proposals demonstrate that governance-approved parameter changes can materially alter asset access on the network. The official tokenomics disclosure states that the allocation may evolve in accordance with community governance, so governance changes to reward allocations or economic parameters could affect holders differently over time. (Source: CoinMarketCap Token Unlocks, Binance Research Sei Report, Sei Staking Guide, SIP-03 Migration Guide, Sei Tokenomics, General Governance)
This Token Transparency Filing is provided for general informational purposes only and does not verify or warrant the accuracy of individual answers.
