Welcome to the Sei Overview. In this edition, we explore Sei Labs’ acquisition of Bilinear Labs to expand development for Sei Giga, as well as user growth for RWAs and average revenue per user.
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By the Numbers
$SEI token price: $0.04 (-9.1%)
Market cap: $300.7M (-10.7%)
Total Value Locked (TVL): $31.5M (-6%)
Stablecoin market cap: $300M (+0%)
Daily EVM transactions: 12.2K (-22.3%)
Daily EVM active addresses: 2.5K (+108.3%)
Block time: 0.47s (+2.2%)
Percentages and metrics are calculated over a 7-day time frame, unless noted otherwise.
Sei Showcase
💨 What’s happening: Sei Labs acquired Bilinear Labs, a blockchain analytics platform, bringing its engineers into developmental roles focused on Sei Giga.
💨 Why it matters: Bilinear builds tools for reading blockchain data. Its platform lets users query events from contracts on any EVM chain using SQL coding, which is the standard language for retrieving records from a database.
While most data platforms translate a contract's records ahead of time, Bilinear stores records in real time and translates them when a query is made, letting users pull data from any timely contract.
Currently, when new markets and token pairs launch, they are mainly unsearchable until support is manually added for them, which can affect volume and liquidity data available to traders.
💨 The bigger picture: Every transaction on a blockchain needs to be stored, translated and served before users can read it. That work is done by indexers, which are services that read new blocks as they are produced and file the contents into a searchable database. Wallets, price charts and trading screens all need real-time data so the indexers need direct data access.
Sei Giga is targeting 200,000 transactions per second, and at that volume, sufficient and fast indexing becomes more important, as a slower indexer would undercut the speed Giga is being built for.
Accelerating Sei’s blockchain
Updates on the latest games, validators, builders and more that are helping Sei expand
Sei’s RWA holder count broke 2,000 on Sept. 10, as Ondo’s USDY fund on Sei experienced steady growth since hitting 1,900 holders in early August.
Sei's average revenue per user increased for a third consecutive time over the past month to $0.0248 last week, up from a $0.00033 to $0.00058 range in the year prior. Its active users were flat over the same period, so these records indicate total fee revenue is growing on higher-value activity-like trading and DeFi, rather than a shrinking user base concentrating fees.
Monaco, a perpetual futures trading DEX incubated by Sei, upgraded its testing network (testnet) to include an optional standard signing method for developer requests and corrected its documentation on 24 endpoints to require authentication. Developers who built their software from that documentation weren’t signing those calls, so this update also adds an optional standard signing method that works alongside the existing one.
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.
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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.