Sei Network enters a reset phase as TVL falls to $41.6M from a $626M peak, while daily users hover about 1M-1.2M-a melodrama of capital and charm.
Sei Network, darling of the ledger, now performs a quiet reverie on the stage of finance; activity endures with a certain stoic politeness, while capital metrics sulk in the wings.
On-chain missives confess that users remain lively, and trading still pirouettes across applications with just enough flourish to tease the impressionable observer.
Yet the grand total value locked has dwindled from its glittering peak, and fresh inflows arrive as shyly as a debutante at midnight.
The network continues to announce fees and volumes with the gravity of a ballroom announcement, but revenue capture wears a modest smile-like a modest virtù in a world of grandiose pretensions.
This combination, dear reader, places Sei in what market watchmen insist upon calling a “reset phase” rather than a sprightly growth interlude.
User Activity Holds but Expansion Slows
Daily active users have dimmed from a theatrical >2 million heralded earlier in April; the current chorus hovers near 1 million to 1.2 million.
The decline points to momentum with a gentler footfall, even as the theatre of usage remains brightly lit.
Returning users still constitute the majority of the network’s activity, proving the old crowd retains its manners and its apps.
New user growth, lamentably, has cooled, and that coolness curtails near-term expansion signs.
BREAKING: Sei Network Enters a Quiet Reset Phase Network is showing a mix of resilience and weakness in today’s on-chain snapshot. While user activity is still holding, liquidity and capital inflows are clearly slowing pointing to a network that isn’t fading, but isn’t…
– Kingjaz (@Kingjaz1)
The balance between retention and acquisition now matters more than a glossy headline. A chain may endure when its current users stay engaged, but growth begs for fresh faces to dance.
It becomes harder to grow swiftly when new appetites wane.
Sei’s latest user composition suggests that script: the core audience remains, lending steadiness to the performance, while softer onboarding slows the tempo seen earlier in April.
TVL Falls as Liquidity Conditions Tighten
The most striking change, alas, lies in liquidity and capital flow.
Sei’s TVL sits near $41.6 million, a far cry from the July 2025 peak of about $626 million. The decline reveals the network’s capital stage has been trimmed to a more modest, albeit elegant, silhouette.
TVL, that venerable gauge of committed capital to on-chain products, marks a reset in its own right.
A move from $626 million to $41.6 million signals a significant pruning, and it suggests a slower tempo of capital deployment across applications.
Bridged liquidity remains higher at about $251 million, and stablecoin market cap sits around $179 million-proof that liquidity persists elsewhere in the ecosystem, if not in Sei’s own salons.
Nevertheless, the lower TVL implies less capital coursing through Sei-based protocols.
The chasm between available liquidity and deployed liquidity is part of the present tableau. Funds may linger near the network, but active positioning has slowed, leaving growth metrics softer even as user activity persists.
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Trading Stays Active While Revenue and Supply Stay in Focus
Trading activity has not departed the scene during this throttled phase. DEX volume reached $6.55 million over 24 hours, and perpetuals volume touched $12.25 million.
App fees registered $11,155, while app revenue stood at $2,872.
These figures declare that usage persists, yet protocol-level revenue remains modest; the stage is grand, but the orchestra is lean.
Activity across trading venues remains visible, supporting ongoing engagement, yet the lower revenue figure reveals that value capture remains narrow.
Sei’s price has traded between $0.055 and $0.057. The market cap sits around $369 million, with a fully diluted valuation near $549 million. That widening gap keeps the eyes of speculators on token supply and its peculiar manners.
In other words, more tokens may still join the chorus, and traders watch closely. For the moment, Sei demonstrates steady use, diminished inflows, and modest revenue-a quintessential reset, if one may borrow a phrase from fashionable Parisian salons.
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2026-04-13 08:53