#canary二次修订质押sei现货etf申请
Does a fund need to lock up 90% of its tokens—and still allow redemptions every day?
▪️ Canary filed a revision to its SEI spot ETF before the effective date of SEI spot ETF No. 2: the staking target is about 90% of holdings
▪️ Custody runs on a two-track setup from BitGo to Coinbase, with BitGo taking exclusive custody fees
▪️ Unbonding takes about 21 days; SEI is at $0.0629, up +33% in a day, with a market cap of $477 million
▪️ Down about 94% from the $1.14 seen in March 2024
The disagreement isn’t whether this amendment will move forward or not. What matters is that staking has shifted from an “enhancement” to a core product feature—first lock 90% of the holdings into validation. The first question isn’t who should buy; it’s what happens for redemptions.
Unbonding takes about 21 days, so the tokens needed for redemptions must be set aside before staking; the staking ratio is a measure of returns versus liquidity, not a confidence metric.
The timeline also doesn’t line up: the filing is on 9/15, SEI’s official statement is on 9/20, and the price action only kicks in on 9/21—nor has the SEC approved it yet.
This month, about 120 million tokens are also on the way to unlock, roughly 1.5% of circulating supply. Across the story line is already-scheduled supply.
On the two ends—returns and redemptions—would you rather have it stake 90%, or keep a bit more liquidity?$SEI
Does a fund need to lock up 90% of its tokens—and still allow redemptions every day?
▪️ Canary filed a revision to its SEI spot ETF before the effective date of SEI spot ETF No. 2: the staking target is about 90% of holdings
▪️ Custody runs on a two-track setup from BitGo to Coinbase, with BitGo taking exclusive custody fees
▪️ Unbonding takes about 21 days; SEI is at $0.0629, up +33% in a day, with a market cap of $477 million
▪️ Down about 94% from the $1.14 seen in March 2024
The disagreement isn’t whether this amendment will move forward or not. What matters is that staking has shifted from an “enhancement” to a core product feature—first lock 90% of the holdings into validation. The first question isn’t who should buy; it’s what happens for redemptions.
Unbonding takes about 21 days, so the tokens needed for redemptions must be set aside before staking; the staking ratio is a measure of returns versus liquidity, not a confidence metric.
The timeline also doesn’t line up: the filing is on 9/15, SEI’s official statement is on 9/20, and the price action only kicks in on 9/21—nor has the SEC approved it yet.
This month, about 120 million tokens are also on the way to unlock, roughly 1.5% of circulating supply. Across the story line is already-scheduled supply.
On the two ends—returns and redemptions—would you rather have it stake 90%, or keep a bit more liquidity?$SEI
