While altcoins struggle to recover, SEI has soared by more than 80% in a week. This rally is fueled by a major announcement: the Sei blockchain has been shortlisted by Wyoming for its state stablecoin project, a first in the United States. But beyond the hype, on-chain data reveals real growth.
SEI crypto skyrockets
While the world held its breath just a few days ago over tensions in the Middle East, the crypto market has once again been put to the test.
Bitcoin, true to its reputation as a store of value, has been relatively unaffected by this tension on its prices. However, for most altcoins, which were already struggling, the situation has not helped matters:
Although the trend is downward for most altcoins, the price of the SEI token has skyrocketed over the past 7 days, with an exceptional performance of +82%:
We therefore wondered about the potential reasons for SEI’s outperformance relative to the altcoin market.
It seems that an institutional-quality catalyst may have played a major role in SEI’s rise. Indeed, the Sei blockchain was recently shortlisted to participate in Wyoming’s stablecoin pilot program (the WYST stablecoin).
Sei Network has been selected by the Wyoming Stable Token Commission as a candidate blockchain for WYST 🇺🇸
WYST is the first fiat-backed stablecoin issued by a U.S. state and will be deployed using @LayerZero_Core
The updated candidate list is publicly accessible on The… pic.twitter.com/a2PV26bHyR
— Sei (@SeiNetwork) June 19, 2025
As confirmed by this post on X, WYST is the first stablecoin initiative backed by the US dollar and issued by a US state.
Beyond the fact that the Sei blockchain has been selected for this use (the final decision has not yet been made), this announcement legitimizes its value proposition as a secure infrastructure suitable for high-frequency transactions at a low cost.
We went further by diving into Sei’s on-chain data to try to determine whether the rise of the crypto is more of an announcement effect than organic growth.
Widespread on-chain growth
While on-chain analysis often reveals a two-speed dynamic between what is perceived by the market—and ultimately the appreciation or otherwise of a cryptocurrency—and actual activity on the blockchain, Sei’s situation looks rather encouraging.
First, let’s look at the total value locked (TVL) of the Sei blockchain and its main protocols.
Over the past three months, the TVL of the Sei blockchain has increased by 45%, approaching its all-time high (ATH):
Furthermore, according to data from DeFiLlama, the top 7 protocols on Sei have seen an increase in their TVL across all observable samples (1 day, 7 days, 1 month). We are therefore seeing widespread growth in the value held on the Sei blockchain.
This is quite logical when you consider the performance of the SEI crypto, which mechanically leads to an increase in value, but it is still important to note. For example, if we had seen an increase in the price of SEI but a decrease in its TVL, this would suggest profit-taking by crypto holders.
Capital inflows on the Sei blockchain
Another important metric to watch is the inflow/outflow of capital on the Sei blockchain via bridges.
This information provides a better assessment of a blockchain’s level of attractiveness. For example, a blockchain that offers opportunities (attractive returns, active speculation, etc.) will have a high level of attractiveness and will automatically attract capital flows.
As we can see from the chart above, the Sei blockchain has captured more capital than it has lost over the last 7 days, with $4.9 million in net inflows.
In this sample, more than 82.7% of inflows came from the Ethereum blockchain.
Furthermore, the Sei blockchain has recorded more inflows than outflows over several time periods, with +$8.6 million and +$18.5 million over 1 month and 3 months, respectively.
This apparent attractiveness could be partly attributed to the significant returns that can be generated via the Sailor protocol, a decentralized exchange (DEX) that has generated over $108,000 in fees over the past 24 hours.
Sailor is the second-largest protocol in terms of TVL on the Sei blockchain and offers attractive returns on pools such as SEI/USDC and SEI/WETH, with annualized returns (APR) of 319% and 133%, respectively.
Activity on the Sei blockchain
Unlike most blockchains, Sei runs on two separate execution engines: WASM and EVM.
The WASM (WebAssembly) engine, used since launch, enables ultra-fast smart contracts written in the Rust programming language to be executed with a finality of less than 400 ms: a major advantage for demanding applications such as trading and gaming.
Since the Sei v2 update (mid-2024), the blockchain also integrates a parallelized native EVM, compatible with all Ethereum smart contracts.
This modular architecture has enabled Sei to attract more applications and users to its network.
Over the last three months, the number of active addresses on the Sei blockchain has increased dramatically: +117%.
Outlook for the Sei blockchain and its cryptocurrency
As we have seen in this article, the price of SEI could be catalyzed by several factors. Whether in terms of potential institutional adoption or even various on-chain data, the stars seem to be aligned for a potential bullish continuation.
However, it is important to remain cautious, as inflation due to the release of SEI tokens is very real and could slow down this momentum. Every day, 5.24 million tokens — worth $1.62 million at the time of writing — are released.
In fact, only 43% of the maximum amount of SEI is available on the market. This is important information to consider when making realistic estimates of the potential valuation of this cryptocurrency.
