Sei's EVM Shift and Zero-Fee ETP Drive Institutional Momentum

Sei Network (SEI) has experienced a significant increase in user engagement and total value locked (TVL) in recent weeks. The blockchain, designed for high-speed decentralized trading, added 400,000 new addresses to its network, bringing the total active wallet count to over 600,000. This surge in adoption coincided with the token reaching a TVL of $609 million, driven by growing ecosystem activity and institutional interest.

The on-chain data reflects a robust performance across multiple metrics. The network reported a 36% surge in SEI’s price within 24 hours, a 70% increase in wallet growth for the week, and a 100% overall growth in June. These figures underscore a broader trend of expanding user base and engagement despite a temporary decline in token price. On-chain activity has also seen a marked rise, with developers leveraging Sei’s EVM-compatible infrastructure and Twin-Turbo Consensus mechanism to deploy scalable applications.

A key development contributing to Sei’s momentum was the launch of a zero-fee SEI ETP by CoinShares in July 2025. The exchange-traded product (ETP), listed on the SIX Swiss Exchange, offers investors exposure to Sei with a 2% staking yield, enhancing its appeal to institutional and retail investors alike. This initiative aligns with broader efforts by Sei to attract long-term capital and solidify its position in the Layer 1 blockchain market.

Additionally, Sei’s integration of Etherscan via Seiscan in June 2025 brought advanced analytics and infrastructure to the network. Etherscan, known for its robust blockchain exploration capabilities, now supports token holder distributions, contract verification, and on-chain data visualization on Sei. This move has been particularly beneficial for developers, who now have access to a trusted, production-grade toolset that supports high-performance workflows.

The network’s institutional appeal has also been bolstered by recent developments such as Wyoming’s stablecoin pilot, which selected Sei as one of its finalists. The state’s WYST stablecoin is set to launch in August 2025, with Sei among the 11 blockchain firms competing for the partnership. This collaboration, along with Circle’s institutional backing and the launch of a U.S.-based nonprofit to support Sei’s ecosystem, has positioned the network as a preferred infrastructure for real-world assets (RWAs) and DeFi applications.

In terms of governance and technical improvements, the Sei community has been considering proposals to transition to an EVM-only model. This shift aims to streamline developer workflows and enhance the user experience ahead of the Giga upgrade. Furthermore, Sei Labs has highlighted positive regulatory developments, including the repeal of an IRS rule that previously threatened DeFi growth, as a sign of a more favorable policy environment in the U.S.

Looking forward, Sei’s inclusion in the Token Metrics Moon Awards as the 8th-ranked Layer 1 blockchain in 2024 underscores its growing influence in the sector. While the platform faces competition from established networks like Ethereum and Solana, its focus on speed, scalability, and developer experience has helped it carve out a niche in the decentralized trading space. With continued innovation and strategic partnerships, Sei appears well-positioned to maintain its upward trajectory in the coming quarters.

Source:

[1] Sei Price, SEI Price, Live Charts, and Marketcap (https://www.coinbase.com/price/sei)

[2] Etherscan Comes to Sei with Seiscan (https://blog.sei.io/etherscan-comes-to-sei-with-seiscan/)

[3] Top Layer 1 Blockchain in 2024 (https://www.tokenmetrics.com/blog/top-layer-1-blockchain?74e29fd5_page=5)