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SEI Price Surges by 24% Following Ecosystem Expansions, TVL Reaches $200M
Wednesday, September 26, SEI Network saw an applaudable price jump, with the SEI token's market cap cruising above $1.6 billion...
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Ayanfe Fakunle
Wednesday, September 26, SEI Network saw an applaudable price jump, with the SEI token’s market cap cruising above $1.6 billion. As of writing, SEI is trading at $0.46, per CoinMarketCap data, cementing a 24% joyride over the past 24 hours. Earlier in the day, the token briefly touched a high of $0.47. Over the last month, SEI has recorded a 30% rise, continuing its upward trajectory.
New Yield-Generating Integrations
On September 24, the SEI team announced new ecosystem integrations through a post on X. Two yield-generating Liquid Staking Tokens (LSTs), Seiyan ETH and Super Seiyan ETH, developed by Nucleus and Dinero, have successfully entered the SEI ecosystem. Nucleus operates as a yield provider for networks, while Dinero serves as the yield framework for Ethereum.
Additionally, SEI revealed that the new partnership with Jellyverse brings fresh incentives to its users. Jellyverse, a decentralized finance (DeFi) ecosystem that provides synthetic Real World Assets (RWAs), now offers opportunities for SEI users to participate in yield farming.
About Sei Network (SEI)
Sei is a sector-specific Layer 1 (L1) blockchain optimized for decentralized exchanges (DEXes). Its design aims to streamline trading processes and offer DEXes a competitive edge. With its focus on performance, Sei seeks to meet the growing demand for efficient decentralized trading platforms.
Committed to environmental responsibility, Sei is also targeting carbon neutrality, aligning itself with the wider crypto trend of sustainability. The native token, SEI, powers this blockchain network, supporting its growth and development.
New Integration Opportunities
According to the X post, the recent integrations introduce several new benefits. Dinero’s Seiyan ETH ($sETH) and Super Seiyan ETH ($ssETH) are now offering incentives. Users can either hold ssETH or provide liquidity with sETH/WETH or ssETH/WETH pairs on Jellyverse, earning SEI, DINERO, and boosted Nucleus points.
Furthermore, ssETH will receive additional incentives through SEI, DINERO, and Nucleus points, distributed bi-weekly among token holders.
Jellyverse, in collaboration with Nucleus and Dinero, has also launched new ETH pools, providing more opportunities for SEI ecosystem participants.
SEI Network’s TVL Hits $200 Million
SEI Network has seized a significant milestone as its Total Value Locked (TVL) surpassed $200 million. This growth highlights its position as a key Layer 1 blockchain in the DeFi space. The surge in TVL followed the successful launch of its V2 protocol, which triggered a rapid rise from just $5 million in January 2024 to $200 million by September.
In the past four months since the V2 launch, the SEI Network has enjoyed a 57.44% monthly jump in value locked. Investor interest has equally ballooned due to the platform’s innovative DeFi offerings, leading to a 244% growth in active monthly participation and an increase to 65,000 daily active users.
SEI’s Tokenomics and an 8-10x Growth in Sight by 2025
With a circulating supply of 1.8 billion tokens out of a total of 10 billion, SEI has considerable room for expansion. Coinfomania predicts further growth as the network plans to release 55% of its tokens over the next year, providing additional development opportunities.
Market analysts draw parallels between SEI’s current trajectory and other Layer 1 tokens, such as Solana (SOL), Fantom (FTM), and Terra (LUNA), which experienced massive gains during previous Bitcoin bull markets. With SEI’s growing presence in DeFi and artificial intelligence (AI)-driven altcoin sectors, many analysts predict an 8-10x surge by 2025.
Image Source: Donovan Jolly
In 2023, SEI Network secured a $120 million Ecosystem Fund with an ambition to support projects built on its blockchain. The results of these investments are evident in the steady rise of SEI’s TVL, which has grown from $5 million at the start of the year to $200 million by September.
With a growing user base, innovative tokenomics, and strong TVL performance, SEI Network is well-positioned to become a significant player in the Layer 1 blockchain sector, with a promising outlook for the years ahead.
Ayanfe Fakunle is an expert content writer, journalist, and editor at the intersection of crypto, finance, and web3. His mission is to make crypto accessible, engaging, and exciting for everyone.
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