Recently, the price of Sei coin has been continuously rising, and the activity level of the ecosystem and capital inflow performance have also been impressive, attracting market attention. Behind this momentum is Sei’s accelerated推进技术升级与生态建设, while being driven by multiple factors such as the acceleration of the localization strategy in the U.S. and the compliant financial narrative of ETFs. However, at this stage, Sei’s development heavily relies on the gaming track, and there exists a monopoly situation in the DeFi field, posing challenges to the diversification and sustainability of the ecosystem.

The coin price has nearly doubled in a month, and the strong expansion of the ecosystem cannot hide its single structure.

Recently, the price and ecosystem of Sei have experienced explosive growth.

According to CoinGecko data, as of the time of writing, the price of SEI has risen to $0.347, with a nearly 30-day increase of 97%, reaching a new high in nearly six months, and the total market capitalization briefly surged to over $2 billion. It is important to note that approximately 55.56 million tokens of SEI will be unlocked today (July 15) at 20:00, which is 1% of the current circulating supply, valued at around $18 million.

At the same time, several key data points on the Sei ecosystem have also shown explosive growth. According to a recent official announcement from Sei, since the launch of the Sei V2 version a year ago, the on-chain ecosystem activity has significantly increased, with daily trading volume growing by 3600% and TVL increasing by 790%.

According to Nansen data, as of July 15, the number of daily active addresses on Sei V2 has exceeded 886,000, a growth of nearly 74.1% in the past 30 days; the daily transaction count reached 1.919 million, an approximate growth of 202.05% in the past three months. Despite the significant increase in Sei user participation, the distribution of projects shows that the three major applications, on-chain games Nika Labs, Dragon Slither, and World of Dypians, contributed over 89% of the active address volume, while World of Dypians, Nika Labs, and the football game EUFT dominated over 85.9% of the transaction count. Its ecological growth relies on these leading game projects, and the ecosystem lacks diversity. DappRadar data shows that Sei is the top-ranked blockchain in Web3 games over the past month.

On the funding side, Sei also demonstrates a strong ability to attract capital. According to DefiLlama data, the net inflow of funds to the Sei cross-chain bridge in the past 30 days reached 59.84 million USD, ranking third among all public chains, behind only Avalanche and Aptos.

In terms of TVL, DeFillama data shows that as of July 15, the total locked value of Sei has reached 650 million USD, an increase of about 30.72% in the past 30 days. However, the TVL exhibits a highly concentrated structure, with only Ye Finance’s TVL reaching 366 million USD, accounting for more than half, and there are only 8 projects with a TVL exceeding 10 million USD. This further indicates that there is a risk of structural imbalance in the Sei ecosystem.

From the perspective of income, the Sei ecosystem shows signs of recovery. Although revenue fell to over $100,000 in March this year, it has since rebounded continuously, reaching $813,000 in June, but still far below the peak of $1.27 million in January.

Overall, although Sei is currently in the expansion stage, its ecosystem is highly dependent on leading projects, with application types relatively concentrated in the gaming track. To achieve sustainable growth, it is still necessary to further expand application types and improve user retention rates, including building a richer ecological foundation and accelerating the layout of multi-dimensional application scenarios.

Increasing the localization layout in the United States, gaining WLFI on-chain warehouse support.

SEI is regarded as a US conceptual coin, not only because its founding team has a strong American background but also because it received backing from leading US institutions such as Multicoin Capital, Jump Crypto, Coinbase Ventures, and GSR Ventures during its early fundraising. Among them, Jump Crypto, which has recently transformed and made a comeback, has been pointed out as one of the behind-the-scenes drivers of the significant price rise of SEI in the last round.

With the increasing openness of U.S. cryptocurrency policies, Sei is accelerating its localization efforts. In April of this year, the Sei Foundation announced the establishment of the Sei Development Foundation, a U.S. nonprofit organization focused on promoting the development of the Sei protocol and increasing its visibility, indicating that it has truly entered the U.S. market at both legal and entity levels. Additionally, the on-chain interaction established by Sei with Trump’s cryptocurrency project WLFI has brought more market imagination space. Between February and April of this year, WLFI repeatedly purchased a total of 5,983,000 SEI tokens through USDC, valued at approximately $1 million, and deposited them as collateral with Falcon Finance, managed by Ceffu. Moreover, Sei Network was chosen last month by the Wyoming State Stablecoin Committee as a candidate blockchain for WYST, which is a U.S. stablecoin backed by fiat currency. These developments have further deepened the market’s attention to Sei’s main narrative in the U.S.

In terms of the stablecoin ecosystem, Sei Network has also made significant progress. According to DeFiLlama data, as of July 2025, its stablecoin TVL has reached an all-time high, and although it has slightly decreased, it remains around $270 million. Recently, Sei announced the upcoming launch of the native USDC token and CCTP V2, aimed at bringing the world’s largest compliant stablecoin and frictionless cross-chain transfers to the high-performance L1 blockchain of Sei. The native USDC has advantages such as compliance, a 1:1 dollar exchange rate, and institutional channels, while CCTP V2 supports efficient liquidity and cross-chain applications between Sei and other chains. It is worth mentioning that Circle itself, as one of Sei’s largest institutional investors, held 6.25 million SEI by the end of 2024, exceeding its investment holdings in tokens like APT and OP.

In terms of technological evolution, the SIP-3 proposal put forward by Sei Labs in early May garnered significant attention. The core content is to simplify the original architecture to a pure EVM model, thereby enhancing the developer experience, streamlining infrastructure, and fully utilizing Sei’s parallelized EVM performance to support the network’s development towards the Giga goal. The aim of this upgrade is to achieve an ultra-high throughput of processing over 100,000 transactions per second.

What is more noteworthy in the market is that the European financial institution Valour has launched ETP products related to SEI, and Canary Capital has also submitted S-1 application documents to the SEC, intending to launch the first SEI-based ETF in the United States. This means that Sei is expected to receive endorsement from traditional capital markets and expand its liquidity.

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