Welcome to the Sei Overview. In this edition, we explore Saphyre’s expansion into perpetual futures and what it means for Sei’s trading focused ecosystem, as well as internal updates for Sei Giga and Monaco’s upgrades.
New here? Subscribe here to get updates to your inbox every Monday.
By the Numbers
$SEI token price: $0.059 (+33.5%)
Market cap: $402M (+33.7%)
Total Value Locked (TVL): $35.1M (+11.4%)
Stablecoin market cap: $301.6M (+0.5%)
Daily EVM transactions: 29.6K (+142.6%)
Daily EVM active addresses: 2.3K (-8%)
Block time: 0.44s (-6.4%)
Percentages and metrics are calculated over a 7-day time frame, unless noted otherwise.
Sei Showcase
💨 What’s happening: Saphyre, one of the most active DEXs on Sei, detailed how it plans to evolve its spot trading platform into a protocol built around trading perpetual futures. The DEX is also changing its token structure.
💨 Why it matters: With over $14.5 million in TVL and $200 million monthly trading volume, Saphyre is now expanding from a spot trading app into a perpetual futures trading protocol.
DRG becomes SAPH: a portion of the fees the protocol earns will be used to buy SAPH on the open market, and those purchases will be routed back to stakers. Rewards will be funded by revenue the venue earns.
Rewards are paid from a public wallet: The DEX said the funding source for every payout is auditable onchain as they originate from a public wallet.
Early adopter bonus: The DEX said it has taken a snapshot, so users who hold 100,000 DRG will get permanent “Founding Staker” status. Users who stake before the token is converted to SAPH gain “Early Staker” status.
💨 The bigger picture: Saphyre Perps will plug into Monaco, which means Sei's perpetual futures contract activity will be consolidated around shared infrastructure.
Monaco will supply the matching engine and liquidity, while Saphyre will establish the front-end, tokenomics, and DragonSwap's existing user base.
Accelerating Sei’s blockchain
Updates on the latest games, validators, builders and more that are helping Sei expand
Sei showed off recent numbers and benchmarks for its Giga testnet:
The network is processing roughly 63,000 transactions per second, comparable to Visa’s 65,000 transactions per second.
Blocks are produced every 27 milliseconds, each of which carry around 1,700 transactions, which means trades are picked up almost immediately
Consensus, the process in which nodes agree on a transaction order, accounted for less than 1% of a node's processing time
Monaco, a perpetual futures trading DEX incubated by Sei, has changed how it calculates collateral requirements so that bigger trades require more capital. Before this, every trade was charged the same rate regardless of its size.
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.
That’s all for this week.
Hit reply and let us know how we did! What was your favorite part of the newsletter? Our founder reads every response.
To get this newsletter delivered to your inbox every Monday, subscribe here:
This product was built by StrataMedia.
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.