At the current stage, Sei's development heavily relies on the gaming sector, and there is a monopoly in the DeFi field, posing challenges to the diversification and sustainability of the ecosystem.

Author: Nancy, PANews

Recently, the price of Sei has been continuously rising, and the activity level of the ecosystem and capital inflow have also shown impressive performance, attracting market attention. Behind this momentum is Sei's accelerated push for technological upgrades and ecosystem construction, coupled with multiple factors such as the acceleration of the localization strategy in the United States and the compliant financial narrative surrounding ETFs. However, at this stage, Sei's development is highly dependent on the gaming sector, and there is a monopoly in the DeFi field, which still faces challenges in terms of ecosystem diversification and sustainability.

Coin price nearly doubles in a month, strong ecosystem expansion cannot hide structural singularity

Recently, Sei's coin price and ecosystem 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 once surged to over $2 billion. It is important to note that SEI will unlock approximately 55.56 million tokens today (July 15) at 20:00, which is 1% of the current circulating supply, valued at about $18 million.

At the same time, several key data points in the Sei ecosystem also show explosive growth. According to a recent official announcement from Sei, since the launch of the Sei V2 version a year ago, its 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 surpassed 886,000, a nearly 74.1% increase over the past 30 days; the number of daily transactions reached 1.919 million, an approximate 202.05% increase over the past three months. Although user participation in Sei has significantly increased, from the perspective of project distribution, the on-chain games Nika Labs, Dragon Slither, and World of Dypians contributed over 89% of the active address count, while World of Dypians, Nika Labs, and the football game EUFT dominated over 85.9% of the transaction count, indicating that the ecosystem's growth relies on these leading gaming projects, resulting in a lack of diversity. DappRadar data shows that Sei ranks first among Web3 games in the past month.

In terms of funding, Sei also demonstrates strong capital attraction. According to DefiLlama data, in the past 30 days, the net inflow of funds through Sei's cross-chain bridge reached $59.84 million, ranking third among all public chains, only behind Avalanche and Aptos.

Regarding TVL, DeFillama data shows that as of July 15, Sei's total locked value reached $650 million, an increase of approximately 30.72% within 30 days. However, the TVL exhibits a highly concentrated structure, with Yei Finance alone accounting for $366 million, over half of the total, and only eight projects have a TVL exceeding $10 million. This further indicates a risk of structural imbalance in the Sei ecosystem.

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

Overall, while Sei is currently in an expansion phase, the ecosystem heavily relies on leading projects, and the application types are relatively concentrated in the gaming sector. To achieve sustainable growth, it still needs to further diversify application types and improve user retention rates, including building a richer ecological foundation and accelerating the layout of multi-dimensional application scenarios.

Strengthening localization in the U.S., gaining support from WLFI for on-chain positions

SEI is regarded as a U.S. concept coin, not only because its founding team has a strong American background but also because it received early financing support from leading U.S. institutions such as Multicoin Capital, Jump Crypto, Coinbase Ventures, and GSR Ventures. Recently, Jump Crypto, which has undergone a transformation, has been pointed out as one of the behind-the-scenes drivers of the significant rise in SEI's price in the previous round.

As U.S. cryptocurrency policies become increasingly open, Sei is accelerating its localization efforts. In April of this year, the Sei Foundation announced the establishment of a U.S. nonprofit organization, the Sei Development Foundation, focused on promoting the development of the Sei protocol and increasing its visibility, indicating that it has truly entered the U.S. market at the legal and entity levels. Additionally, the on-chain interaction established between Sei and Trump's cryptocurrency project WLFI has brought more market imagination. Between February and April of this year, WLFI repeatedly purchased a total of 5.983 million SEI tokens through USDC, valued at about $1 million, and deposited them as collateral in Falcon Finance, managed by Ceffu. Furthermore, last month, Sei Network was selected by the Wyoming Stablecoin Committee as a candidate blockchain for WYST, a stablecoin backed by fiat currency in the U.S. These developments have further deepened market attention on Sei's U.S. narrative.

In 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 retreated, it still maintains around $270 million. A few days ago, Sei also 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 Sei's high-performance L1 blockchain. The native USDC has advantages such as compliance, 1:1 dollar exchange, and institutional channels, while CCTP V2 supports efficient liquidity and cross-chain applications between Sei and other chains. Notably, Circle itself, as one of Sei's largest institutional investors, holds 6.25 million SEI tokens as of the end of 2024, exceeding its investment holdings in tokens like APT and OP.

In terms of technological evolution, at the beginning of May this year, the SIP-3 proposal put forward by Sei Labs received significant attention, with the core content being to simplify the original architecture to a pure EVM model, thereby enhancing the developer experience, simplifying infrastructure, and fully utilizing Sei's parallel EVM performance to support the network's development towards the Giga goal, with the aim of achieving an ultra-high throughput of processing over 100,000 transactions per second.

More intriguingly, European financial institution Valour has launched SEI-related ETP products, and Canary Capital has submitted S-1 application documents to the SEC, intending to launch the first SEI-based ETF in the U.S. This means Sei is expected to gain endorsement from traditional capital markets and expand liquidity.

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