Sei Creator Fund Concludes First Round, $250,000 Distributed

• The Sei Creator Fund’s first round distributed $250,000 to 63 projects with 2,707 unique voters.
• SEI token shows potential for a bullish rally after analyst Captain Faibik identifies a promising pattern.

The inaugural round of the Sei Creator Fund, supported by Gitcoin Grants Stack, has finished successfully, clearing the way for the second round. Various projects in the Sei ecosystem received major assistance from a $250,000 matching pool, equal to 862,500 SEI.

1/ Exciting news – Results are in!

The kickoff round of the Sei Creator Fund's $10M initiative is complete, with round #2 on the way!

Using Quadratic Funding via @gitcoin Grants Stack, 862.5K $SEI was matched to support creators and projects driving the Sei ecosystem forward!… pic.twitter.com/0u5uuLeyk6

— Sei Foundation (@Sei_FND) July 16, 2024

Fair Distribution and Strong Community Support Propel Sei Ecosystem Forward 

The use of an updated version of Quadratic Funding known as Connection-Oriented Cluster Matching (COCM) ensured a fair and Sybil-resistant distribution of cash. Notably, 2,707 unique voters supported 63 projects from various categories.

This kickoff round signals the start of a $10 million program focused on boosting the Sei ecosystem. The crowd raised a total of $38,371.68, or 15.35% of the matching pool, with the same number of individual voters donating.

The Sei Foundation has teamed with Karma GAP to ensure grantee accountability and promote progress reporting to the community. All participating projects will be synced with the GAP platform.

According to the most recent findings, the top five projects by total matching funds are Crossover (72,029.91 SEI), S3 Labs (64,288.63 SEI), YRRRRR LABZ! (SEI FUCKERS) (59,168.59 SEI), Dob (55,294.63 SEI), and Remo’s World (47,492.54 SEI). These projects had considerable community support and were in line with the needs of the Sei ecosystem.

Analyst Predicts Bullish Rally Potential 

Meanwhile, popular crypto analyst Captain Faibik has recognized a probable bullish rally for the SEI coin, which bounced off the lower border of a falling wedge pattern.

According to the analyst’s chart, the SEI token is reaching the top boundary of the Falling Wedge formation, and if it breaks through, a 271% bullish rally might be expected. At the time of writing, the SEI token is trading around $0.3578, down 0.49% over the last 24 hours following a 10.15% rise the previous week.

Previously, CNF revealed that Sei Network had collaborated with Particle Network on the EVM-Cosmos Co-Testnet.

Particle Network’s Universal Account and Universal Gas capabilities, which allow for cross-chain transactions and the use of any token for gas payments, are helping to shape the next generation of the Co-Testnet experience.

In addition, at the end of May, SEI announced the second phase of the Sei V2 launch process, which aimed to streamline web3 adoption.