State of Sei Q2 2024

Key Insights

Financial Analysis

SEI’s price decreased 58.7% QoQ to $0.34. The token’s price had moments of volatility in Q2. However, these moments don’t appear to have been caused by Sei-specific catalysts. Rather, they aligned with the broader crypto market’s price action as SEI followed dips and gains in the price of majors such as Bitcoin.

SEI’s circulating supply increased 14.2% QoQ to 3.05 billion due to a mix of token unlocks and staking rewards. In Q2, 360.1 million locked SEI was unlocked at a daily rate of ~4 million SEI. This rate will increase starting in August 2024, when the investor and project team allocations begin vesting an additional ~3.2 million SEI per day. Ultimately, SEI tokens will continue to vest

Average daily active addresses (DAAs) decreased 76.1% QoQ to 5,105, while daily transactions increased 3.4% QoQ to 4.1 million. The decline in average DAAs may have been a reversion to the mean for Sei’s mindshare and onchain activity after a well-received launch in H2’23 and a surge in activity in Q1’24.

Liquid staking protocols Silo

The NFT sector has decisively led ecosystem activity since Sei’s inception. However, the launch

Sei’s TVL (USD) saw a 32.9% QoQ increase to $60.9 million. This increase is especially notable when considering SEI’s quarterly price decrease, as TVL (SEI) increased 221.9% QoQ to 179 million SEI. TVL growth was driven by the launch

The launch of Sei V2 also resulted in a change in the composition of DeFi activity on the network. This change was led by another newcomer, Yei Finance

Sei’s NFT ecosystem

NFT trading volume (SEI) decreased 91% QoQ to 31,581. Sei-native NFT marketplaces, including Pallet

NFT sales peaked in December 2023, but the number of collections traded continually increased throughout Q1’24. This trend suggests that the NFT sector’s surge in trading volumes resulted in developers launching more NFT collections, leading to saturation of the sector. As NFT activity waned in Q2, the number of unique collections traded daily decreased 22.5% QoQ to 90.

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