Sei coin price hits a six-month high. What’s the driving force behind the warming ecosystem?

Author: Nancy, PANews

In recent times, Sei's coin price has continued to rise, and its ecological activity and capital inflows have also performed well, attracting market attention. Behind this momentum is Sei's accelerated technological upgrades and ecological construction, coupled with multiple factors such as the acceleration of the US localization strategy and the ETF compliance financial narrative. However, at this stage, Sei's development is highly dependent on the game track, and there is a monopoly in the DeFi field, so the diversification and sustainability of the ecosystem still face challenges.

The price of the coin has nearly doubled in a month, and the strong expansion of the ecosystem cannot hide the single structure

Recently, Sei's coin price and ecology have experienced explosive growth.

According to Coingecko data, as of the time of writing, the price of SEI has risen to $0.347, a 97% increase in the past 30 days, a record high in the past six months, and the total market value once jumped to more than $2 billion. It should be noted that SEI will unlock about 55.56 million tokens at 20:00 today (July 15), accounting for 1% of the current circulation and worth about $18 million.

At the same time, many key data on the Sei ecosystem have also shown explosive growth. According to a recent official announcement from Sei, since the launch of Sei V2 a year ago, the activity of its on-chain ecosystem has significantly increased, with daily transaction volume increasing by 3,600% and TVL increasing by 790%.

According to Nansen data, as of July 15, the number of daily active addresses of Sei V2 has exceeded 886,000, an increase of nearly 74.1% in the past 30 days; the number of daily transactions has reached 1.919 million, an increase of about 202.05% in the past three months. Although Sei user participation has increased significantly, from the perspective of project distribution, the three major applications of on-chain games Nika Labs, Dragon Slither and World of Dypians contributed more than 89% of the active addresses, while World of Dypians, Nika Labs and the football game EUFT dominated more than 85.9% of the transactions. Its ecological growth depends on these head game projects, and the ecology lacks diversity. DappRadar data shows that Sei is the top blockchain in Web3 games in the past month.

In terms of funds, Sei also shows strong ability to attract money. According to DefiLlama data, in the past 30 days, the net inflow of funds of Sei cross-chain bridge reached 59.84 million US dollars, ranking third among all public chains, second only to Avalanche and Aptos.

In terms of TVL, DeFillama data shows that as of July 15, Sei's total locked value reached $650 million, up about 30.72% in 30 days. However, TVL presents a highly concentrated structure. Yei Finance alone has a TVL of $366 million, accounting for more than half, and there are only eight projects with a TVL of more than $10 million. This further shows that the Sei ecosystem has a risk of structural imbalance.

From the revenue perspective, Sei Ecosystem showed a recovery trend. Although the revenue dropped to more than $100,000 in March this year, it continued to rise, reaching $813,000 in June, but still far below the peak of $1.27 million in January.

Overall, although Sei is currently in the expansion stage, the ecosystem is highly dependent on leading projects, and application types are relatively concentrated in the gaming track. To achieve sustainable growth, it still needs to further expand application types and improve user retention rates, including building a richer ecological base and accelerating the layout of multi-dimensional application scenarios.

Increased localization layout in the United States and received support for WLFI on-chain position building

SEI is regarded as a US concept coin, not only because its founding team has a strong US background, but more importantly, it received support from first-tier US institutions such as Multicoin Capital, Jump Crypto, Coinbase Ventures and GSR Ventures in its early financing. Among them, Jump Crypto, which recently transformed and revived, was pointed out as one of the driving forces behind the sharp rise in SEI coin prices in the last round.

As the US crypto policy becomes increasingly open, Sei is accelerating its localization layout. In April this year, the Sei Foundation announced the establishment of the Sei Development Foundation, a US non-profit organization dedicated to promoting the development of the Sei protocol and increasing its visibility, which means that it has truly entered the US market at the legal structure and entity level. The on-chain interaction established by Sei and Trump's crypto project WLFI also brings it more market imagination space. From February to April this year, WLFI purchased a total of 5.983 million SEI tokens worth approximately US$1 million through USDC on multiple occasions, and deposited them as collateral in Falcon Finance hosted by Ceffu. Not only that, Sei Network was also selected as a candidate blockchain for WYST by the Wyoming Stablecoin Committee last month. WYST is a US stablecoin backed by fiat currency. These trends have further deepened the market's attention to Sei's main narrative in the United States.

In terms of the stablecoin ecosystem, Sei Network has also made important progress. According to DeFiLlama data, as of July 2025, its stablecoin TVL has hit a record high. Although it has fallen slightly, it still remains at around US$270 million. A few days ago, Sei also announced that it will launch the USDC native token and CCTP V2, aiming to bring the world's largest compliant stablecoin and frictionless cross-chain transfers to Sei's high-performance L1 blockchain. Native USDC has the advantages of compliance, 1:1 US dollar exchange, and institutional channels, while CCTP V2 supports Sei and other efficient inter-chain liquidity and cross-chain applications. It is worth mentioning that Circle itself, as one of Sei's largest institutional investors, held 6.25 million SEIs by the end of 2024, exceeding its investment positions in tokens such as APT and OP.

In terms of technological evolution, the SIP-3 proposal put forward by Sei Labs in early May this year received great attention. The core content is to simplify the original architecture into a pure EVM mode, thereby improving the developer experience, simplifying the infrastructure, and making full use of Sei's parallelized EVM performance to support the network's development towards the Giga target. The goal of this upgrade is to achieve an ultra-high throughput of more than 100,000 transactions per second.

What is more interesting is that Valour, a European financial institution, has launched SEI-related ETP products, and Canary Capital has also submitted S-1 application documents to the SEC, planning to launch the first SEI-based ETF in the United States. This means that Sei is expected to gain endorsement and liquidity expansion from the traditional capital market.