Sei Network lays out next steps to become the fastest EVM chain
Sei Network Overview - December 23, 2024
Welcome back to the Sei Overview.
We’re creating the best place for the Sei community to get the latest updates, metrics, insights on the blockchain, its ecosystem developments and more – all in one place. Every Monday.
New here? Subscribe to get updates to your inbox.
By the Numbers
$SEI token price: $0.43 (-25.86%)
Market cap: $1.74B (-27.8%)
Sei Total Value Locked (TVL): $217.7M (-10.52%)
Daily average transactions: 4.17M (-3.02%)
Daily active wallets: 368.6K (+25.76%)
Total wallets: 7.52M (+17.68%)
Real-time transactions per second: 47.26 tx/s (-5%)
Block time: 0.5s
The percentages and metrics are calculated from its change over a 7-day time frame, unless noted otherwise.
Sei Showcase
💨 What’s happening: Sei Labs has laid out its roadmap to achieve “the highest throughput ever seen on an EVM chain.”
💨 Why it matters: The network aims to rebuild EVMs, or Ethereum Virtual Machines, from the “ground up” with its Giga upgrade.
The network’s v2 mainnet introduced parallelized execution, which allows multiple transactions to be processed simultaneously, significantly improving efficiency and scalability. This new version saw more than $250 million in TVL and 400,000 daily active addresses between July, when it was launched, and now.
Across the broader blockchain ecosystem, the current highest throughput an EVM chain can achieve is 100 mgas/s or about 5,000 transactions per second.
Giga aims to push this boundary by achieving 5 “gigagas” per second for throughput. Gigagas are the network’s metric for the amount of gas used per second. It measures how much computational work a blockchain handles every second, which can reflect a chain’s “true performance,” Sei Labs co-founder Jay Jog said.
If the Sei Network can achieve this, it will address execution, consensus and storage to support higher transaction volumes while retaining compatibility with Ethereum’s infrastructure.
As seen during Sei v2, there was demand from developers for more onchain tools to run applications that can achieve a high throughput. Achieving 5 gigagas per second would enable applications to operate seamlessly onchain. This could reduce barriers for developers and accelerate the adoption of blockchain-based solutions.
💨 The bigger picture: Sei's approach to help scale Ethereum would increase the number of transactions per second (TPS) to more than 250,000.
In general, it’s important for blockchains to have a high throughput because it can process a massive number of transactions quickly and efficiently, while keeping costs low. Without high throughput, it’s harder for blockchains to scale.
If that 250,000 TPS marker is hit, that will outpace the current peak of 5,000 TPS by an EVM chain by 4,900%. This would ultimately open the door to a lot more innovations than otherwise possible before.
Accelerating Sei’s blockchain
Updates on the latest games, validators, builders and more that are helping Sei expand
Dynamic integrated Sei into its wallet for a more streamlined EVM address creation processes
Drift Zone, a battle strategy game on Sei, hit 158.9K unique active wallets, up 1.15% week-over-week, according to DappRadar
NFT collection SEIYANS hit 100K $SEI in volume, Magic Eden analytics show
What’s the community Sei’ing
Highlighting the builders, users and ecosystem players within the Sei blockchain.
ICYMI: “Our Network” published a report on Sei network and its ecosystem
Sei’s Head of Community Chad Hugghins wrote an article on X about why users should join its ecosystem
Check out your 2024 EVM Wrapped, in an onchain activity report provided by Sei
Listen to X user NiFTYQ’s daily spaces about the Sei ecosystem
Lock in to the ecosystem
Want to get involved in the ecosystem? Find the latest job postings here or get involved with an activation below.
Magic Eden is hosting an NFT trading competition for a chance at a 250K prize pool
Participate in Galxe’s Sei campaign to earn rewards
Join the Sei gaming community in Malaysia from Dec. 21 to 22 at Comic Fiesta
Can’t attend? Join their new gaming Discord and play with others remote
To get this newsletter delivered to your inbox every Monday. Subscribe here.
This product was built by Token Relations.
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.