- Sei Network’s TVL surged 229% post-Sei V2 upgrade, reaching $95.3 million.
- Yei Finance and DragonSwap drove Sei Network’s initial DeFi growth.
Messari, a provider of cryptocurrency market intelligence, has released its findings on Sei Network’s developments. Messari reported in a tweet 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 added three important network advancements, including EVM compatibility, resulting in an astounding 229% rise in TVL to $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 🧵⬇️ https://t.co/GS7vz7XfjD
— Messari (@MessariCrypto) July 18, 2024
Sei V2 Spurs Growth with Yei Finance and DragonSwap DeFi Launches
The Sei V2 upgrade permitted the rollout of various additional DeFi protocols. The top two protocols are Yei Finance, Sei’s first borrowing and lending protocol, which is a fork of Aave V3 that uses SEI, USDT, and USDC for borrowing and lending, and DragonSwap, Sei’s first EVM-compatible decentralized exchange.
The launch of points programs for Yei Finance and DragonSwap on June 17 and June 25, respectively, fueled the initial wave of expansion that these procedures had already started.
Most recently, on July 9, 2024, Sei Network released Airdrop 2, which infused users with SEI tokens and additional money as TVL continued to rise.
Overall, Sei discovered a strong combo for TVL development. Sei Network has also established the Japan Ecosystem Fund, worth $50 million, to improve 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.
Learn more and apply here: https://t.co/e1Tr06HmVM
緒に成長しましょう! pic.twitter.com/3xR5tDiwpX
— Sei Foundation (@Sei_FND) July 17, 2024
Looking at the price of Sei Network’s native token, SEI, it appears that these recent occurrences have influenced its value positively.
SEI is currently trading around $0.4137, up 18.89% over the last 24 hours and leading the list of top gainers among the top 100 cryptocurrencies on CoinMarketCap. Also, SEI has been bullish for the past week, gaining by more than 31%.
Previously, the initiative completed the first round of the Sei Creator Fund, which distributed $250,000 to 63 projects and 2,707 unique voters.
Popular analysts forecast a 271% increase in SEI’s latest bull run after the token successfully exited a falling wedge technical pattern. Furthermore, according to a prior CNF report, Sei Network is extending its reach through a partnership with Particle Network for the EVM-Cosmos Co-TestNet.
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