Sei Network Explosive Growth in 2024: From Users to Transactions

• By February 2024, Sei Network had increased to 950,300 users as a result of anticipation for Sei v2.
• The Sei v2 upgrade in May led to a spike in daily transactions, reaching 5 million as the network grew.

Renowned validator Everstake has revealed Sei Network progress in its H1 2024 report. At the start of the year, Sei Network had a significant surge in new users. By early 2024, approximately 21,700 new members had joined the site, increasing the total active user count to 174,200.

This increase continued, and on February 11, the user base surpassed a critical milestone of 950,300 people. The anticipation for the release of Sei v2 and the information about its upcoming testnet were major factors in this rise.

1/6 Unveiling Sei’s Progress: H1 2024 Report

Welcome to a deep dive into Sei’s first half of 2024! Our report showcases the latest innovations, significant growth achievements, and technological breakthroughs that have marked this period.https://t.co/5c7b3l0k94

Let's explore… pic.twitter.com/xnaM5D75be

— Everstake (@everstake_pool) August 6, 2024

Sei Network Transaction Surge and Alpha Launch: A Milestone in 2024 Growth 

The number of transactions on the network increased significantly over this time period. Another notable increase in activity occurred from late May to early June, as the Sei v2 upgrade began its launch phase. During this time, daily transactions increased dramatically, peaking at 5 million.

From the beginning of the year to mid-March, there was a rise in a variety of measures, including the number of delegators, indicating a consistent increase in Sei Network uptake and utilization. This period of growth reflected users’ rising confidence and interest in the Sei ecosystem.

By the end of May, Sei Network had successfully entered Phase 2, known as the Alpha Launch, of the Sei v2 upgrade. This upgrade builds on the Sei Network’s existing capabilities while expanding its benefits to a larger worldwide network of EVM developers.

Sei v2 carefully blends the benefits of both Solana and Ethereum, providing a more robust and versatile platform for developers and users alike. Meanwhile, CNF reported that Sei Network’s Total Value Locked (TVL) increased by 229% following the Sei v2 upgrade in July, hitting $95.3 million.

This expansion was aided by DeFi projects such as Yei Finance and DragonSwap, which played critical roles in the early phases of Sei Network’s DeFi ecosystem.

In addition, Sei Network has launched the $50 million Japan Ecosystem Fund to improve gaming, social, and entertainment experiences in the Web3 sector on the Sei platform.

Furthermore, as CNF previously highlighted, Sei Network has teamed with Particle Network for the EVM-Cosmos Co-Testnet, demonstrating its dedication to blockchain innovation and collaboration.

The network’s introduction of Universal Accounts and Universal Gas has allowed for smooth cross-chain transactions and gas payments, greatly improving the user experience.

Amidst these events, Sei Network’s native token, SEI, has witnessed a significant increase in value. At the time of writing, SEI had increased by 7.95% over the last 24 hours, reaching $0.3085 with a daily trading volume of $72.68 million.