Earn Sei (SEI) by Staking BNB, TUSDT and FDUSD on Binance

The Binance cryptocurrency exchange has announced that Sei (SEI) will be the 36th project featured on its Launchpool platform. This means that eligible users (KYC is required) will be able to earn SEI tokens by staking BNB, TUSD, and/or FDUSD tokens.

The SEI farming period will begin on August 2, 2023, at 00:00 UTC and will last for a period of 30 days. The farming period will end on August 31 at 23:59 UTC. Sei will be listed on Binance on August 15 in trading pairs with BTC, USDT, and BNB.

Farm SEI Tokens on Binance

Binance plans to distribute 300 million SEI tokens through the Launchpool program. This allocation corresponds to 3% of the SEI token supply (10 billion tokens).

240 million SEI tokens will be distributed to BNB stakers, 45,000,000 will go to TUSD stakers, and the remaining 15,000,000 will go to FDUSD stakers. The amount of SEI each user will receive will depend on two factors: the size of their stake in proportion to the size of the respective staking pool, as well as the staking duration.

In addition to revealing the SEI farming program on its Launchpool platform, Binance has also announced that it will list the SEI token in trading pairs against Bitcoin, USDT, and BNB. The exchange shared the announcement on X (formerly Twitter) as well.

Introducing Sei $SEI on Binance Launchpool!

Farm SEI by staking #BNB, #TUSD and #FDUSD.

➡️ https://t.co/yDpsYoHYLD pic.twitter.com/GJx7v2PQUC

— Binance (@binance) August 1, 2023

It is worth noting that Sei is not the only Launchpool project Binance announced today. The exchange has started a 30-day-long Launchpool campaign for CyberConnect (CYBER) as well.

What is Sei (SEI)?

Sei is a Layer 1 blockchain designed for the efficient trading of digital assets, operating as an open-source, versatile platform. The native utility token, SEI, serves various purposes, including paying for network fees, staking for providing network security, participating in governance, and acting as collateral for applications on the Sei blockchain.

The protocol’s key components ensure high performance and user-friendly experiences. Twin-Turbo Consensus achieves rapid 400ms finality, outpacing other high-performance blockchains like Solana. Intelligent block propagation and optimistic block processing enhance response times. Single-slot finality and parallelization guarantee reorg resistance and lower transaction costs, respectively. Front-running prevention and native price oracles contribute to a more reliable trading environment.

Sei enables permissionless smart contracts deployment in Rust. The project has raised $35 million from three equity investment rounds, with 2 billion SEI tokens allocated to equity investors. As of August 1st, 2023, the total SEI supply is 10 billion, with 18% reserved for the token’s circulating supply upon listing.

How to farm SEI tokens on Binance?

If you want to farm Sei tokens, you’ll need to register an exchange account on Binance.

Create Binance Account

Please keep in mind that only users who complete an identity verification process with Binance are eligible to participate in Sei token farming on the Binance Launchpool platform.

Once your account is ready, you’ll need some BNB, TUSD, and/or FDUSD tokens to participate. If you already own these tokens, you can deposit some to your Binance account. Otherwise, Binance offers different methods of buying these tokens with either crypto or fiat.

After your account is verified and you have access to some BNB, TUSD, and/or FDUSD, navigate to the menu on the top side of the Binance interface and select “Earn“. Then, go to “Launchpad“.

Then, scroll down to the “Launchpool” section, and you’ll be able to find the available SEI farming pools. Depending on which tokens you want to stake, select the TUSD Pool, FDUSD Pool, or BNB Pool. Then, follow the instructions provided by the exchange. The following screenshot shows pools from a previous Launchpool project, as the pools for Sei are not available yet.

BNB price jumps after the Launchpool announcements

Following the Launchpool announcements for Sei and CyberConnect, the price of BNB, Binance’s native crypto asset, grew from $239.1 to $245.7, a price increase of nearly +3% in the span of just a few hours.