- Sei Network hits $220M in stablecoin TVL, marking a new all-time high in April 2025.
- Stablecoin growth across crypto markets slows, but Sei DeFi activity continues.
- Despite token price drops, top DEXs on Sei show steady TVL and active user bases.
Overall, crypto markets are seeing reduced liquidity, which has not stopped Sei Network from crossing $220 million in stablecoin total value locked, a new record. Despite stablecoin growth slowing, Sei’s DeFi ecosystem continues to see users, revenue, and active DEXs.
Stablecoin Growth Slows but Sei Hits New All-Time High
Although stablecoin growth across the crypto market has slowed recently, Sei Network has reached a new milestone. According to data from DeFiLlama, Sei has surpassed $220 million in TVL in stablecoins, a new high for the network.
The chart shows that the rise happened around mid-April 2025. The TVL rose sharply after a brief consolidation period between late March and early April. This steady increase is occurring at a time when the broader stablecoin market is slowing in growth.
According to a chart from Glassnode, the total stablecoin market cap is now $209 billion, but the rate of growth has slowed in recent weeks.
Reduced green bars on the Glassnode chart that track net position changes show the slowdown. This trend implies that liquidity in digital assets is not growing as fast as it used to. Despite the market turning more cautious, Sei Network has been able to secure stablecoin deposits and increase its TVL.
DEX Activity and Market Cap Trends
Also, according to the Sei ecosystem data, DEX volume and market cap have fallen since January 2025. As per the DeFiLlama graph, the DEX volume peaked near the end of 2024 and has fallen ever since. It had a market cap of above $2.5 billion, but now it is under $1 billion.
Although the volume and market cap have been falling, activity on DEX platforms within the Sei ecosystem has remained steady. For example, the DEX project Sailor on Sei has held over $61 million in TVL. Despite a 22.77% decrease in the last 30 days, Dragon Swap V3 has around $14.8 million in TVL. Another DEX on Sei, Yaka Finance, has gained 21.91% in TVL over the last week, indicating some projects are still growing.
These figures indicate that although the overall market size may have shrunk, some projects are attracting liquidity. Daily revenue and user activity on Sei’s most active platforms continue to generate revenue, supporting the broader DeFi growth on Sei.
Transaction Fees and Price Trends on the Sei Network
Moreover, Artemis data reveals that Sei’s average transaction fee is still extremely low. By April 2025, the fee was around $0.000023. This implies that the network is cost-efficient for users even when the transaction volume changes.
In the meantime, the price of SEI has fallen over the past few months. The token was trading around $0.30 in early February 2025 but has since fallen to approximately $0.17.
Even though the price has dropped, the transaction fees have remained unchanged. The yellow bars on the Artemis chart show tiny fluctuations in average fees. This makes the network appealing for retail users and developers who require low-cost transactions.
Developer Activity and Community Support
Jellyverse, Carbon DeFi, and Yaka Finance are projects that still attract users to Sei’s DeFi ecosystem. Dragon Swap V3 alone had a solid community base, with over 135,000 users. Sailor had $4,572 in revenue over 24 hours and over $1,500 last month.
The user base and social media engagement indicate ongoing activity supporting the ecosystem. For example, Jellyverse has 18,700 followers on Twitter, and Dragon Swap V3 has 135,000. These numbers also explain how Sei can maintain liquidity and trust with its users even in uncertain market conditions.
Although inflows of stablecoins into the overall crypto market are slowing, Sei’s DeFi sector is growing. This difference suggests that funds are moving within the sector, not out of it. Stablecoins are often used as base trading pairs, and their movement can show shifts in user behaviour across platforms.
