Sei's On-Chain Activity Surges 200% as Wyoming Selects Blockchain for Stablecoin Pilot

Sei, a Layer 1 blockchain launched in August 2023, has recently garnered significant attention due to several key developments. One of the most notable events is its selection by the Wyoming Stable Token Commission as a candidate for the WYST stablecoin pilot. This initiative marks the first of its kind by a U.S. state and positions Sei squarely on the regulatory radar, boosting investor confidence, particularly among institutional investors. The selection process involved a rigorous technical review, where Sei scored a perfect 30 out of 30, highlighting the strength of its technology.

In addition to regulatory recognition, Sei has seen a surge in on-chain activity and ecosystem growth. The project's decentralized exchanges (DEXs) have experienced record usage, with daily swap volumes reaching $327 million, a nearly 200% increase month-on-month. Protocols such as SailorFi, DragonSwap, and Symphony are driving this usage, demonstrating that Sei is more than just hype. User adoption has also been robust, with Sei ranking second among all EVM chains in active wallets, boasting 8.1 million wallets and a 74% growth rate in recent months. This indicates a strong and growing user base actively engaging with the network.

Sei's ecosystem is further bolstered by major backers and infrastructure upgrades. The project is supported by prominent investors such as Coinbase Ventures, Multicoin Capital, and Jump, and it has a $120 million ecosystem fund to fuel future growth. Additionally, Sei is undergoing a major infrastructure upgrade, known as the "Giga" upgrade, which aims to enhance the network's performance. This upgrade targets a processing speed of 5 Ggas per second, 200,000 transactions per second (TPS), and a sub-400 ms finality. The architectural overhaul includes the introduction of Autobahn, a multi-proposer consensus protocol that replaces the current single-proposer Tendermint model, and the decoupling of consensus and execution to allow for asynchronous execution and parallel processing.

Another factor contributing to Sei's recent momentum is the pending SEI ETF filed by Canary Capital in May. This, combined with the momentum around Circle's recent IPO, which holds 6,250,000 SEI tokens, has added to the positive sentiment surrounding the project. The total value locked (TVL) on Sei is also on the rise, currently standing at about $564 million, with $418 million sitting on Yei Finance money market. In the last seven days, Sei has been the fourth-largest chain by net inflows, at $4.9 million, further indicating its growing popularity and utility.

Sei's usage is predominantly driven by gaming, with the blockchain capturing about 34% of the Web3 gaming market share by unique active wallets in the last 30 days. Popular games on Sei include the World of Dypians MMORPG on Epic Games, as well as mobile games like Archer Hunter and Hot Spring, both available on the App Store and Google Play. These games rank among the top 10 most active games on Sei, highlighting the blockchain's strong niche in the Web3 gaming sector.

Overall, Sei's recent developments and growing ecosystem position it as a promising player in the blockchain space. With strong regulatory backing, robust on-chain activity, major investor support, and a focus on infrastructure upgrades, Sei is poised for continued growth and adoption. The project's success in the Web3 gaming sector further underscores its potential and versatility, making it a blockchain to watch in the coming months.