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Sei Network has reached a new milestone, crossing 600,000 active wallets, its highest number to date. The high-speed Layer 1 blockchain is gaining momentum, even as its native token, SEI, fell by over 30% in May.
The growth comes from a surge in gaming and DeFi activity on the network. Since January, Sei has established 17 million new wallet addresses, with over 330,000 new addresses created daily in Q2. The number of active addresses now sits at 26.8 million, according to Flipside data.
Gaming is leading this rise. DappRadar reports that the most used apps on Sei are games like World of Dypians, Hot Spring, and Archer Hunter. These titles have helped boost daily user engagement and brought fresh capital to the network.
Sei’s total value locked (TVL) reached an all-time high of over $550 million in May, before settling at $471 million. This shows strong interest from both developers and users, even as SEI’s token value has slumped.
The drop in SEI price follows wider market trends, with Bitcoin dominance growing and altcoins under pressure. Some analysts, however, see a possible turnaround. SSE Exchange CEO Soroush Osivand noted a bullish chart pattern forming for SEI.
Sei Network continues to grow its ecosystem rapidly. But with strong competition from Layer 1 chains like Solana and Sui, the project must keep pushing innovation to stay in the game.
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