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Sei Network Records dApp Exit Post-Mainnet Launch, What's Happening?

Tue, 08/29/2023 - 11:58
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Godfrey Benjamin
BlueMove leaving Sei Network as transaction volume remains low
Sei Network Records dApp Exit Post-Mainnet Launch, What's Happening?
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Weeks after the launch of Sei Network, the Layer 1 blockchain protocol has started facing an exodus from foundational decentralized applications (dApps) in what is proving to be a distressing situation for the protocol. The latest protocol to desert the Sei Network is BlueMove, a multi-chain NFT market designed with the Move language.

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BlueMove's exit was attributed to a lower-than-expected transaction volume recorded on Sei Network since the protocol went live on the mainnet earlier this month. Major blockchain protocols place a premium on massive transaction volume, which is proof of its growing and dynamic usage that can also guarantee liquidity that protocols like BlueMove will need to fulfill their potential.

By reason of the exit, BlueMove has instructed its users to delist all of their non-fungible token (NFT) assets in order to prevent avoidable loss. While the call for exit from the Sei Network has not been welcomed very well by members of the community, the timeline for the transition is short, with users having until the 31st of this month to liquidate their holdings or transfer them to other protocols.

With BlueMove also notably halting operations on the Sei blockchain, it was tight-lipped as to which chains users could explore to access its products moving forward.

Shibarium-like hiccup for SEI?

Shibarium Hits Important New Milestones Soon After Relaunch

Despite the evolution of the crypto ecosystem, which has seen the launch of two major protocols to date, the ability to meet general public expectations has proven to be arduous. While SEI is finding it hard to hold down its smart contracts, the launch of Shibarium failed, with some initial scalability challenges that sparked a forced stop of the protocol.

While Shibarium has been able to figure a way out in scaling appropriately, the Sei Network is not close to beating expectations after it sparked massive interest with its iconic launch.

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About the author

Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on, Cryptonews and Coingape, among others.