SEI Network Records 1.4 Million Daily Users Despite Token Down 90% From All-Time High

TLDR:

• SEI Network daily active addresses surged to 1.4 million in late 2025 despite 90% token price decline
• The network maintains $185 million TVL with 100% uptime and processes 2 million daily transactions currently
• SEI market cap to TVL ratio stands at 4.4, significantly lower than competitors like Sui and Solana
• Giga upgrade targets massive TPS increase, while Xiaomi integration brings pre-installed wallet distribution.

SEI Network currently trades around $0.12 to $0.125, with a market capitalization near $800 million and a fully diluted valuation of $1.25 billion. 

The layer-1 blockchain has declined roughly 90% from its all-time high of $1.14. However, crypto analyst Tanaka recently shared data suggesting the network’s on-chain fundamentals paint a different picture than its price chart indicates.

On-Chain Metrics Surge While Token Price Retreats

SEI Network averaged approximately 800,000 daily active addresses during Q3 2025, according to data referenced in Tanaka’s analysis. 

By late 2025, the network experienced spikes reaching 1.3 million to 1.4 million daily active addresses. This positioned SEI among the top-performing EVM-compatible chains by user activity. 

Daily transaction volume crossed 2 million transactions during this period. The network maintained 100% uptime throughout the year.

Total value locked on SEI peaked near $680 million in mid-2025. The TVL currently stands at around $185 million despite broader market conditions. The network’s market cap to TVL ratio sits at approximately 4.4 at current levels. 

At peak TVL, this ratio was close to 1.2. Stablecoin supply and peer-to-peer transaction volumes reached all-time highs during 2025.

Protocols building on SEI Network, including Takara Lend and Yei Finance, onboarded tens of thousands of users. The analyst noted five consecutive quarters of rising network usage while token price declined. 

Tanaka posted his analysis on social media platform X, highlighting the divergence between price action and fundamental growth metrics.

Valuation Gap and 2026 Development Pipeline

SEI Network’s current valuation ratios appear compressed compared to competing layer-1 blockchains. 

The analyst compared SEI’s metrics to networks like Sui, Solana, and Aptos. SEI surpassed Aptos in daily active addresses while frequently matching or exceeding Sui’s raw activity numbers. However, SEI trades at a fraction of these competitors’ valuations.

The network has multiple developments scheduled for 2026. The Giga upgrade targets massive transactions per second increases and lower latency. 

RWA tokenization and institutional integration efforts are expanding. Xiaomi wallet integration will provide pre-installed distribution to mobile device users.

Strategic partnerships continue to develop around the ecosystem. Binance operates as a validator on the network. Robinhood recently added SEI to its trading platform. Market participants have discussed potential exchange-traded fund products. 

Token unlock schedules remain active, creating potential selling pressure. The analyst acknowledged competitive pressures within the layer-1 blockchain space while noting the disconnect between SEI’s usage growth and current market valuation.

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