August 17, 2023

SEI Network Hits Rock Bottom with Airdrop

by Nik Asti

Published: August 17, 2023 at 5:41 am Updated: August 17, 2023 at 6:42 am

by Victor Dey

Edited and fact-checked: August 17, 2023 at 6:42 am

The crypto community, especially the followers and users of the Sei Network, recently experienced a wave of discontent. The much-anticipated SEI airdrop turned into a whirlpool of criticism and backlash.

The crypto-Twitter landscape resonated with disappointment. Users aptly labeled their SEI experience as a “tragedy,” while another remarked about the heartbreak of farming for 8-12 months, only to be rewarded with a paltry sum.

Thanks @SeiNetwork for the 65 million $SEI tokens,

Life-changing Airdrop worth $12,870🤡 pic.twitter.com/ZEGNcxCt0N
— shrey.bnb (🦺,🦺) (@ShreyUday) August 17, 2023

Cryptocurrency projects such as SEI face continued ongoing challenges. While striving for mass adoption, secure listings on top exchanges, and high scores to facilitate insider or VC cash outs, missteps like the SEI saga can quickly erode community trust.

The launch of the SEI lunch pool on Binance might have been a strategic move, but it left the community feeling used and abused.

SEI Airdrop Recap

SEI’s announcement of their upcoming listing was met with anticipation. However, they maintained an enigmatic silence regarding the airdrop until the eleventh hour. Upon launching a website for users to verify their drop entitlements, technical issues quickly emerged. This initial stumble hinted at potential challenges lying ahead.

SEI notified the community that the distribution of the airdrop would follow the primary token listing with a delay. This postponement stirred a wave of discontent within the community. When the airdrop eventually occurred, the payout fell far short of expectations.

The average distribution per account ranged from $4 to $15, leaving the community disappointed.

✅ You now can claim your Airdrop on https://t.co/zOQCndnQ8H

To be honest, I'm really disappointed with #SeiNetwork.

$12 for how much I was contributed to the chain since the beginning of Atlantic-1 is a shameful. pic.twitter.com/4K1D2ZqjoD
— Sei Daily (@SeiDailyTK) August 17, 2023

The Ripple Effect: What Lies Ahead?

Amidst growing discontent, the future direction of LayerZero, handling 30 million transactions, remains uncertain. How the community backlash will affect the SEI token’s price is now a subject of speculation. The SEI airdrop fiasco serves as a cautionary tale for other crypto projects. Active engagement, transparency, and fulfilling expectations are paramount.
In the decentralized realm of cryptocurrency, it is now evident that the community wields significant influence.

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Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

Nik Asti