This time, we're zooming in on Sei, an EVM-compatible Layer 1 blockchain which has quietly notched some major achievements this year. These include — $250M in total value locked, 400K daily active addresses, and 150 applications live on mainnet.
In July, Sei launched its V2, an upgrade which welded the chain's highly performant parallelized architecture with the EVM. This spurred explosive growth as EVM compatible apps, like Uniswap, and tooling, like MetaMask, met Sei's performance.
Now the team is turning towards Giga, an upgrade which stands to offer a 50x improvement on throughput over any EVM-compatible mainnet today.
Specifically, with Giga, Sei is leaning into "gas per second," an increasingly-popular metric which aims to capture a blockchain's computational capacity, as opposed to its transactional one — the aim with Giga is to reach 5 gigagas per second, a level which would allow the blockchain to host apps which the computation requirements of an Instagram or Tik Tok.
Network at a Glance: Sei is a Layer 1 that combines the advantages of Ethereum and Solana — the dominant development standard of Ethereum with the performance of Solana. The V2 update for Sei makes it the first parallelized EVM. Serving as a new scaling approach for the Ethereum ecosystem while achieving even faster speeds than Solana. Sei launched its mainnet in 2022 and has a growing ecosystem with key teams from Ethereum, Solana, Polygon, Arbitrum, and others deploying. The team is backed by Multicoin, Jump, Coinbase Ventures, and many more.
📈 Sei Averages 300,000 Daily Active Addresses in December as Total Value Locked Increased by 140% Since Sept. 1
Sei achieved a 141% growth in TVL, increasing to $243M by Dec. 13, 2024. from $101M on Sept. 1, 2024. This significant increase reflects the rapid expansion of Sei’s DeFi ecosystem and growing user participation, solidifying its position as a key player in the blockchain space.
Daily active addresses surged by 1,307%, to 318K on Dec. 11, 2024, from 23K on Sept. 18, 2024. This reflects a substantial increase in user activity and ecosystem engagement even beyond Sei's success in the DeFi space.
Average daily transactions on Sei increased by 489%, growing from 102K on Sept. 18, 2024, to 601K on Dec. 10, 2024. Again, this reflects the growing utility of Sei’s infrastructure.