Sei Labs first SIP can expand network’s EVM capabilities
Sei Network Overview - May 12, 2025
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By the Numbers
$SEI token price: $0.26
Market cap: $1.33B
Sei Total Value Locked (TVL): $522.23M
Daily active addresses: 314.3K
Total wallets: 21.37M
Real-time transactions per second: 47.97 tx/s
Block time: 0.51s
The percentages and metrics are calculated from its change over a 7-day time frame, unless noted otherwise.
Sei Showcase
Highlighting some of the biggest announcements from Sei.
💨 What’s happening: Sei Labs proposed its first Sei Improvement Proposal (SIP) to transform the network’s architecture to an EVM-only model.
💨 Why it matters: Days after the launch of SIP, Sei Labs have already taken a step toward this direction by proposing SIP-3, an upgrade that is designed to streamline Sei's architecture to an EVM-only model. If passed, the developer experience would be simplified to fully leverage Sei's parallelized EVM performance as the network builds toward Giga.
The change would simplify how Sei’s network works by focusing only on EVM technology, phasing out other systems like CosmWasm and native Cosmos transactions. This means all transactions on Sei would all be coming from EVM-compatible wallets.
Evidently, there’s strong demand for this capability as EVM daily transactions on the Sei network reached an all-time high on May 8 with 948,800 being recorded, Artemis data shows.
💨 The bigger picture: Community-driven network proposals like SIPs can empower a diverse range of contributors such as developers, validators and users.
If passed, SIP-3 would be able to enhance the network’s adaptability to optimize its EVM compatibility, as well as improve transaction efficiency.
Sei Labs’ goal is to make the network easier for developers and users to work with by reducing the technical burden on the network’s infrastructure. This might be attractive for a wider range of users because most dApps and networks are a part of the broader EVM ecosystem.
Accelerating Sei’s blockchain
Updates on the latest games, validators, builders and more that are helping Sei expand
Sei daily dApp volume hit a new high of $2.94B on May 9 and is up more than 2,500% on the week, according DappRadar data
Jellyverse’s DEX contributed to this with $1.53B in volume, while DragonSwap's DEX recorded $1.19B in volume
Synnax, an over-collateralized stablecoin protocol, reached a new TVL peak at $12.26M, according to DefiLlama data
BitGet Wallet integrated Sei to its cross-chain wallet
What’s the community Sei’ing
Highlighting the builders, users and ecosystem players within the Sei blockchain.
Frax released sfrxUSD, a Sei-integrated stablecoin with cross-chain compatibility support in the works
Dragon Swap recorded $13.24M in DEX volume, a new quarterly high, DefiLlama data shows
Yei Finance hit an all-time high in TVL of $311.65M (shown below)
Source: DefiLlama
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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.