In Messari's research report on Sei, there is actually a not-so-good signal: Sei's TVL is decreasing. Admittedly, I somewhat overlooked this and marked TVL ≠ all in the chart. But I actually have something to say about this aspect. Typical TLDR: TVL indeed ≠ everything. If you only view Sei through the old DeFi framework, you will misjudge what Sei is doing now 🐻, almost all public chain TVL