Welcome to the Sei Overview. In this edition, we explore a new research paper about onchain trading and the importance of privacy; upgrades to the Monaco protocol, and the latest on the network’s user activity growth.
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By the Numbers
$SEI token price: $0.07182 (-8.5%)
Market cap: $483.8M (-8.5%)
Total Value Locked (TVL): $34.9M (-15.3%)
Stablecoin market cap: $306.3M (-0.3%)
Daily EVM transactions: 18.4K (-35.7%)
Daily EVM active addresses: 3.1K (+6.9%)
Block time: 0.47s (+0%)
Percentages and metrics are calculated over a 7-day time frame, unless noted otherwise.
Sei Showcase
💨 What’s happening: Benjamin Marsh, a researcher for Sei Labs, co-authored a research paper that reveals how transactions can stay encrypted until their order on the blockchain is finalized, after which they can be unlocked with a single key.
💨 Why it matters: Before a trade is added to the blockchain, it sits in a public waiting room called the mempool, where anyone can see what a trader is about to buy or sell. Some people deploy bots that monitor the mempool and slip their own orders in before actual trades are executed, pushing the price up before the original trade goes through and pocketing the difference at the trader's expense.
One way to prevent such behavior is to encrypt trades while they wait, so bots can see that a trade exists but not its details. But if each trade is encrypted individually, it would need its own key, and such encryption tasks can quickly pile up if a chain is processing thousands of transactions at a time.
The research paper posits that this encryption bottleneck can be managed by combining those keys into a single key that can unlock entire batches of transactions at once.
💨 The bigger picture: While this research isn’t yielding a product or feature currently, such a mechanism can prove useful for building trust among a network’s users.
As Sei works to become a destination for high-speed onchain trading, protecting orders from being exploited before they go through is closely tied to whether traders trust the platform enough to use it.
Accelerating Sei’s blockchain
Updates on the latest games, validators, builders and more that are helping Sei expand
Mecone integrated with Monaco, allowing traders to use event contracts to map out their portfolio's underlying exposures. The tool provides insight into the risks behind traders’ positions.
Monaco’s new protocol upgrade lets developers control their own trading fees, so teams that build apps on top of the platform can charge a small cut of each trade their users make.
Total value locked on Saphyre, a trading and swap protocol on Sei, has grown 20.5% to $16.8M since the announcement of its perpetual futures trading feature.
RWA holders on Sei increased by 6% compared to last week week to 2,140. The growth mainly came from Ondo’s U.S. Dollar Yield fund.
Lock in to the ecosystem
Want to get involved?
Check out the latest job postings on Sei Labs and Sei Development Foundation.
Explore Sei’s ecosystem to find regional partners and learn how to build on its EVM layer.
Saphyre opened the waitlist for its Sei-powered perpetual future trading DEX.
That’s all for this week.
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This information is for entertainment purposes only. It should not be considered financial advice, nor should it be used to make investment decisions. Cryptocurrencies are high risk and you should consult a financial professional before making any financial decisions. Make sure you do your own research.