Sei Blockchain Gains Traction in DeFi, TVL Surges 80% to Hit $115M Record

Sei, a blockchain platform focusing on speed and EVM compatibility and offering trading infrastructure for decentralized exchanges (DEXs) and other decentralized applications (dapps), is gaining traction in the decentralized finance (DeFi) sector.

Sei, a Layer 1 blockchain designed for speed and EVM compatibility, is making waves in the decentralized finance (DeFi) space with its rapidly growing total value locked (TVL).

The blockchain, which offers trading infrastructure for decentralized exchanges (DEXs) and other dapps, has seen its DeFi TVL increase by nearly 80% in the past month, reaching a new record of $115 million on September 5, according to data from DeFi Llama.

Thanks to its rapid increase, Sei has now joined the top 40 largest chains by DeFi TVL, surpassing BSquared, Osmosis, Celo, and Fantom, among others.

On September 5, the blockchain also registered record daily inflows, with nearly $10 million worth of tokens being deposited into the dapps that it hosts.

Sei’s TVL surge has been largely driven by Yei Finance, the biggest DeFi app on the chain.

Yei is a lending dapp that was forked from Aave V3 and allows users to lend and borrow crypto assets by connecting their non-custodial wallets.

The total liquidity on Yei reached a record $72 million, increasing by over 25% in the last 24 hours.

The most deposited tokens in Sei pools are wSEI – the wrapped version of Sei’s native coin, USDT, and USDC.

USDT’s share has doubled over the last two days as the Yei platform saw record inflows dominated by Tether’s stablecoin.

Another DeFi app that is gaining momentum on Sei is SiloStake, a liquid staking protocol for the SEI coin. SiloStake’s TVL crossed the $30 million mark on September 5 to set a new record. The metric has surged over 450% in the past month.

While SiloStake is the second-largest DeFi app on Sei, the blockchain’s TVL displayed on DefiLlama does not include the protocol’s liquidity to avoid double counting.

SEI holders can stake their coins on SiloStake to target an annual percentage rate (APR) of 4% and receive iSEI while staking, which can be used to explore more yield opportunities in DeFi.

The above is the detailed content of Sei Blockchain Gains Traction in DeFi, TVL Surges 80% to Hit $115M Record. For more information, please follow other related articles on the PHP Chinese website!