Welcome to the Sei Overview. In this edition, we explore Kraken’s integration of stablecoins on Sei EVM, gaming user growth, and ongoing rewards campaigns.
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By the Numbers
$SEI token price: $0.05265 (-12.2%)
Market cap: $354.412M (-12.7%)
Sei Total Value Locked (TVL): $47.5M (-6.5%)
Daily EVM transactions: 2.6M (-7.1%)
Daily EVM active addresses: 2.2M (+4.8%)
Real-time transactions per second: 74.07 tx/s (+0.9%)
Block time: 0.66s (+3.1%)
Percentages and metrics are calculated over a 7-day time frame, unless noted otherwise.
Sei Showcase
💨 What’s happening: Kraken has integrated with Sei EVM to enable USDC and USDT0 stablecoin deposits and withdrawals on the network.
💨 Why it matters: Kraken’s integration with Sei's EVM gives another way for capital to flow into the network without the need for third-party bridges or wrapped intermediaries. The exchange already supports the SEI token, but support for stablecoins provides an easier path due to the popularity of these currencies in the sector.
USDC and USDT0 are the two most popular stablecoins in the market. USDT0 is an omnichain representation of Tether's USDT, the largest stablecoin by market cap, allowing it to be traded on chains where it isn't natively issued. USDC is Circle's dollar-backed stablecoin and the second-largest stablecoin by market cap.
Direct exchange connectivity has downstream effects across the ecosystem. DeFi protocols, such as lending markets, DEX and yield vaults, all rely on stablecoin liquidity to function effectively. This integration will lower friction for new users on Sei since they can gain spending power with fewer steps than they needed earlier.
💨 The bigger picture: Stablecoins’ market capitalization has increased by 32% to $310 billion in the past year, and is expected to reach $2 trillion by 2028. The Kraken integration fits into a broader infrastructure buildout Sei has been executing ahead of two technical milestones.
The first is SIP-3, a governance proposal that will transition Sei to an EVM-only chain. The second is the Giga upgrade, which targets over 200,000 transactions per second and sub-400 millisecond finality.
Stablecoin liquidity needs to be in place before that upgrade arrives for it to be useful and cater to the demand for the asset.
Accelerating Sei’s blockchain
Updates on the latest games, validators, builders and more that are helping Sei expand
Code commits on Sei have nearly doubled compared to last week
Simran Singh, CEO of Monaco, explained how its protocol is building KYC/AML compliance for regulated securities and commodities at the smart contract level
Sei Labs published an article about how a new data structure, Block Update Digests, speeds up processing by ensuring each block publishes a small receipt of only what changed in that block
What’s the community Sei’ing
Highlighting the builders, users and ecosystem players within the Sei blockchain.
Games on Sei EVM reached new highs for weekly active addresses: New Festival Town clocked 143.8K, Bittopia reached 768.1K, and Veilcraft recorded 155.4K active addresses
Saphyre explained why its building a mobile DEX on top of its already existing desktop version
Helium Wars started season 1 of its co-creation campaign, which lets users can submit game ideas and see them integrated live
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 $90K 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.