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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.
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By the Numbers
$SEI token price: $0.281 (+18.07%)
Market cap: $1.31B (+19.09%)
Sei Total Value Locked (TVL): $210.3M (+14.86%)
Daily average transactions: 4.1M (+2.5%)
Daily active addresses: 335K (+31.22%)
Total wallets: 16.5M (+2.42%)
Real-time transactions per second: 48.55 tx/s (-2.47%)
Block time: 0.48s (+4.35%)
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: The Ethereum ecosystem’s developers and users are facing critical challenges and scaling the EVM is paramount, Sei Labs Co-Founder Jay Jog said during its quarterly ecosystem call with Token Relations.
“There's a very restrictive design space for developers with the Ethereum Virtual Machine,” Jog said. “There's also really, really high gas fees and this makes it very expensive for users to transact on the network.”
💨 Why it matters: Jog’s observations were the impetus behind the creation of the Sei Network years ago and still a part of their vision today. High gas fees could deter users from participating in DeFi protocols on the network when each transaction costs more than a nominal amount or a few cents to fractions of a cent. And a restrictive design system could also place constraints on what developers could be capable of building.
A common topic of discussion for everyday users onchain is gas fees– and it’s hard to ignore them. When transacting with smart contracts, every user has to pay a gas fee and at times, it could be an expensive price to pay in relation to what the interaction is.
“I remember last year, for example, when there was a spike in usage, it was over a hundred gwei per transaction,” Jog said. “If it costs $50, $100, $150 to complete a transaction, most people just cannot use that ecosystem.”
If people are using Ethereum and not a layer-2 where gas fees are lower, it “just costs a huge amount of money,” he added.
Last year, Sei Network also launched Sei v2, which was the first parallelized EVM blockchain. “ Basically [it’s] a really simple mental model to think about,” Jog said. “You take the best of Ethereum and Solana - the EVM that the Ethereum ecosystem introduced and integrate this concept of really high performance, which Solana introduced.”
Right now, Ethereum L1 has a max theoretical TPS of 119 and Solana has a max theoretical TPS of 65,000, according to Chainspect.
“ If you need something on the order of 20,000 TPS for one application, you just cannot have that on any blockchain right now on mainnet,” Jog said. “If you look at something like Google, that needs 100,000 TPS, now it means things are more difficult to build onchain [for mass adoption], so what we realized is scaling the EVM is critically important.”
Sei Labs’ team aims to rebuild EVMs from the “ground up” with its Giga upgrade. This endeavor looks to place Sei Network as the fastest blockchain out there by TPS, with a goal of reaching 250,000 TPS.
💨 The bigger picture: Sei Network wants to create a chain that’s fast and secure. The Ethereum and EVM ecosystem needs more scalable, highly performant infrastructure that can handle the loads from developers and users. Sei’s upgrades could help enable applications to operate more seamlessly onchain, thus possibly reducing barriers for developers and accelerate the adoption of blockchain-based solutions.
All in all, Sei has one goal: “ scale the EVM by rebuilding everything from scratch,” Jog said.
Accelerating Sei’s blockchain
Updates on the latest games, validators, builders and more that are helping Sei expand
Sei Network integrated into the POTK Network so developers can utilize its RPC infrastructure for their dApps
Filament launched the genesis version of its perpetual trading platform - learn more about how it works here
Sei Labs published an article about Sei Protocol's Giga upgrade and how its consensus mechanism works
SETAI Agents released its launchpad for users to create AI agents on the Sei Network
Sailor, an automated market maker DEX and launchpad, hit a new high in TVL of $11M (shown below)
Source: DefiLlama
What’s the community Sei’ing
Highlighting the builders, users and ecosystem players within the Sei blockchain.
Sei Labs participated in the Blockchain’s Association endeavor to encourage Congress to repeal the Treasury Department’s recently finalized DeFi broker rule
Picasso Markets shared it will release its stock market prediction platform to the Sei ecosystem - beta waitlist sign ups are live
Listen to the CryptoNews podcast with Sei’s co-founder to hear about his journey into web3 and how the network aims to scale the capabilities of EVMs
Learn about Takara, a lending and borrowing protocol, and Symphony Exchange, a trading DEX, via an X space hosted by SEIYAN
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.
Attending ETH Denver? Check out these events featuring the Sei ecosystem
searcher.wtf: Denver on Feb. 24 from 10am - 6pm
Sei + BitGo Links & Drinks on Feb. 26 from 5pm - 11:30pm
Intersubjective DeSci on Feb. 27 from 9am - 11am
Sei Slam Basketball Tournament on Feb. 27 from 11am - 6pm
Sei opened applications for its ecosystem builder fund, a program with $750K in funding to support ecosystem creators
Sei Labs revamped its developer docs for builders in the ecosystem - check them out here
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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.