Sei Network Shows Strong Growth in Q3 2024, Secures Major Gaming Partnership

Layer-1 blockchain platform Sei Network has demonstrated robust growth across key metrics while securing strategic partnerships in the gaming sector.

The network’s native token SEI has shown strong performance, currently trading at approximately $0.50, reflecting a 35.2% increase in Q3 2024.

Sei’s Strong Financial and Network Performance

Sei’s Q3 performance has been marked by substantial growth across multiple metrics. The network’s market capitalization rank improved from 69th to 53rd, while daily active addresses surged by an impressive 540.8% to 32,710. The platform’s Total Value Locked (TVL) saw a dramatic increase of 254.4% quarter-over-quarter, reaching $215.8 million.

The network’s quarterly revenue in SEI tokens increased by 31.1% to 0.11 million, though USD revenue saw a slight decrease of 16.5% to $37,490. This growth came alongside a decrease in annualized inflation from 8.8% to 7.6%, while staking APY increased to 5.1%.

Sei Network’s DeFi Ecosystem Expansion

The DeFi sector on Sei has shown particular strength, with major protocols like Yei Finance and DragonSwap maintaining their dominance. Together, these platforms command over 80% of Sei’s TVL, with Yei Finance holding 66.3% and DragonSwap at 14.1%. The ecosystem has continued to diversify with the introduction of new protocols and services.

Sei’s Strategic Gaming Partnership with Drift Zone

In a major development for the network, Sei has partnered with Web3 gaming studio Drift Zone through a $190,000 grant. The partnership aims to integrate Drift Zone’s gaming ecosystem, which already boasts over 500,000 players, with Sei’s blockchain infrastructure. Drift Zone: Arena, the studio’s popular Telegram-based game, will now enable players to claim rewards directly to their Sei wallets with on-chain verification of achievements.

“What Drift Zone is doing just makes sense,” said Jason Lim, Global Gaming Lead at the Sei Foundation. “They’re taking games that already drive massive player engagement across Asia and enhancing the experience with Sei’s technology.”

Sei Foundation Initiatives

The Sei Foundation has launched two significant funding initiatives:

• A $50 million Japan Ecosystem Fund focused on accelerating Japan-based projects
• A $10 million Sei Creator Fund supporting NFTs and social content creation

SEI Price Outlook

While the network shows strong fundamentals, market analysts note potential liquidation risks as the token price continues to rise. Recent trading data shows SEI forming liquidation clusters around $0.514 for long positions and $0.550 for shorts, suggesting possible volatile market conditions ahead.