Sei Network (SEI) TVL Explodes 229% to $95.3 Million Since Sei V2 Launch on May 27, 2024

Messari, a provider of cryptocurrency market intelligence, has released its findings on Sei Network's developments. Messari reported in a tweet that

Sei Network (SEI) TVL Surges 229% Following Sei V2 Launch

Messari, a provider of cryptocurrency market intelligence, has reported on Sei Network’s recent developments. In a tweet on July 18, Messari revealed that Sei Network’s Total Value Locked (TVL) has increased by more than 200% since the launch of Sei V2 on May 27, 2024.

The Sei V2 update, which added three key network advancements, including EVM compatibility, has resulted in an astounding 229% rise in TVL, now standing at $95.3 million.

“TVL on @SeiNetwork has exploded 229% to $95.3 million since the launch of Sei V2 on May 27, 2024. Let's see why,” Messari stated in the tweet.

Sei V2 Spurs Growth with Yei Finance and DragonSwap DeFi Launches

The Sei V2 upgrade has enabled the rollout of several additional DeFi protocols, with the top two being Yei Finance, which is Sei’s first borrowing and lending protocol (a fork of Aave V3 that uses SEI, USDT, and USDC for borrowing and lending), and DragonSwap, Sei’s first EVM-compatible decentralized exchange.

These protocols began driving the initial wave of expansion on June 17 and June 25, respectively, with the launch of Yei Finance and DragonSwap.

Continuing to build on this momentum as TVL surged, Sei Network also recently released Airdrop 2 on July 9, 2024, which infused users with SEI tokens and additional funds.

Collectively, Sei has discovered a strong combination for boosting TVL growth. Notably, Sei Network also unveiled the $50 million Japan Ecosystem Fund to bolster Web3 gaming, social, and entertainment on the Sei platform.

“Introducing the $50M Japan Ecosystem Fund to elevate Web3 gaming, social, and entertainment on Sei! Japan’s sector is booming with talent—founders, come innovate with us on the fastest layer one,” Sei Foundation tweeted on July 17.

Zooming out to the price of Sei Network’s native token, SEI, these recent developments appear to be impacting its value positively.

Currently, SEI is trading around $0.4137, up 18.89% over the last 24 hours, leading the list of top gainers among the top 100 cryptocurrencies on CoinMarketCap. Notably, SEI has also been bullish for the past week, gaining by more than 31%.

Previously, the initiative concluded the first round of the Sei Creator Fund, which allocated $250,000 to 63 projects and 2,707 unique voters. Notably, popular analysts also recently projected a 271% increase in SEI’s latest bull run after the token successfully exited a falling wedge technical pattern.

Moreover, as reported by CNF earlier, Sei Network is also expanding its footprint via a partnership with Particle Network for the EVM-Cosmos Co-TestNet.

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