The Sei Network, a Layer 1 blockchain designed with gaming and high-performance applications in mind, has seen its native token SEI surge by an impressive 85% over the past week. This meteoric rise can be attributed to a combination of bullish catalysts. These include Wyoming’s selection of Sei for its groundbreaking stablecoin pilot, growing momentum in Web3 gaming, and anticipation surrounding its upcoming Giga upgrade.
Wyoming Eyes Sei for Its Stablecoin Pilot
One of the biggest drivers behind SEI surged activity is Wyoming’s decision to shortlist Sei as one of the final two candidates for its WYST stablecoin pilot —a first-of-its-kind initiative by a U.S. state. Alongside Aptos, Sei has emerged as a top contender. This is due to its robust technical infrastructure and scalability.
Wyoming’s stablecoin project aims to create a regulated digital currency that could serve as a model for other states. It might also influence broader U.S. crypto policy. The fact that Wyoming is considering Sei underscores the chain’s credibility and technical prowess, particularly in handling high-throughput transactions required for stablecoin operations.
As Blockworks Research’s Loso noted, “Wyoming’s consideration of Sei as one of the top options for its stablecoin initiative shows a strong vote of confidence in [Sei’s] technical capabilities.”
Momentum from Circle’s IPO and Pending SEI ETF
Two additional factors are likely contributing to SEI’s price action:
- Circle’s Recent IPO: According to Circle’s S-1 filing, the company holds 6,250,000 SEI tokens, valued at approximately $1.9 million today. While this isn’t a direct endorsement, it highlights institutional interest in Sei’s ecosystem, which could be fueling investor optimism.
- Pending SEI ETF Filing: In May, Canary Capital filed for a SEI ETF, further legitimizing the token in the eyes of traditional investors. If approved, a SEI ETF could attract significant inflows from institutions and retail investors alike. This would drive demand for the token.
These developments have created a perfect storm of positive sentiment around SEI, propelling its price higher.
Sei’s Onchain Economy: Gaming Drives Usage
Beyond the buzzworthy headlines, Sei’s onchain metrics paint a picture of steady growth and adoption.
- Total Value Locked (TVL): Sei’s TVL currently sits at $564 million. The majority—$418 million —is held in Yei Finance, a decentralized money market protocol.
- Net Inflows: Over the past seven days, Sei ranked as the fourth-largest chain by net inflows , attracting $4.9 million in new capital.
What sets Sei apart is its dominance in the Web3 gaming sector. According to DappRadar, Sei commands about 34% of the Web3 gaming market share by unique active wallets over the last 30 days. This totals 7.38 million wallets.
While unique active wallets can sometimes be gamified, this figure still highlights Sei’s strong foothold in the gaming niche. Popular titles driving usage include:
- World of Dypians MMORPG, available on the Epic Games Store.
- Mobile games like Archer Hunter and Hot Spring, both listed on the App Store and Google Play.
All three games rank among the top 10 most active games on Sei. This showcases the platform’s ability to attract developers and users alike.
The Tech Behind Sei’s Success
Sei surged with rapid transaction speeds and innovative architecture make it a standout in the crowded Layer 1 space. Currently, the chain processes roughly 100 Mgas per second (12,500 TPS) with a time-to-finality of 500ms. This makes it one of the fastest blockchains available today.
However, Sei isn’t resting on its laurels. Its upcoming Giga upgrade promises to push performance even further:
- Target Throughput: 5 Ggas per second, aiming for 200,000 TPS.
- Sub-400ms Finality: Reducing latency to under 400 milliseconds.
These gains will come from a radical architectural overhaul:
- Autobahn Consensus Protocol: A multi-proposer system replacing the current single-proposer Tendermint model.
- Decoupled Consensus and Execution: Transactions can be ordered independently of execution, enabling asynchronous processing.
- Parallel Execution: Using techniques similar to Move-based chains, Sei will accelerate transaction processing across multiple cores.
This focus on scalability and performance positions Sei as a go-to solution for gaming and other high-demand applications.
What’s Next for Sei?
With Wyoming’s stablecoin pilot, growing adoption in Web3 gaming, and the highly anticipated Giga upgrade, Sei is poised for continued growth. Investors and developers alike are watching closely. They see the chain solidifying its position as a leader in high-performance blockchain solutions.
For those interested in diving deeper into Sei’s technology and roadmap, Blockworks Advisory’s report provides a comprehensive explainer. It covers the upcoming Giga upgrade and how it compares to other chains.
Final Thoughts
SEI Surged 85% in price reflects a confluence of positive tailwinds. These range from Wyoming’s stablecoin pilot to growing adoption in gaming and institutional interest. As the blockchain landscape continues to evolve, projects like Sei that combine cutting-edge technology with real-world use cases are likely to thrive.
Whether you’re a gamer, developer, or investor, now is an exciting time to keep an eye on Sei—and its potential to reshape the future of blockchain-powered ecosystems.
