State Of Sei Q2 2025
- Key Insights The price of SEI rebounded 63.5% QoQ to $0.28, while its circulating market cap increased 86.1% QoQ to $1.57 billion.
- The token’s monthly rate of vesting will decrease in August 2025, from 219.7 million to 113 million SEI.
- Real staking yield on Sei turned positive for the first time, ending the quarter at 0.6% annualized.
- Canary Capital filed with the SEC to register an ETF for SEI, which, if approved, would allocate a portion of SEI holdings to staking.
Key Insights
The price of SEI rebounded 63.5% QoQ to $0.28, while its circulating market cap increased 86.1% QoQ to $1.57 billion. The token’s monthly rate of vesting will decrease in August 2025, from 219.7 million to 113 million SEI.
Real staking yield on Sei turned positive for the first time, ending the quarter at 0.6% annualized. Canary Capital filed with the SEC to register an ETF for SEI, which, if approved, would allocate a portion of SEI holdings to staking.
TVL (USD) increased 67.8% QoQ, ending the quarter at an all-time high of $609.4 million, though DeFi Diversity decreased for the first time, down to four core protocols. Stablecoin market cap (USD) also reached an all-time high of $276.8 million.
DragonSwap conducted its token genesis event (TGE), launching the DRG token on July 8, 2025. Average daily DEX volume (USD) reached all-time highs of $24.6 million in Q2 2025, led by Sailor and DragonSwap.
Yei Finance launched YeiSwap to increase capital efficiency by allowing lent assets to double as tradeable liquidity. Yei’s TVL (USD) increased 90.5% QoQ to $365.9 million while Takara Lend, another lending protocol, grew 374.9% QoQ to $71.3 million.
Primer
Sei (SEI) is a general-purpose Layer-1 network that combines the best of Ethereum and Solana. Specifically, the developer tooling, mindshare, and network effects of the Ethereum Virtual Machine (EVM), with the performance and scalability of high-performance networks like Solana. For a full primer, refer to our Initiation of Coverage report.
Sei launched in August 2023 alongside SEI, its native token that serves functions related to (i) transaction fees, (ii) staking, (iii) rewards, and (iv) governance. Sei V1 was based on the Cosmos SDK and Tendermint Core protocol. The network's built-in features, such as Twin-Turbo Consensus and transaction parallelization, reduce latency and increase throughput.
The Sei V2 upgrade introduced three major upgrades to the network in May 2024: (i) compatibility with Ethereum Virtual Machine (EVM) smart contracts written in Solidity, (ii) optimistic parallelization, and (iii) a re-architecture of the network’s storage interface with SeiDB. For a full primer, refer to our Initiation of Coverage report. In the future, Sei plans to launch Giga, an upgrade that aims to include a new EVM client that offers a 50x improvement in throughput.
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Key Metrics
Ecosystem Analysis
Gaming
Sei’s gaming ecosystem continued to thrive in Q2 2025, reaching a total of 49.5 million gaming-related transactions, an increase of 24% from 39.9 million in Q1’25. World of Dypians continued to be a standout but was overtaken by Hot Spring in terms of transactional activity.
Hot Spring: An idle mobile tycoon game where users build hot spring resorts. The game was built by Nika Labs and is available on the Apple App Store and Google Play. Nika Labs is also building Cozy World, an interconnected ecosystem of simulation games that host AI-enabled worlds. Cozy World will be integrated with the upcoming COZY token. Hot Spring took the top spot in terms of transactional gaming activity on Sei in Q2’25, averaging 130,310 transactions per day, a 134.9% QoQ increase.
World of Dypians: A massively multiplayer online role-playing game (MMORPG) available on the Epic Game Store. Similar to World of Warcraft, players control heroes to interact with the game world. The game is multichain, available on many networks including Sei, and features onchain elements such as the WOD token and two NFT collections. World of Dypians continued its momentum in Q2’25, averaging 95,910 transactions per day, a 56.7% QoQ increase.
Archer Hunter: A mobile game available on the Apple App Store and Google Play, where users play a roguelike-style game in various modes. Archer Hunter had an average of 57,700 transactions per day in Q2’25, a 22.7% QoQ increase.