The Sei Network (SEI) has drawn significant attention in the crypto space recently, with its Total Value Locked (TVL) reaching an all-time high of over $626 million.
This increase demonstrates Sei's ability to compete with prominent blockchain networks like Ethereum and Solana while consolidating its position in decentralized finance (DeFi).
Sei goes vertical: TVL skyrockets
According to analyses by analyst Kyledoops on X, the TVL of the Sei Network has reached a new all-time high.
“… with more capital flowing and more on-chain activity increasing, the SEI ecosystem is clearly attracting new attention,” highlighted Kyledoops.
TVL of the Sei Network. Source: DeFiLlama
An analysis of the Sei Network's TVL chart on DeFiLlama reveals growth since the beginning of 2024, scaling from modest levels to nearly $700 million. Compared to other blockchains, the growth rate of SEI's TVL is considered a 'rare case.'
“… but at the same time, its TVL grew from $60.8 million to $623 million in a year. Compared to other chains, there the TVL literally grew by 10-50%, rare cases where more,” shared user Ronin on X.
This meteoric rise follows the news that the Sei Network received approval from the Japan Financial Services Agency (JFSA), opening doors to the most regulated cryptocurrency market in the world.
According to Artemis Analytics, this milestone elevated daily active addresses to a two-year peak. The synergy between regulatory approval and increased on-chain activity generated substantial momentum, attracting both retail and institutional investors.
Daily Active Addresses of Sei. Source: Artemis
The price of SEI increased by 100% in June, driven by a stablecoin pilot backed by the U.S. government, growing institutional interest, and an expanding ecosystem. Recently, Sei Labs proposed SIP-3 to transition the Sei network to a purely EVM model, removing CosmWasm and native Cosmos support.
However, the token has dropped over 78% since its peak in March 2024 and is currently trading at $0.2649. According to an analysis by ChiefraFba on X, the price level of $0.2540 serves as critical support on the 8-hour chart. If this level does not hold, SEI may face a correction towards $0.2000.
Price Volatility of SEI. Source: ChiefraFba
This situation presents challenges for investors, requiring close monitoring amid market fluctuations. However, with its exceptional TVL growth and regulatory support from Japan, many experts remain optimistic about SEI's recovery potential and sustained momentum in 2025.
The article 'Sei Network sets new record with TVL surpassing $626 million' was first seen on BeInCrypto Brazil.
