Welcome to the Sei Overview. In this edition, we explore the Eidos upgrade and how it affects Sei’s storage layer, as well as Monaco trading volume growth and vault TVL increases.
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By the Numbers
$SEI token price: $0.04 (-2.4%)
Market cap: $269.2M (-3.8%)
Total Value Locked (TVL): $37.1M (-2.4%)
Stablecoin market cap: $299.3M (-0.5%)
Daily EVM transactions: 8.2K (-13.7%)
Daily EVM active addresses: 4.8K (+166.7%)
Block time: 0.41s (+2.5%)
Percentages and metrics are calculated over a 7-day time frame, unless noted otherwise.
Sei Showcase
Highlighting the biggest development on Sei
💨 What’s happening: Sei Labs detailed how Eidos, the storage portion of its Giga upgrade, will replace the chain’s database without halting block production.
💨 Why it matters: Blockchain nodes do two things: the node works out what happens next, and records what has already happened. If the recording is slower than the pace of new transactions, the rest of the chain ends up waiting on the database to update.
This slowdown is partly a result of how blockchains work. In the Merkle tree data structure, which is the current system, each piece of data has a fingerprint, which are strung together into larger tags, and the process repeats until a single fingerprint covers the entire network. Changing one account’s balance means every fingerprint between that account has to be calculated again, which means each involves a separate write action.
This structure is what helps blockchains prove the integrity of transactions, but at the same time, the more data the chain has, the more work every change takes.
With Eidos, Sei is implementing FlatKV, a flat storage structure in which one change will require one write action instead of a chain of updates. Alongside this, the fingerprint of the whole network is kept current by subtracting the old value and adding the new one. This means updating transactions takes the same amount of work no matter how much data the chain holds.
💨 The bigger picture: Eidos is one of the three Giga tracks, alongside Autobahn and Ares. Autobahn rebuilds the consensus protocol, the process validators use to agree on what’s true. Ares rebuilds the execution layer, which is the part that runs transactions.
With Eidos, Sei is rebuilding its storage layer. With Sei aiming to hit 200,000 transactions per second with the Giga upgrade, this upgrade will lower the cost of operating databases and keep the validator set open to more people.
Accelerating Sei’s blockchain
Updates on the latest games, validators, builders and more that are helping Sei expand
Monaco’s notional trading volume on testnet, which measures the total underlying economic value of leveraged contracts on the platform, hit $9 billion in one month. This shows the total amount Monaco is capable of handling.
PYUSD0 deposits in Y10K Capital’s vault rose to $15.5 million on August 14, from $13.9 million within a day after APY on the vault rose to 7.09% from 4.85%.
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.