The Driving Forces and Challenges Behind the Prosperity of the Sei Ecosystem

Recently, the Sei ecosystem has shown strong development momentum, attracting widespread attention from the market. Data shows that the price of SEI tokens has nearly doubled in the past month, reaching $0.347, with a total market capitalization exceeding $2 billion at one point. Behind this growth trend is Sei's active promotion in various aspects such as technology upgrades, ecosystem construction, and strategic layout.

Since the launch of the Sei V2 version one year ago, its on-chain activity has significantly increased. The number of daily active addresses has surpassed 886,000, and the number of transactions has reached 1.919 million, representing growth of 74.1% and 202.05% respectively compared to the earlier period. At the same time, Sei's cross-chain bridge net inflow of funds reached 59.84 million USD in the past 30 days, ranking third among all public chains. The total value locked (TVL) has also increased to 650 million USD, rising approximately 30.72% within 30 days.

However, the growth data also reveals structural issues within the Sei ecosystem. Currently, on-chain activity is mainly contributed by a few game projects, such as Nika Labs, Dragon Slither, and World of Dypians. In the DeFi sector, Yei Finance accounts for more than half of the TVL. This highly concentrated structure may pose potential risks and restrict the long-term sustainable development of the ecosystem.

Sei is actively promoting its localization strategy in the United States. In April of this year, the Sei Foundation established a nonprofit organization in the U.S. aimed at advancing protocol development and increasing visibility. In addition, Sei has established on-chain interactions with the Trump crypto project WLFI and has been selected by the Wyoming Stable Token Commission as a candidate blockchain for WYST. These initiatives further strengthen Sei's positioning as a concept coin in the U.S.

In terms of technology, Sei Labs proposed the SIP-3 proposal, which aims to simplify the original architecture to a pure EVM model to enhance the developer experience and support the network's goal of processing over 100,000 transactions per second. At the same time, Sei also announced the upcoming launch of the USDC native token and CCTP V2, which is expected to bring more liquidity and cross-chain application opportunities to the ecosystem.

It is worth noting that Sei has begun to attract the attention of traditional financial markets. European financial institution Valour has launched ETP products related to SEI, while Canary Capital has also submitted an application to the SEC to launch the first SEI-based ETF in the United States. These developments could bring broader capital market recognition and liquidity support for Sei.

Despite Sei currently being in a rapid expansion phase, achieving long-term sustainable growth still requires further enrichment of ecological application types, improving user retention rates, and building a more diversified ecosystem. In the future, whether Sei can effectively address the issue of ecological structural imbalance while maintaining its growth momentum will be the focus of market attention.