SEI token emerged as the biggest gainer of the day among the top 100 crypto assets. The rally aligned with a broader crypto bounce as Bitcoin reclaimed the $105,000 level while altcoins like Ethereum, XRP, Solana, and Dogecoin all posted solid gains. The cumulative crypto market cap surged by around 5% over the last day to stand at $3.25 trillion.
SEI price surged by more than 40% in the last 24 hours to hit $0.268, recording its highest level since May 12. Its 24-hour trading volume spiked by a massive 258% to stand at $793 million. The token has now more than doubled from its April lows, boasting a market cap of $1.53 billion.
DeFi booms on SEI
The crypto market rebound followed US President Donald Trump’s announcement of a potential ceasefire between Israel and Iran. This move eased geopolitical tensions and sparked risk-on sentiment across global markets. But SEI’s climb wasn’t just about macro tailwinds, as its on-chain fundamentals are flashing green.
As per the data provided by DefiLlama, the total value locked (TVL) on the SEI blockchain soared 26% over the last day to hit $535 million. It is just shy of its all-time high of $535 million. Its TVL stood around $208 million at the beginning of the year, and has now doubled. SEI’s DeFi TVL is now up by 10% over the past month.
The surge is being powered by the rising adoption of Sei-based decentralized applications. Data shows that Yei Finance, a lending protocol modeled after Aave, now dominates the chain with $314 million in assets. Takara Lend, another lending dApp, has attracted $59 million in TVL.
SEI futures open interest soars 84%
Stablecoin growth has been explosive on the SEI chain. The total stablecoin supply on the chain has jumped from just $1.2 million in March to over $225 million today. USDC is commanding more than 83% of the market share.
Protocol revenues are also following suit, as its monthly earnings from SEI-based DeFi protocols have ballooned from $116,000 in March to $562,000 in June. This reflects high user activity and transaction throughput.
Derivatives markets show that open interest in SEI futures has soared by over 84% in the last 24 hours. Institutional interest may soon get another catalyst as Sei Network was recently shortlisted as a candidate blockchain for Wyoming’s WYST stablecoin pilot.
This all comes in as the Fear and Greed index returns to the “Neutral” territory after spending a day in “Fear.”
Bitcoin price dipped below the $100K level just to make a comeback rally, hitting $106k. BTC is trading at an average price of $105,338 as of press time.
Dogwifhat is another altcoin that caught the eye of traders. WIF price zoomed by 25% in the last 24 hours with a trading volume of $634 million. WIF is trading at an average price of $0.85 as of press time.
Major meme tokens like Dogecoin (DOGE) and Pepe prices also took off by 8% and 12% in the same session.
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