SEI Appears Positive Initially, But This Metric Alters the Perspective

Usage Growth: Sei has seen significant growth in daily active addresses and transactions, with a 93.5% increase in daily active addresses to 824K and an 87.1% rise in transactions to approximately 2M per day, indicating a strong user engagement trend.

Capital Concerns: Despite the increase in usage, total value locked (TVL) dropped by 25% to $455.6M, suggesting that while trading activity is high, capital remains sensitive to market conditions and lacks long-term commitment.

Gaming as a Driver: Gaming has emerged as a major contributor to on-chain activity on Sei, with 116M gaming transactions, fostering user habits that may lead to sustained growth even amid capital outflows.

Token Dynamics Improvement: The mechanics of the SEI token are improving, with reduced monthly unlock pressure and increased staking APY, which may support long-term infrastructure development rather than short-term speculation.