Welcome to the Sei Overview. In this edition, we explore Feather’s pyUSD vaults, RWA growth, and which games saw user expansion.
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By the Numbers
$SEI token price: $0.05 (+4.1%)
Market cap: $369.2M (+4.2%)
Sei Total Value Locked (TVL): $41.6M (-12.4%)
Daily EVM transactions: 2.6M (+0.33%)
Daily EVM active addresses: 2.1M (+4.6%)
Real-time transactions per second: 71.41 tx/s (-3.6%)
Block time: 0.64s (-3%)
Percentages and metrics are calculated over a 7-day time frame, unless noted otherwise.
Sei Showcase
💨 What’s happening: Feather and Y10k Capital have launched pyUSD lend and borrow vaults on Sei using Morpho’s infrastructure.
💨 Why it matters: These vaults let users put assets to work without selling them. Lenders deposit to earn yield from borrower interest. In turn, borrowers lock up collateral to access liquidity against their holdings. The stablecoin between these transactions determine how much demand the vaults can realistically sustain.
Feather is a borrow and lend platform that uses Morpho as its underlying infrastructure for cross-chain management, and Y10k Capital is a digital asset management firm that provides curated yield mechanics such as pre-deposits and lend markets. Together the two designed and managed the pyUSD vault, by setting risk parameters and deciding which assets can be borrowed or lent.
PYUSD is PayPal’s stablecoin, issued by Paxos, and uses U.S. dollar deposits, short-dated Treasuries, and cash equivalents for its reserves. This is important because it gives a verifiable risk profile, which gives lenders clearer visibility into what backs their yield for insight into counterparty risk.
In addition to pyUSD vaults by Feather, Kraken recently added USDC and USDT0 support for Sei, expanding the stablecoin base that lending markets draw from. The arrival of pyUSD adds another stablecoin to that mix, one that may appeal to a different segment of participants than USDC or USDT0.
💨 The bigger picture: Vaults create an onchain credit layer where traders use borrowed stablecoins to fund positions and put idle capital to work. In order to sustain supply and demand, reliable lending markets need a deep liquidity system in place.
The number of vaults across DeFi has grown throughout the years, with the sector’s total TVL amassing to $49.11 billion, as protocols like Morpho have made it easier to launch them.
The arrival of pyUSD’s vault on Sei adds another option to that mix at a time when the network’s stablecoin is already expanding.
Accelerating Sei’s blockchain
Updates on the latest games, validators, builders and more that are helping Sei expand
RWA value on Sei rose to $135.2M, following $50M being added to Ondo’s USDY fund on the network
During EthCC, Sei Labs Protocol Researcher Alejandro Ranchal-Pedrosa spoke about the cost for censorship resistant transactions and how that plays into Sei Giga
Sei games Bittopia and New Festival Town pushed to new monthly active address highs at 814.2K and 150.1K, respectively
What’s the community Sei’ing
Highlighting the builders, users and ecosystem players within the Sei blockchain.
Clovis upgraded its testnet to include cross-chain vault transparency and time-based yield rewards
Sakura Nexus’ onchain gaming platform will release on April 22, alongside updated tokenomics and a crypto credit card
Nitro Machines partnered with Meta Fishtank so user-generated AI agents can interact with in-game assets
Lock in to the ecosystem
Want to get involved?
Check out the latest jobs at the Sei Development Foundation
Participate in Sei’s Nitro campaign and earn a piece of a $270K rewards pool for lending USDC on Yei Finance
That’s all for this week.
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This information is for entertainment purposes only. It should not be considered financial advice, nor should it be used to make investment decisions. Cryptocurrencies are high risk and you should consult a financial professional before making any financial decisions. Make sure you do your own research.