ON–300: Zoomed-in on Sei 🔬

📝 From the Editorial Team:

Welcome to OurNetwork's ninth Zoomed-in issue, a series which focuses on a single application or ecosystem within crypto.

This time, we're zooming in on Sei, an EVM-compatible Layer 1 blockchain which has quietly notched some major achievements this year. These include — $250M in total value locked, 400K daily active addresses, and 150 applications live on mainnet.

In July, Sei launched its V2, an upgrade which welded the chain's highly performant parallelized architecture with the EVM. This spurred explosive growth as EVM compatible apps, like Uniswap, and tooling, like MetaMask, met Sei's performance.

Now the team is turning towards Giga, an upgrade which stands to offer a 50x improvement on throughput over any EVM-compatible mainnet today.

Specifically, with Giga, Sei is leaning into "gas per second," an increasingly-popular metric which aims to capture a blockchain's computational capacity, as opposed to its transactional one — the aim with Giga is to reach 5 gigagas per second, a level which would allow the blockchain to host apps which the computation requirements of an Instagram or Tik Tok.

In short, Giga is a big goal, especially after Sei's dominant year. With this zoomed-in, we're looking to catch readers up with what's happened, and is happening, on Sei today, with an eye towards where the chain is going tomorrow.

Let's zoom in.

• Sei achieved a 141% growth in TVL, increasing to $243M by Dec. 13, 2024. from $101M on Sept. 1, 2024. This significant increase reflects the rapid expansion of Sei’s DeFi ecosystem and growing user participation, solidifying its position as a key player in the blockchain space.

• Daily active addresses surged by 1,307%, to 318K on Dec. 11, 2024, from 23K on Sept. 18, 2024. This reflects a substantial increase in user activity and ecosystem engagement even beyond Sei's success in the DeFi space.

• Average daily transactions on Sei increased by 489%, growing from 102K on Sept. 18, 2024, to 601K on Dec. 10, 2024. Again, this reflects the growing utility of Sei’s infrastructure.

• Yei Finance, a lending protocol, leads Sei’s DeFi vertical with a dominant $135M in TVL, accounting for over 55% of the ecosystem's total. Yei's TVL has grown +45% over the past month. SiloStake, focused on liquid staking, follows with $96M in TVL, growing +41%. Meanwhile, Dragon Swap, the leading decentralized exchange (DEX), holds $45M in TVL, +19.59%, solidifying its position among Sei’s top three protocols, which collectively account for nearly 85% of total TVL.

• In the last 7 days, Dragon Swap, a decentralized exchange (DEX), has dominated with a spot trading volume of $112M, contributing the lion’s share of Sei’s DEX activity. Uniswap V3 ranks second with a 7-day trading volume of $60M, followed by Jellyverse at $20M.

• In terms of cumulative volume, Dragon Swap leads with $55B, showcasing its long-term trading dominance. Uniswap V3 follows with an impressive $681M in cumulative volume, maintaining its reputation as a leading DEX. Jellyverse, a rising player, has accumulated $202M in total volume. These top three protocols —Dragon Swap, Uniswap V3, and Jellyverse— collectively contribute 90% of the total 7-day trading volume, underscoring their central role in Sei's DeFi trading ecosystem.

• Sei’s gaming vertical is experiencing a surge in Unique Active Wallets (UAW), led by Dragon Slither, a survival game with 748K UAW, showing an incredible growth of +9,000% over the past 30 days as of Dec. 10. SpinCity, a gamefied social platform, and Archer Hunter, a role-playing game, follow with 240K UAW and 220K UAW, respectively, marking Sei’s games as some of the most engaging platforms in the blockchain gaming space. Other games like Drift Zone — with 184K UAW— and FishWar —with 163K UAW— highlight a thriving ecosystem with diverse options for players.

• Sei’s gaming ecosystem saw explosive growth over the last 30 days as of Dec. 10. The platform Good Game Arcade led this surge with $500K in volume (+3,200%) and 333K transactions, followed by FishWar with $330K (+2,600%) and 410K transactions, and Dragon Slither with $146K (+33,000%) from 825K transactions. Games like Cowtopia ($22K, +100%) and SpinCity ($7K, +100K%) further highlight the ecosystem’s diversification.

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