27 Sep 2024 Simon Briggs
SEI TVL Reaches $200 Million Amid Ecosystem Expansion
SEI Network (SEI) experienced a notable surge in value, as the market capitalization of the SEI token soared above $1.6 billion. According to CoinMarketCap data, SEI is currently trading at $0.46, solidifying a 24% surge over the previous day. The token briefly reached a high of $0.47 earlier in the day. The SEI has increased by 30% in the past month, maintaining its upward trend.
Source: Coinmarketcap
The SEI team announced new ecosystem integrations on September 24, using the X social media platform. Seiyan ETH and Super Seiyan ETH, two yield-generating Liquid Staking Tokens (LSTs) created by Nucleus and Dinero, have been successfully integrated into the SEI ecosystem. While Dinero acts as Ethereum's yield framework, Nucleus functions as a network yield provider.
SEI is a Layer 1 (L1) blockchain tailored to a particular industry and designed for decentralized exchanges (DEXes). Its layout seeks to give DEXes a competitive advantage and expedite trading procedures. SEI aims to address the increasing need for effective decentralized trading platforms by emphasizing performance.
SEI is aiming for carbon neutrality as part of its commitment to environmental responsibility, following the broader cryptocurrency trend toward sustainability. This blockchain network is powered by its native token, SEI, which also fosters the network's expansion.
The X post claims that the most recent integrations bring about a number of additional advantages. Those advantages are currently only for Dinero's Seiyan ETH ($sETH) and Super Seiyan ETH ($ssETH). Users can earn SEI, DINERO, and increased Nucleus points by holding ssETH or by offering liquidity with sETH/WETH or ssETH/WETH pairs on Jellyverse.
Additionally, token holders will receive extra incentives for ssETH through DINERO, SEI, and Nucleus points, which are awarded every two weeks.
Additionally, Jellyverse has introduced new ETH pools in partnership with Nucleus and Dinero, giving participants in the SEI ecosystem more options.
TVL on SEI network reaches $200 million
SEI Network has achieved yet another milestone by reaching $200 million in Total Value Locked (TVL), which has become a key metric in showing DeFi project strength. Its place as a crucial Layer 1 blockchain in the DeFi domain is highlighted by this growth. After its V2 protocol was successfully launched, TVL experienced a sharp increase, going from $5 million in January 2024 to $200 million by September.
The SEI Network has experienced a 57.44% monthly increase in value locked in the last four months since the V2 launch. Due to the platform's cutting-edge DeFi offerings, investor interest has also skyrocketed, resulting in a 244% increase in active monthly participation and a rise to 65,000 daily active users.
SEI tokenomics and an 8–10x possible increase by 2025?
A total of 1.8 billion SEI tokens are currently in circulation, out of a total of 10 billion tokens, which means that SEI has a lot of space to grow. Coinfomania anticipates more expansion since the network intends to release 55% of its tokens over the course of the upcoming year, opening up new avenues for development.
Analysts in the market compare the current trajectory of SEI to other Layer 1 tokens that saw significant gains in prior Bitcoin bull markets, like Terra (LUNA), Fantom (FTM), and Solana (SOL). According to several analysts, SEI's influence in the DeFi and AI-driven altcoin sectors is expected to increase eightfold or more by 2025.
In 2023, SEI Network managed to raise a $120 million Ecosystem Fund with the goal of assisting blockchain-based projects. The consistent increase in SEI's TVL, which grew from $5 million at the beginning of the year to $200 million by September, is indicative of the success of these investments.
With a bright future ahead of it, SEI Network is well-positioned to make a big impact in the Layer 1 blockchain market thanks to its expanding user base, creative tokenomics, and robust TVL performance.
Cryptocurrency Crypto Market SEI
