Sei Network defies the trend with growth: 2 million daily transactions, DEX becomes the core driving force

2025-12-17 12:40:11

【Crypto World】Sei ecosystem’s recent performance is quite interesting. According to the latest data from Messari, the number of daily active addresses on this network in Q3 2025 surged by 93.5%, reaching 824,000. The daily trading volume skyrocketed to 2 million transactions, maintaining an upward trend for five consecutive quarters.

However, the report card should be viewed with nuance. In terms of TVL, there was indeed a 25.3% decrease quarter-over-quarter, now at $456 million; the stablecoin market cap also shrank by 46.5%, leaving only $148 million. But while one side declines, the other is taking off — DEX trading volume increased by 75%, with daily trading volume hitting $43 million. The gaming sector is even more explosive, with total transaction counts surpassing 116 million. In simple terms, Sei’s growth engine has shifted from existing funds to active trading.

Changes are also happening within the ecosystem. Splashing Stake’s launched spSEI liquidity staking product has overtaken Silo, becoming the largest platform. Meanwhile, Giga’s upgrade development continues to advance, with project teams clearly betting on high-performance DeFi and AI applications. This is building up energy for the next wave of growth.

SEI-2.91%

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SneakyFlashloan

· 12-20 12:35

DEX is taking off, stablecoins are shrinking, indicating that funds are looking for new outlets. This rhythm is quite interesting. TVL has decreased but trading activity has increased. It feels like Sei is doing subtraction and addition at the same time. An average of 2 million transactions per day sounds good, but it depends on how sustainable it is. Maybe another wave of arbitrageurs will come to join the fun. The gaming sector is hot, which is the real demand. It's much more reliable than just looking at trading volume numbers. Stablecoins plummeted by 46.5%. That's quite intense. Where are the funds flowing to?

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DaoDeveloper

· 12-19 03:49

ngl the TVL drop is sus but that trading volume spike hits different... when you shift from capital concentration to actual transaction throughput, the composability metrics start to matter way more than tvl alone

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RugResistant

· 12-17 13:07

Is the surge in trading volume reliable, while TVL is actually declining... Something doesn't seem right. Speaking of DEX trading booming, are users really making money? Or are they just cutting each other? Is Sei experiencing genuine growth or is it just data inflation? We need to see how it develops next. Wait, stablecoins plummeted by 46%? Now that's the real issue. DEX is taking off, but an ecosystem without real capital backing can't go far. This is a bit uncertain.

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MEVEye

· 12-17 13:06

DEX surges 75%, transaction volume exceeds 10 million, this is the real activity level. The decline in TVL is not a big deal. Sei is indeed shifting towards a trading ecosystem, seems to have grasped something key. Stablecoins shrink by 46%, sounds scary, but trading volume is soaring... data is a bit conflicting. 2 million transactions per day? That traffic is really good, finally seeing projects besides Bitcoin can also compete. Staking products have overtaken, the ecosystem is being reshaped. This kind of transition is quite interesting. TVL has fallen, but active addresses increased by 93%, indicating that new users are really being attracted, not just a pure money grab. Rounding up, Sei is already a exchange chain, haha, this positioning is a bit wild. Growth driven by trading, this is the way an L1 should operate, better than those stacking TVL. Game sector with 116 million transactions, lucky to have this ballast. Liquidity staking surpasses? This batch of ecosystem products is quite competitive.

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WalletWhisperer

· 12-17 13:05

whale capital rotating out of liquidity pools into transaction velocity... classic behavioral shift. the address clustering patterns suggest institutional repositioning, not retail panic. 93.5% spike in daily actives screams algorithmic footprints all over it.

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SilentAlpha

· 12-17 13:01

Oops, DEX has taken off, with 2 million transactions—no joke. TVL has dropped, but trading activity is skyrocketing. This rhythm is quite interesting... funds are probably looking for an exit. Sei's shift towards a trading-driven approach is much more practical than just stacking TVL.

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ETHReserveBank

· 12-17 12:56

Trading volume explosion is real, but how to handle the 25% plunge in TVL? Feels like funds are migrating to DEXs. --- DEX is booming, and so is the game industry. Just not sure how long it can last... feels a bit hollow. --- Five consecutive quarters of growth? Sei definitely has some potential this time, but halving stablecoins is a bit alarming. --- 200 million transactions per day is no joke, but it depends whether these are active users or just arbitrage bots. --- Moving funds from existing capital to active trading, sounds good... but actually just creating a new hype.

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OnchainDetective

· 12-17 12:41

Trading volume skyrocketing depends on who is trading. Are retail investors just harvesting profits, or is there real value? DEX launches and gaming surge, but stablecoins and TVL both plummet. This logic is a bit mysterious. Staking products have overtaken? Overtaken what? Hey, I was just halfway through my sentence, buddy.

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