SEI Project Fails to Deliver: Leading Crypto Analyst Calls it a ‘Total Disappointment’ – Here’s His Outlook
Leshka.eth, a prominent Twitter analyst and respected trader, recently provided his analysis on the SEI project., highlighting that the project was a “a total disappointment” for every contributor.
Here’s a breakdown of his observations:
What you'll learn 👉
L1 Meta’s Decline:
When Aptos Network announced their L1, it garnered significant attention, with the community eagerly anticipating its launch. However, the excitement was short-lived. Aptos, which was introduced a year ago, has shown that anything other than Ethereum and L2 is bound to face challenges.
With a Total Value Locked (TVL) of $54M and a daily volume of just $1M across the entire chain, it’s evident that the majority of this is made through the L0 bridge. Leshka.eth aptly points out the diminishing relevance of L1 meta.
Neglecting the Community:
SEI’s ambassador program was a clear indication of their disregard for their community. Initially, rewards were promised starting from the “Officer” role. However, this was later changed to the “Captain” role, which required a month’s worth of content creation for minimal rewards.
Despite having five primary roles – officer, captain, major, colonel, and admiral, not a single individual was awarded the title of ambassador throughout the year. Moreover, the project’s tokenomics was only revealed on the listing day, leaving the community in the dark.
Inorganic Metrics and Bot Attacks:
SEI-related content frequently displayed inorganic metrics, with numerous bot-generated comments. This not only tarnished the reputation of the authors but also raised red flags about the project’s legitimacy. Such metrics gave the impression of a scam, which, as Leshka.eth highlights, SEI turned out to be.
Lack of Uniqueness:
The market is flooded with L1 chains, each claiming to offer something novel. However, most fail to provide any tangible benefits. Leshka.eth raises a pertinent question: Why would anyone opt for SEI when there’s no clear advantage?
Unfulfilled Promises
SEI continually postponed their deadlines. The mainnet, initially scheduled for April, was pushed to May. Following this, the team went silent, further eroding trust.
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Show more +Confusion with Sui:
Leshka.eth points out an interesting observation. The name SEI sounds remarkably similar to Sui, another project that has been labeled as a rugpull and a clear cash grab for the big players. Initially, there was confusion, with many thinking they were the same project with misspelled names.
However, the reality wasn’t far off. The current scenario sees investors and the SEI team offloading their tokens in bulk on Binance. Such large volumes of token sales raise suspicions, especially considering it’s unlikely that these volumes were farmed on Binance LaunchPool.
Leshka.eth’s analysis paints a grim picture of SEI, highlighting several red flags that indicated the project’s potential downfall. The #SeiScam trend further corroborates the community’s dissatisfaction with SEI.
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