Welcome to the Sei Overview. In this edition, we explore Sei Labs’ research about Hermes and how it improves block times compared to other designs, as well as Canary Capital’s Sei ETF and updates to Monaco.
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By the Numbers
$SEI token price: $0.07 (+33.2%)
Market cap: $528.9M (+31.6%)
Total Value Locked (TVL): $41.2M (+17.4%)
Stablecoin market cap: $307.1M (+1.8%)
Daily EVM transactions: 28.6K (-3.4%)
Daily EVM active addresses: 2.9K (+26.1%)
Block time: 0.47s (+6.8%)
Percentages and metrics are calculated over a 7-day time frame, unless noted otherwise.
Sei Showcase
💨 What’s happening: New Sei Labs research compares how Hermes, the consensus protocol for the network’s Giga upgrade, performs against other mechanism when validators go offline.
💨 Why it matters: Sei Labs’ Hermes consensus protocol combines fast, leader-based protocol mechanisms with a fallback so that finality speeds can be maintained even if validators are slow or go offline. Sei measured how well that works in a controlled test:
Shorter waits under pressure: With three leaders offline in a row, Hermes confirmed 95% of transactions within 206 milliseconds, more than 43% faster than the second-fastest protocol tested, Minimmit.
Steadier performance: Hermes slowed about 2.2 times when leaders went offline, compared with 3.5 to 5.8 times for the other protocols.
No cost when healthy: Under good conditions, Hermes matched the fastest protocol tested, confirming transactions in with a median latency of 68 milliseconds.
💨 The bigger picture: Hermes will be built on top of Autobahn, the Giga upgrade in which validators share transaction data in parallel, which gives their proposals more common ground to finalize when a leader falls behind.
For a chain focused on trading, predictable wait times matter as much as average speed, so this test is encouraging for Sei’s upcoming upgrade.
Accelerating Sei’s blockchain
Updates on the latest games, validators, builders and more that are helping Sei expand
REXShares and Osprey Funds have updated their Staked SEI ETF filing with the SEC, setting October 23 as the effective date. The SEI ETF would launch alongside seven other crypto-related ETFs.
Canary Capital has amended its filing for its Staked SEI ETF to include new staking terms:
Roughly 90% of the fund's SEI is expected to be staked, and BitGo will serve as its sole custodian.
Previously Canary had named both BitGo and Coinbase as custodians, and set a broad goal of staking all of the fund's SEI outside of redemption and expense reserves.
Protofire Multisig has added support for Sei as part of an expansion to 19 new networks.
The integration lets teams that manage protocol treasuries and operations through Safe multisig accounts handle their Sei accounts in the same interface as those on Ethereum, Base and other networks, without replacing Sei's existing dedicated multisig tool.
Monaco, a perpetual futures trading DEX incubated by Sei, has added trailing stops, which automatically closes a position once the price pulls back a set amount from its highest point since the order was placed.
A trailing stop will follow the price as a trade gains, which helps traders lock in profit without manual adjustment.
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.