I accompanied my friend to have supper, and he roast while strip the skewers: I'm like going to rush to the subway during the morning rush hour on the blockchain now - there are many people, it's slow, and I can't move easily. The most outrageous thing is that I just wanted to play a small game and exchange some coins, but ended up with a bunch of operations in my wallet like applying for a certificate: ordering for half a day, the transaction fee is not cheap I wanted to laugh at his affectation at the time, but he took out his phone and showed it to me: Similarly, some chains are like elevators in old residential areas - they can be used, but don't expect comfort; Some chains are like escalators in a new shopping mall - they can still run with a lot of people. Is @ SeiNetwork the kind of new mall you talk about every day? I only look at the results: are there more and more people? Is trading getting hotter? Don't talk to me about concepts. ” Okay, then use data to speak human language. The real pain points for ordinary people when they go on the blockchain are three sentences: 1) When there are too many people, you get stuck: if you want to play games, exchange coins, or do some financial management, it's too much of a delay to queue up for numbers. 2) High popularity does not necessarily mean usefulness: some chains may shout loudly, but when you open them, there are few products that can be used for a long time. 3) I'm afraid of taking over the market ": TVL fluctuations, unlocking selling pressure, stablecoin inflows and outflows, these things are not explained clearly, and users dare not keep their money for a long time. Project Answer: @SeiNetwork's answer now is very straightforward: I won't argue with you, I will calculate the 'usage amount'. Q3 2025: Network activity continues to grow for the fifth consecutive quarter Daily active address DAA: month on month+93.5% to 824000 Daily average transaction volume of active addresses:+87.1% month on month to 2 million transactions TVL's dollar value decreased, but DEX spot daily average transaction actually rose: to 43 million US dollars, a month on month increase of 75% Money may hesitate in the short term, but there are more people and transactions. Three point disassembly: 1) Who is driving the growth? ——Game The transaction volume of Sei Q3 games was 116 million, with a month on month increase of 137.8%. Types like Sugar Senpai and Hot Spring, which are more inclined towards "even ordinary people can click and play", directly pull up the activity on the chain. It's not about calling out singles to attract people, it's about being able to play and retain people. 2) DeFi doesn't rely on one trick - the head is fighting Yei is still large, but Q3 TVL (in US dollars) is -41.7% month on month. Takara Lend instead took off through a points program, with TVL increasing by 48.4% month on month to $105.8 million. This indicates one thing: the ecosystem is no longer dominated by one company, and has entered a stage of "competing for users", which is actually a good thing for users - subsidies, experiences, and products will be rolled up. 3) The liquidity has led to a substitution of players - Splashing Stake snatches away the home field After spSEI went online, the proportion of liquidity collateral was increased to 59.9%, while Silo dropped to 40.1%. The key point is not "who wins", but rather: users are more concerned about "whether they can redeem quickly and use immediately", whoever makes the experience smooth will eat the market. Bottom support: No matter what terminology it uses, the underlying support depends on four 'hard things': 1) There are more wallet entry points: Backpack and MetaMask both consider Sei as one of the recommended networks. 2) The basic tools have become more complete: browser support similar to Etherscan has also arrived, making it more convenient to check on chain information. 3) More stable data/pricing: Low latency data support combined with native pricing mechanism allows high-frequency gameplay to run smoothly. 4) Giga on the road: The goal is to continue to increase throughput and confirmation speed (official high-performance indicators given for internal testing). Application Scenario: Treating Sei as a "high traffic mall", the most useful floors inside now are: 1) Game area: Run trading volume, run actively, and be able to keep newcomers. 2) Spot currency exchange zone (DEX): DragonSwap, Sailor, etc., with significantly hotter Q3 transactions. 3) Lending area: Two strong matches between Yei and Takara, providing users with more choices. 4) Stable coin channel: After the native minting/destruction of USDC and compatibility with cross chain transfers, the entry and exit are more like "going through the formal gate". 5) CLOB gameplay: Oxium and others start running volume, paving the way for a more professional trading experience. Cost details: Let's not talk about anything empty here, let's just talk about the "cost" that you are most concerned about: 1) On chain operational costs: When you play games, exchange coins, or borrow money, the core costs are transaction fees and trial and error time. Sei's direction is to make you wait less, slow down, and fail less. 2) Pledge income and inflation: The annualized inflation in Q3 is about 4.4%, and the annualized yield of pledge is about 6.0%, which means that the pledger has received positive "real income" for the second consecutive quarter (approximately+1.6%). 3) The unlocking pressure is decreasing, but it has not disappeared yet: the monthly unlocking has decreased from 219.7 million SEI to 113 million SEI, which is a significant easing; But investor/team unlocking is still ongoing, and overall unlocking will continue until 2033. 4) The decline of TVL should be taken seriously: in Q3, TVL's USD calculation retreated, but DEX transactions reached a new high, indicating that "money is being picked" but "the people who use it have not left". Action Guide I suggest everyone follow this sequence to save time and avoid unnecessary detours: 1) Let's start with the lightest one: add Sei with your wallet (don't make the operation complicated right away). 2) First, take a look at the hottest spot for trading: the depth and experience of DragonSwap/Sailor's spot trading. Don't listen to others' boasting, just click twice and you'll know if everything goes smoothly. 3) If you want to earn profits, you can choose to pledge, but don't hesitate: try the complete process of "pledge redemption reuse" for a small amount first, and see if you can accept it. 4) Borrowing only does what you can understand: scale projects like Yei and Takara, and then look at activities and incentives, don't be fooled by "high-yield screenshots". 5) Focus on two time points: Unlock rhythm (don't get emotional before and after the big unlock) Changes in stablecoin supply (direct impact of fund inflows and outflows on borrowing and liquidity) The real way to hit a public chain is not how high the TVL is at the moment, but how many people on the chain still use it every day after the market cools down.