Sei Coin has been showing quite interesting movements over the past few months. The price volatility is significant, but even more noticeable is the change in the ecosystem.

Currently, SEI has risen about 31.86% over the past month from around $0.07. Its all-time high was $1.14, so the current level can still be considered a recovery phase. The circulating market cap is approximately $518 million. While the price movement of Sei Coin itself is important, the real point of attention is the increase in on-chain activity. The number of daily active addresses has grown substantially, and trading volume has increased by over 200% compared to the last quarter.

What’s interesting here is that most of this growth is concentrated in gaming projects. On-chain games like Nika Labs, Dragon Slither, and World of Dypians account for over 89% of active addresses, and they handle more than 85% of transactions. It may seem like the ecosystem is expanding, but in reality, almost everything is focused on the gaming sector. In the DeFi space, Yei Finance alone accounts for more than half of the TVL, indicating structural risks.

From a fund inflow perspective, the outlook is positive. Over the past month, net inflows through cross-chain bridges reached $59.84 million, ranking third after Avalanche and Aptos. The TVL has risen to $650 million, a growth of over 30% compared to a month ago. Interest from institutional investors is also quite high.

Especially notable is the acceleration of the US market entry strategy. They are building institutional infrastructure through establishing a development foundation, collaborating with major US projects, and strengthening the stablecoin ecosystem. The recent launch of native USDC and CCTP V2 is part of this trend. Technical upgrades are also underway, aiming to simplify EVM mode and handle over 100k transactions per second. The European financial institutions’ ETP product launches and US ETF plans are also worth watching.

Ultimately, Sei Coin’s current situation seems to focus more on building institutional-level infrastructure and ecosystem diversification rather than short-term price increases. Reducing dependence on the gaming sector and expanding into various fields like DeFi and stablecoins could be key to long-term success.