Sei Soars 70% as Wallet Growth and On-Chain Activity Hit New Highs

Layer 1 blockchain Sei’s SEI token is up 70% in a week, as increased network use made it one of the fastest-growing blockchains over the past month.

According to data from on-chain analytics platform DappRadar, Sei now ranks second only to Coinbase’s Layer 2 network Base in wallet count, with nearly 8.3 million wallets, representing a 76% increase in the last month and making it the most rapidly growing chain by this metric.

Base leads with nearly 17 million wallets, but Sei’s resurgence could underscore growing investor and developer interest, although the exact reason behind the rally remains unclear.

Daily active addresses on Sei have also surged steadily since mid-May, according to analytics from Artemis, peaking at an all-time high of over 670,000 earlier in June. The increased user engagement is mirrored in the network’s TVL, which hit a record $550 million in late May, according to DeFiLlama.

Analytics platform Nansen highlighted on X that Sei is pulling in the second-highest weekly fees among Layer 1 chains, trailing only Aptos and beating leading Layer 2s like Arbitrum and zkSync.

“User activity is one thing — but fee growth shows who’s really getting used,” Nansen noted.

If SEI stays near current levels, June could shape up to be the token’s strongest month thus far in 2025, following steep losses of nearly 31% in March and 24.5% in February, according to data from CoinLore.

Messari’s research manager, known as @Solofunk_ on X, suggested the price surge may be driven not just by the jump in on-chain activity, but also by recent regulatory momentum.

Last week, the Wyoming Stable Token Commission shortlisted Aptos and Sei for its stablecoin pilot. However, while Aptos received the highest technical score among the 10+ blockchains evaluated for the WYST stablecoin project, its APT token hasn’t seen a similar price jump.

ETF Speculation

Liam Hunt, director of research at IncomeInsider, told The Defiant that SEI’s surge is the product of a “perfect storm of regulatory validation, technical breakout, and institutional positioning.”

“SEI broke out of a six-month descending wedge pattern by rallying 35% over three days, which signalled renewed institutional interest in the token. So the network fundamentals were already strengthening before this news even hit. This is evidenced by Sei’s DeFi TVL growing over 73% to $363 million in Q1,” Hunt said.

In April, investment management firm Canary Capital filed an application with the U.S. Securities and Exchange Commission to launch a staking-enabled Sei exchange-traded fund (ETF). The proposal aims to offer investors exposure to SEI with added yield from staking, an approach that’s still untested in the U.S. ETF landscape.

While the filing marks a significant milestone for the Layer 1 network, it remains unclear when or if the product will hit the market. The SEC extended its initial review deadline from mid-April to sometime in July, but it can delay the decision further. If it uses the full 240-day review window, a final ruling wouldn’t come before late December.