Sei (SEI) Q3 2024 Review: Network Sees Strong Growth in Price, TVL, and Active Addresses

Sei (SEI) is an integrated, general-purpose Layer-1 network that aims to be the fastest network for exchanging digital assets.

Sei experienced increases across most metrics in Q3 2024. Quarterly revenue (SEI) increased 31.1% QoQ to 0.11 million SEI as average daily active addresses rose 540.8% to 32,710. This was reflected in SEI’s price, which increased 35.2% QoQ to $0.46. The token’s price finished Q3 in a strong uptrend, up 62.6% in September alone, as its market cap rank rose from 69th to 53rd.

DeFi TVL (USD) increased 254.4% QoQ to $215.8 million. While SEI’s price increase led some of this growth, DeFi TVL (SEI) still rose 162.2% QoQ to 469.2 million SEI. Yei Finance and DragonSwap continued to dominate, commanding 66.3% and 14.1% of Sei’s TVL, respectively. However, the DeFi ecosystem continued to diversify in Q3 as protocols like Yaka Finance, Filament Finance, and Vertex launched on mainnet.

Sei’s circulating supply increased 15.6% QoQ to 3.52 billion due to a mix of token unlocks and staking rewards. In Q3, 659 million SEI vested. The monthly rate increased from 121.9 million to 219.7 million SEI on Sept. 15, 2024, when the one-year cliff lapsed. Now, the investor and project team allocations are vesting at a daily rate of 97.8 million per month. Ultimately, SEI tokens will continue to vest until Aug. 14, 2033, with another 656.7 million scheduled to vest in Q4’24.

The NFT sector has often led ecosystem activity on Sei. The launch of Sei V2 bucked this trend in June. Monthly active addresses (MAAs) in non-DEX DeFi led monthly ecosystem activity again in July and August. However, NFT activity rebounded in September, capping Q3 as the most active sector.

The composition of Sei’s NFT ecosystem continued to shift in Q3. While collections like Sei Punks and Sei Apes continued to lead the sector, several new collections launched on mainnet. Those included collections from Burnt Finance, YGG Sei, and Chain Runners.

Burnt Finance launched its Burnt Box collection on Aug. 21, 2024, and quickly became the second-largest NFT collection on Sei by volume. The collection features 10,000 generative Burnt Boxes that can be opened to reveal an NFT from a pool of 100 possibilities. Those possibilities include Punks, Apes, Meebits, Azuki, Moonbirds, and World of Women.Burnt Finance also launched Sei Ape Chemistry on Aug. 28, 2024, which allows users to combine three Sei Apes to create a new Sei Ape. The new Ape will inherit traits from the three Apes that were used to create it. This process can be repeated to create new generations of Sei Apes.

YGG Sei launched its YGG Genesis collection on Aug. 29, 2024. The collection features 2,000 Genesis Punks that grant holders access to a variety of benefits within the YGG Sei ecosystem. Those benefits include priority access to future mints, a share of the protocol’s revenue, and governance rights.

Chain Runners launched its Chain Runners collection on Sept. 21, 2024. The collection features 10,000 generative Chain Runners that grant holders access to a variety of benefits within the Chain Runners ecosystem. Those benefits include priority access to future mints, a share of the protocol’s revenue, governance rights, and the ability to participate in future Chain Runners games.

Looking forward, the community can hope for further growth as Sei Foundation leverages its $50 million Japan Ecosystem Fund and $10 million Sei Creator Fund. DeFi momentum could also continue into Q4 as protocols throughout Sei’s ecosystem leverage incentives and points programs that proved to attract new users and assets in Q3.