Sei Token Surges 85% as Wyoming Commission Selects Sei for Stablecoin Pilot

Sei, a gaming-focused blockchain launched in August 2023, has experienced a significant surge of 85% in the value of its native SEI token over the past week. This surge can be attributed to several positive developments that have bolstered investor confidence in the platform.

One of the key factors driving this growth is the recent announcement by the Wyoming Stable Token Commission. The commission has selected Sei, along with Aptos, as final candidates for its WYST stablecoin pilot. This initiative marks the first of its kind by a US state and underscores the growing recognition of Sei's technical capabilities and potential.

In addition to this, two other factors are contributing to the positive momentum around SEI. The first is the recent IPO of Circle, which holds 6,250,000 SEI tokens, valued at approximately $1.9 million. The second factor is a pending SEI ETF filed by Canary Capital back in May, which has added to the overall optimism surrounding the token.

Beyond these headline-grabbing developments, Sei's on-chain economy is also showing strong signs of growth. The total value locked (TVL) on the platform has reached approximately $564 million, with $418 million of this amount sitting on Yei Finance money market. In the last seven days, Sei has been the fourth-largest chain by net inflows, with $4.9 million in new funds.

A significant portion of Sei's usage is driven by gaming. According to DappRadar, Sei has captured about 34% of the Web3 gaming market share by unique active wallets in the last 30 days. This includes popular games such as the World of Dypians MMORPG on Epic Games, as well as mobile games like Archer Hunter and Hot Spring, which are available on both the App Store and Google Play. These games rank among the top 10 most active games on Sei in the last 30 days, highlighting the platform's strong niche in the Web3 gaming sector.

Technologically, Sei is already a fast and efficient blockchain, processing roughly 100 Mgas per second with a time-to-finality of 500ms. The upcoming "Giga" upgrade is set to further enhance these capabilities, targeting 5 Ggas per second, 200k TPS, and a sub-400 ms finality. This upgrade includes several architectural improvements, such as the introduction of the Autobahn multi-proposer consensus protocol, which replaces the current single-proposer Tendermint model. Additionally, decoupling consensus and execution will allow transactions to be ordered independently of execution, unlocking asynchronous execution. Parallel execution, using Block-STM-style techniques familiar from Move-based chains, will further accelerate transaction processing across multiple cores.

These technological advancements, combined with the positive developments in the gaming sector and the recognition from the Wyoming Stable Token Commission, have positioned Sei as a strong contender in the blockchain space. The platform's focus on gaming and its technical capabilities have garnered significant attention and investment, contributing to the recent surge in the value of its native SEI token.